New accounts for Tifco, which is the second largest hotel group behind the stock market-listed Dalata, show its revenues jumped 10% to €34.9m.
The directors state that occupancy and average room rates continued to show strong growth, with revenue per room growing by 12.5%. Tifco has 26 properties with over 2,583 rooms.
It operates a mixture of wholly-owned and managed-hotels for clients.
Tifco’s portfolio includes the Hotel Killarney, the Metropole Hotel, Cork Airport hotel, Athlone Springs, the Hilton at Kilmainham, and the 901 rooms from the Travelodge group of hotels. Hotel operations contributed €33.5m in revenues, while management contracts accounted for a further €1.3m.
The pre-tax profit last year takes account of interest payments of €2.29m and non-cash depreciation costs of €2.23m.
The firm also enjoyed a €19.9m increase in the value of its property portfolio.
That was reflected in the strength of the company’s balance sheet with shareholder funds more than doubling to €39m at the end of last year.
The firm’s cash pile increased from €2.4m to €2.7m.
Staff numbers increased slightly to 331, while staff costs increased from €10m to €11.2m.
Pay to directors increased from €304,851 to €412,900.
The amount owed in bank loans after more than one year decreased from €42.53m to €36.6m last year.
The directors said they continued to seek more management contracts.