Red Cow complex hails 'strong' results
The Red Cow complex on the outskirts of Dublin delivered a "strong" 2018, although expansion costs contributed to pre-tax losses increasing almost three-fold to €2.3m.
New accounts lodged by Cobglen DAC show that the business recorded the increase in pre-tax losses in spite of revenues growing by 7.3pc, to €18.8m from €17.5m.
According to Tracey Moran, a director for the family-owned business: "The board is pleased with the strong 2018 trading results of the Red Cow Complex."
She stated that "6.7pc rate growth helped revenue grow by €1.3m to €18.8m".
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Ms Moran added that the company's trading earnings before interest, tax, depreciation and amortisation (ebitda) for the year came to €4.9m.
The pre-tax loss takes into account combined non-cash amortisation and depreciation costs of €4.1m, and interest payments increasing by 69pc to €1.33m.
Ms Moran stated: "The hotel has transformed from a 123-bedroom operation to 319 rooms."
She also noted: "Management added an additional 44 rooms during 2019."
Ms Moran said that a €25m project will commence in the first quarter of 2020, to add 114 extra rooms.