Trabolgan holiday village enjoys record revenues of €10m due to Government Ukrainian business

The holiday village located at Whitegate, Midleton, will remain closed for the 2024 season

The 2022 revenues of €10.03m compare with pre-covid-19 tourist revenues of €7.32m in 2019.

The Cork-based company that operates Trabolgan Holiday Village in 2022 enjoyed record revenues of €10.03m arising from the firm’s decision to accommodate Ukrainians.

New accounts for Trabolgan Holiday Centre Ltd show that pre-tax profits more than doubled from €942,923 to €2.13m in 2022 on the back of the Government's Ukrainian business.

Revenues increased by 145pc from €4.09m during the covid-19 hit 2021 to €10.03m in 2022.

The 2022 revenues of €10.03m boosted by the Government contract to house Ukrainians compared to pre-covid-19 tourist revenues of €7.32m in 2019.

The directors state that since March 2022, Trabolgan has made some accommodation available to the Dept of Integration for Ukrainians “and the level provided increased following closure of the holiday park for extensive renovation in November 2022”.

Quarterly purchase order figures published by the Dept of Integration show that Trabolgan Holiday Centre Ltd received a further €10m (incl VAT) for the first three quarters of last year for the accommodation of Ukrainians.

The company recorded post-tax profits of €2.82m in 2022 following a corporation tax credit of €695,000.

The directors state that the holiday village located at Whitegate, Midleton, will remain closed into 2024.

The holiday centre’s website today states that the site is to continue to remain closed for the 2024 season as a redevelopment programme continues.

The directors confirm that the holiday centre’s services will be expanded for tourists to include the purchase and sale of mobile homes for use on a serviced site that it has developed and from which the business will earn service fees.

Numbers employed increased from 100 to 144 as staff costs increased from €2.43m to €3.55m. Eight key management personnel shared €716,860 in 2022.

The firm’s revenues were made up of €3.07m in the sale of goods and €6.95m in the sale of services.

The profit last year takes account of non-cash depreciation costs of €776,466.

The firm received Government grants of €310,668 in 2022 and the Government grant of €2.35m in 2021 included €800,000 from Failte Ireland through the Failte Ireland Tourism Accommodation Providers Business Continuity Programme.

Underlining the spending on the refurbishment works at Trabolgan, a note attached to the accounts states that at the end of 2022, €3.73m in capital expenditure was approved but not contracted for.

A detailed breakdown of the firm’s costs shows that its light, heat and power bill more than doubled in 2022 rising from €227,076 to €515,656.

The spend on insurance increased from €112,796 to €152,050 while the separate spend on insurance claims increased from €131,695 to €148,416.

The holiday centre’s cleaning bill totalled €641,828 while its maintenance and running costs amounted to €588,731.

The spending on musicians and entertainment more than doubled from €28,223 to €67,790.

A note in the accounts states that at year-end, the parent firm, Dhowin Ltd was wholly owned by the estate of the late TJ Hemmings.

The note states that on September 20th 2023, the estate was settled and shares of Dhowin Ltd were transferred to a discretionary trust.

The note states that “the potential beneficiaries of this trust are certain members of the family of TJ Hemmings".

At the end of 2022, shareholder funds totalled €7.44m which included accumulated profits of €2.82m.

Cash funds totalled €1.22m.

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