Powerscourt Hotel’s operating profits top €228,800

The firm that operates the award-winning five-star Powerscourt Hotel in Co Wicklow last year recorded an operating profit of €228,886 after revenues soared.
Powerscourt Hotel’s operating profits top €228,800

According to accounts just filed by Sugarloaf Ventures Ltd, revenues increased by 22% from €14.96m to €18.38m.

The operating profit of €228,886 followed an operating loss of €692,994; a positive swing of €921,880.

The firm recorded a pre-tax loss of €136,379 in the 12 months to the end of last year and this followed interest payments of €365,379. The pre-tax losses last year had narrowed sharply on the €975,009 recorded in 2014.

Recently, the hotel won a World Travel Award as Ireland’s leading hotel.

The hotel rebranded in 2013 as part of Marriott Autograph Collection of Luxury Hotels.

Its amenities include 194 guest rooms, including 93 suites and a 30,000ft sq spa with 20 treatment rooms, two championship golf courses, a traditional Irish pub, and facilities for conferences and weddings.

Its owner, Tetrarch, also operates the Marker Hotel in Dublin, Mount Juliet resort in Kilkenny, Citywest in Dublin, and Killashee House.

The operating profit takes into account lease payments of €730,252 and the non-cash depreciation of tangible assets of €593,410 and €37,806 in amortisation of assets.

Staff costs last year rose from €6.54m to €7.63m.

Powerscourt, built by Johnny Ronan and Richard Barrett of Treasury Holdings, was bought by BCP and Midwest Holding in 2013.

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