Profits at company behind Talbot hotel group up 48%

Pre-tax profits at the firm behind the four-star Talbot hotel group and the long established Wexford-based Pettitt’s supermarkets rose by 48% to €2m in 2013.

The group also operates the Stillorgan Park Hotel in Dublin and revenues at the group declined marginally from €108m to €106m in the 12 months to the end of December 2013. Numbers employed by the group decreased from 735 to 721.

The directors’ report said “the results for the year and the financial position at year end were considered satisfactory by the directors in light of the current economic environment”.

The group operates the Talbot hotels in Wexford, Carlow and Stillorgan. However, the largest proportion of the group’s revenues come from the retail trade.

The figures show that the group generated revenues of €87.3m in its supermarket business last year with its hotel trade accounting for €17m of revenues. The group also generated €1.35m through farming and €316,037 in rental income.

The profit takes account of combined non-cash depreciation and amortisation costs of €2.63m.

Torski Ltd’s three directors, Desmond Pettitt, Bernadette Pettitt and Cormac Pettitt, shared emoluments of €1.23m in 2013 — down on the €2.78m shared between the three in 2012.

The group increased its operating profits by 33% from €1.67m to €2.23m. However, interest payable of €270,818 reduced profits.

The group’s bank loans total €12m, while its land and buildings had a net book value of €60.4m last year.

The group’s balance sheet remains strong with accumulated profits of €52.6m.

Shareholder funds totalled €57.2m while the group’s cash during 2013 decreased from €6.19m to €4.59m.