Pretax profits at the four-star Mespil Hotel in Dublin increased by 44 per cent to €4.95 million last year.
New accounts show Mespil Hotel Ltd recorded a jump in profits after revenues increased by 38 per cent from €10.93 million to €15.15 million in the 12 months to the end of September last.
During the year the directors paid interim dividends of €2 million to parent firm, the Sligo Park Hotel Ltd.
The directors said “trading for the year continued to improve following the return to more normal levels of activity in travel and tourism”.
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They said that “since the year end, trading has continued in line with pre-pandemic levels of activity”.
Revenues during 2020, a year hit by the Covid-19 pandemic, had plunged to €4.76 million.
In a boost to the business, Dublin City Council last December granted planning permission to Mespil Hotel Ltd to add an extra 47 bedrooms at the Mespil Road property to bring the total number of bedrooms to 306.
The proposal also includes a new floor to the hotel. At the end of the year the company had €1.98 million in commitments for capital expenditure.
The Mespil benefits every year from rugby internationals and live concerts at the Aviva such as the three nights recently played by Taylor Swift.
Numbers employed increased from 124 to 131, with staff costs rising from €3.8 million to €4.9 million. Directors’ pay, including pension contributions, increased by 59 per cent from €475,545 to €756,234.
The loss last year takes account of non-cash depreciation costs of €1.1 million.
The firm benefited from “other operating income” of €212,096 compared with €700,234 under that heading in the prior year. The directors said the Covid-19 supports were received in the prior year.
The company recorded post-tax profits of €4.2 million after incurring a corporation tax charge of €747,686. At the end of September last, it had accumulated profits of €25.72 million.
Separate accounts filed for Sligo Park Hotel Ltd show it recorded operating profits of €1.024 million last year. This followed revenues rising by 21 per cent from €7.34 million to €8.92 million.
The €2 million dividend received from Mespil Hotel Ltd resulted in pretax profits of €3.024 million. In turn, the company paid out an equity dividend of €4 million last year.
Numbers employed increased from 117 to 126 as staff costs totalled €3.55 million. Directors’ pay totalled €554,041. At the end of September last, the company had accumulated profits of €10.08 million.
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