Hastings Hotels firm books 21% profits rise

Pre-tax profits at the family-owned hotel group that owns a number of hotels, including the Europa Hotel in Belfast, the Culloden in Co Down, and also co-owns Dublin’s Merrion Hotel increased 21% to £4.9m (€5.5m).

Revenues at the Hastings Hotels Group rose 4% to £36.7m in the 12 months to the end of October.

The figures show that the Merrion Hotel performed strongly, as operating profit generated by the firm from the hotel more than doubled to £685,095. Hastings owns 50% of the Merrion, with Lochlann Quinn and Martin Naughton, owner of Glen Dimplex, owning the rest.

The company said it considers the financial year to be “satisfactory”, and it is ensuring its new hotel in central Belfast is nearing completion and will open next year. The new hotel on Bedford St is to be named The Grand Central, after a former hotel in the city.

Staff numbers fell slightly from 1,185 to 1,138 in the year, with 540 staff working full time. Staff costs also fell slightly from £11.8m to £12.2m.

After a payout of £415,900 in 2015, it paid a dividend of £497,958 last year.

Operating profit last year increased 13% to £4.6m. It paid net interest charges of £417,518.

The group’s accumulated profits last year totalled £39m with its cash increasing from £2m to £3.1m.

The profit last year takes account of non-cash depreciation costs of £2.42m.

Total pay to directors last year fell from £1m to £1.2m. The highest paid director receipt of £202,600. After paying £823,613 in corporation tax, Hastings Group posted a net profit of £4m.