Griffin Group Hotels reports loss of €350k
Accounts filed with the Companiesā Office by Griffin Group Hotels show the group sustained the pre-tax loss after incurring interest payments totalling over ā¬850,000 to the end of December last.
The filings show the company sustained a 6% drop in turnover from ā¬22.3 million to ā¬21m last year. The group reported a 36% drop in operating profits from ā¬741,478 to ā¬473,359.
However, a 36% increase in interest payments from ā¬624,293 to ā¬851,227 pushed the group into a loss-making position last year.
The filings show that in 2007, the group achieved a pre-tax profit of ā¬153,312 but last year sustained a ā¬349,416 pre-tax loss.
The group operates the Ferrycarrig Hotel in Wexford and Hotel Kilkenny, and opened the up-market ā¬30m Monart Spa in Wexford in 2006.
The Spa has 70 luxury bedrooms and is set within 120 acres of mature woodland with the development being built around Monart House, a listed country home.
The groupās operating profit was achieved in part last year by the Griffin Group reducing room prices by about 25%, staff taking a pay cut of 10% and suppliers cutting their prices.
The directors states that āthe results for the year and the financial position of the group at the year end was considered satisfactory by the directors, who are focused on maintaining the groupās marketing approach and cost control in the current difficult trading environmentā.
The directors add that they āare committed to maintaining the groupās market share by maximising the use of its assets that have been painstakingly developed and invested in heavily over many yearsā.
The filings show the group had total shareholder funds of ā¬9m at the end of 2008, with accumulated profits accounting for ā¬3.5m.
The numbers employed at the group reduced by 35 last year, from 428 to 393 with staff costs reducing by 7% from ā¬9.5m to ā¬8.8m.
Mr Griffin declined to comment on the groupās performance last year.
