Revenues soaring at Dublin Airport hotel
The four-star Radisson Blu hotel at Dublin Airport last year returned to profitability, recording pre-tax profits of €737,393.
This followed revenues at CG Hotels Ltd increasing by 6pc, going from €13m to €13.79m.
According to the directors' report, the group has forecasted a strong trading position for 2017 and intends to continue implementing a range of capital projects designed to enhance the property.
The company recorded operating profits of €1.95m and this followed operating profits of €2.59m in 2015. Interest payable of €5.5m, combined with a €4.2m increase in fixed assets, resulted in a pre-tax profit of €737,393.
The 228-room airport hotel is the last remaining hotel of the three airport hotels at Dublin, Cork and Shannon that were purchased from the DAA for around €75m.
The Shannon and Cork airport hotels were sold on for a knock-down €5.42m in 2014 and the group retained its best-performing hotel in Dublin. The proceeds of the sale of the hotels went towards paying down bank debt.
The directors state that subsequent to year end, the directors have made a further equity injection into the business, which has ensured that one part of the group's third-party debt has been repaid in full and in advance of its due date.
The directors state that as a result of this early repayment of the part of the debt, the group is no longer subject to financial covenant testing by its third party lenders.
The profit takes account of non-cash depreciation costs of €1.27m.
Numbers employed increased to 108 with staff costs increasing to €3.95m. The company's cash pile increased from €3.1m to €3.8m.