Talbot Hotel profits jump 14%

Operating profits at the business behind the Talbot Hotel group and Wexford-based Pettitt’s Supermarket jumped by 14% to €2.55m in 2014.

Newly-filed accounts for Torski Ltd show the group also saw revenues increase by 7% in 2014 to €113.9m.

Pre-tax profits amounted to €1.9m.

The group generated revenues of €88.23m from its supermarket business with its hotel trade accounting for €24.43m of revenues.

Another €1m was generated through farming and €288,246 via rental income.

The group operates the four-star Talbot hotels in Wexford, Carlow, and Stillorgan.

Numbers employed by the group increased by more than 200 to 947 during the period. Reflecting that, staff costs jumped by 17% to €21.22m.

The group’s three directors; Desmond Pettitt, Bernadette Pettitt and Cormac Pettitt shared pay of €1.39m in 2014 — up marginally on the €1.32m shared between the three in 2013.

The group’s bank loans totalled €20m, at the end of 2014, while its land and buildings had a net book value of €70m at the end of the year.

Torski added €14.7m to the value of its fixed assets during 2014, the latest available accounts show.

The filings also show that the group’s balance sheet remained strong with accumulated profits of €54m.

The group’s shareholder funds totalled €59m while its cash during 2014 increased from €4.5m to €6m.

The year’s profit takes account of combined non-cash depreciation and amortisation costs of €3m, the accounts detail.