Pre-tax profits at the company that operates the Connacht Hotel in Galway increased by 8 per cent to €1.5 million in 2017.
Accounts filed by Connacht Hospitality Group Ltd also show that revenues increased by 58 per cent to €20.46 million in the 12 months to the end of December 2017.
The main activity of the group is the operation of hotels, bars and restaurants, and the sharp rise in revenues is partly explained by the prior accounting period being for just eight months to the end of December 2016.
The Connacht Hotel contains more than 350 rooms, and the directors’ report stated that they were satisfied with the financial performance of the group.
The hotel – formerly the Galway Ryan hotel – is celebrating its 50th year in business having been rebranded in 2013.
Numbers employed by the company in 2017 increased from 231 to 307, with staff costs rising from €1.3 million to €3.9 million.
Pay to directors declined from €280,101 to €226,656 made up of €222,804 in pay and €3,852 in pension payments.
The profit takes account of non-cash depreciation costs of €458,544. At the end of December 2017, the firm’s accumulated profits totalled €4.3 million, up from €2.92 million at the end of December 2016. Its cash pile doubled to €2.49 million.
