Wicklow's Druids Glen resort sees eight-fold increase in profits

Profits at the exclusive five-star Druids Glen resort in Co Wicklow last year increased almost eight-fold to €404,934.

According to the directors, the positive trends enjoyed in 2011, 2012, 2013, and 2014 have continued into this year “with management figures reflecting further improved turnover and continued growth in profitability”.

Newly-filed accounts for Obalus Company Ltd — which operates the 400-acre resort — show that the profit last year turned the shareholders’ deficit of €31,070 into an accumulated profit of €373,864.

The firm’s cash pile reduced from €186,802 to €163,079.

In the accounts, the directors state that the positive trends commenced after a re-branding of the resort and a restructuring programme, adding that they are “delighted with this continuing growth of the business and are fully committed to the future of the resort”.

Speaking yesterday, the Druids Glen chief executive, Edward Stephenson said: “We are satisfied with the 2014 results.

"The resort is performing well in 2015, primarily being driven by a significant growth in conferences and events as companies seek value outside of Dublin city centre, coupled with a healthy upturn in our golf business. Bookings for 2016 are encouraging.”

A note in the accounts points out that the company is still dependent on the continuing financial support of parent firm, PW Ltd and the directors have received confirmation that such financial support will be forthcoming for at least one year.