Gleneagle hotel group records strong 2014

The operator of Killarney’s popular INEC event centre and Gleneagle hotel is expected to record a pre-tax profit this year following a very positive year for the group.

The staging of a number of large scale events including the World Irish Dancing Championships helped the Gleneagle Hotel group to a strong 2014, according to finance director Manjit Gill.

Mr Gill was commenting on figures filed by Gleneagle Holdings (Killarney) to the Companies Registration Office which show the group recorded a pre-tax loss of more than €600,000 for 2013.

The loss was partly due to reorganisational costs at the group last year, which included adding additional staff to its sales and marketing team. The loss followed a pre-tax profit of €47,348 in 2012 and arose as revenues slipped from €22.19m to €21.74m last year.

A large increase in interest payments to €903,000 in 2013 resulted in the pre-tax loss while the group reported an operating profit of €297,245.

Mr Gill said, however, that 2014 “has been very positive” and added that the group is very confident of a return to pre-tax profit this year.

Demand in December has proven to be particularly strong with the volume of business this month set to determine the level of profit the business will make this year, Mr Gill said.

The group has also seen strong demand for the coming year with like-for-like sales for 2015 outstripping those 12 months previously.

A number of big name performers are due to take to the INEC stage in the coming months including Mick Flannery and Damien Dempsey.