One off costs of €1.22 million connected to the retirement of long-serving group CEO Eithne Scott Lennon was the chief factor in the Fitzpatrick Hotel Collection falling to a loss of €440,255 before tax last year.
Consolidated accounts for the hotel’s parent, Emdora Ltd, show that the loss for the 15 months to the end of December last came after the group recorded profits of €256,358 in the previous 12-month period.
In August 2024, the group purchased the Woodenbridge Hotel and Inn in Co Wicklow and revenues from that business helped Emdora record a 49.5 per cent increase in revenues to €13.02 million. The extra three months in the filing period also helped in that regard.
Ms Scott Lennon stepped down in November 2023 as group CEO and retired as a director of Emdora subsidiary, Killiney Hotels Ltd.
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The directors state that the retirement of Killiney Hotels Ltd’s director “resulted in once off retirement costs being incurred by the group” and the accounts under an exceptional item put the retirement cost at €1.22 million.
The group recorded a modest operating profit of €2,645 in 2024 compared to €535,830 in the prior year. Interest payments of €442,900 resulted in the loss at the pretax level of €440,255. The pretax loss also takes into account non-cash depreciation costs of €625,847.
The group is now led by Ms Scott Lennon’s two sons, Mark and Joseph. The two paid tribute on Tuesday to their mother’s contribution to the hotel group.
“Eithne has left a considerable legacy in Killiney, one that we are proud to continue. She invested heavily in the Castle and successfully guided it through several extremely challenging periods, including the 2008 recession and the pandemic, ensuring it was in a strong position for us to carry forward her and our grandfather’s vision.
“Although she is no longer a director [of Killiney Hotels Ltd], she is still our mother, and we will always value and seek her advice on the business. She has a wealth of experience and will always have a deep-rooted passion for the success of the business.”
Commenting on the 2024 group performance, they said: “We were very pleased with our performance in 2024. It was a challenging environment, particularly with rising costs across insurance, utilities and food and beverage.
The accounts show the group spent €8.6 million on the purchase of intangible fixed assets and €655,974 on tangible assets in 2024.
On the performance of Woodenbridge Hotel and Inn, the Scott Lennon brothers state: “Woodenbridge is performing very well with revenue remaining strong.”
Numbers employed rose from 144 to 211 in the period with staff costs increasing by 57 per cent to €5.94 million.
At the end of December, shareholder funds totalled €9.35 million.
