Killiney Castle hotel firm goes back to black following revenues increase

The company that operates the four-star Fitzpatrick’s Killiney Castle hotel in Dublin last year returned to pre-tax profit after an increase in revenues.

The 18th century, 113-room hotel is owned by Eithne Scott-Lennon. Her brother and well-known hotelier, John Fitzpatrick runs two Fitzpatrick hotels in New York.

New accounts filed for 2013 and 2012 show that Killiney Hotels Ltd recorded a pre-tax profit of €513,594 in the 12 months to the end of October 3 last, following the firm recording a pre-tax loss of €930,458 in 2012.

The 2012 pre-tax loss arose from a write-down of €550,967 in assets, along with the €320,000 costs of restructuring the company.

The pre-tax loss in 2012 followed pre-tax losses of €384,983 in 2011 and €343,671 in 2010.

During 2013, the company saw turnover increase by 4% while underlying profit before exceptional items, tax and interest increased by €269,159 to €748,379.

The report adds that “the business is also on track to deliver further turnover and earnings growth in 2014.”

The directors also state that the firm successfully refinanced its facilities with new funders in 2014.

The company’s bank loans at the end of November 2013 stood at €10m.

The numbers employed by the company over the two years have decreased from 127 to 109, with staff costs reducing from €3.12m to €3m.

The figures show that remuneration for Ms Scott-Lennon and two other directors had decreased from €359,611 in 2011 to €286,938 last year.

The figures show that the company’s property was written down by €4.45m in 2012, and this followed a previous €8m write-down in 2010.

Drawing attention to the €10m value on the company’s property, auditors, Grant Thornton state: “The current economic climate in the property market creates an uncertainty about the appropriateness of the carrying value of property generally.”