Hayfield Manor owner sees profits rise by 12%

Hayfield Manor owner sees profits rise by 12%

Pre-tax profits at the Kerry-based hotel group that operates the five-star Hayfield Manor in Cork city last year increased by 12% to €6.1m.

Newly-filed consolidated accounts for Tripoint Investments Ltd show that the group's revenues increased by 7% to €25.7m.

The business - owned and operated by the Scally family - also owns the four-star Killarney Royal Hotel and the four-star Great Southern Killarney that was added to the group in 2014.

Staff costs last year increased from €8.8m to €9.1m and pay to directors totalled €214,375.

The amount repayable to directors Joseph Scally and Margaret Scally last year reduced from €640,528 to €453,336, the accounts show.

The group made a post-tax profit of €5.23m after paying €871,294 in corporation tax.

At the end of December last, the group had shareholder funds of €32m that included accumulated profits of €19.9m.

The group’s cash during the year decreased from €1.69m to €1m. The profit takes also takes account of non-cash depreciation costs of €1m.

On the group’s future developments, the directors said that the group plans to continue its present activities and current trading levels.

The accounts show that the group’s operating profits last year increased by €1m from €5.7m to €6.7m.

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