Dromoland enjoys ‘purple patch’ as profits up fivefold
Mark Nolan was commenting on new accounts lodged by Dromoland Castle Holdings Ltd which show the company enjoyed the sharp rise in profits after revenues increased by 11%, going from €15.59m to €17.3m.
Last year was Dromoland’s 51st year in business and some of its distinguished guests over that time have included two former US presidents — George Bush and Bill Clinton — along with Nelson Mandela, Muhammad Ali and The Beatles.
The firm also operates the Inn at Dromoland which it acquired in 2012 for €2.1m. Mr Nolan said: “It is a good story. Dromoland has had a very good first quarter in 2015 and has had one of the best months of May in years and the Inn at Dromoland has turned the corner and is performing very well.”
He said that 350 staff are employed between the two hotels and he is aiming for an increase of between 8% and 10% in business.
He said: “2016 is looking very good, based on bookings we have had already. We are going through a nice purple patch.”
The increase in business allowed the firm pay a dividend of €250,000 to its shareholders which include businessman, Tony O’Reilly, In the High Court last month, AIB obtained a conditional order giving the bank a charge over €2.7m worth of shares held by Mr O’Reilly in the Dromoland firm.
Mr O’Reilly’s son Gavin is a board member of the Dromoland company. The accounts are signed off by directors, Gavin O’Reilly, and Mr Nolan, who has served as general manager of Dromoland since 1989.
The directors’ report states “the directors are satisfied with the performance of the company in the current year which increased revenues. Operating profits increased due to improved trading performance in the current year.”
The firm’s operating profits more than doubled last year going from €225,824 to €491,314 and interest charges of €166,425 resulted in pre-tax profits of €324,889.
The company had accumulated profits of €11.26m.
CONNECT WITH US TODAY
Be the first to know the latest news and updates
