Houlihan family reaps dividend

The Houlihan family, which owns the four-star Clontarf Castle hotel in Dublin, enjoyed a €750,000 dividend from the business in 2013, as profits increased.

New accounts filed by Clontarf Castle Ltd to the Companies Office show that pre-tax profits increased by 4.4% from €1.81m to €1.89m in the 12 months to the end of October 31, 2013.

The business recorded the increase in pre-tax profits after gross profit went up by 6% from €6.86m to €7.27m.

The accounts disclose that the firm paid a dividend of €750,000 to its owners last year.

The business is controlled by Ardmel Holdings and its shareholders comprise of Carmel Houlihan, Gerry Houlihan, John Houlihan, Amanda Houlihan, Geraldine Houlihan, David Houlihan, and Marcus Houlihan

DID Electrical founder Gerry Houlihan controls the business along with the Houlihan family members and the shareholders have invested more than €30m in the hotel since 1998.

Mr Houlihan initially acquired Clontarf Castle more than 35 years ago, when he was just 28 years old.

“The directors are pleased with the results of the company,” the accounts note.

“Room revenue has increased from the previous year, and this, combined with tight control over costs, has contributed to the positive financial results in the current year.”

On the firm’s future developments, the directors state that they remain focused on preserving and improving on the future profitability of the company, which can be achieved by the continuing monitoring and control of costs and investments in sales and marketing activities.

The firm’s administrative expenses last year increased by 7.6% from €4.62m to €4.97m, resulting in operating profits increasing from €2.24m to €2.3m.

The firm had a net debt of €10.78m in 2013 and it paid interest of €413,325 that followed interest payments of €434,669 in 2012.

The accounts also note that the hotel was revalued last year.

That revaluation concluded that the hotel’s value is more than the €15.6m carrying value it is currently listed as having.

“The directors believe that it is prudent not to increase the value of the premises, but to reflect this revaluation excess, there is no provision for depreciation on land and buildings, and fixtures, fittings, and equipment in the current year.”

The accounts show that at the end of October 2013, the firm owed €473,741 to connected firm, Tifco Ltd.

Shareholder funds at Clontarf Castle Ltd had increased in the period, from €4m to €5m.

The firm’s cash last year increased from €215,386 to €343,501.