Tralee Aqua Dome enjoys record year as revenues top €2m for first time

Chairman of Tralee Waterworld plc, Brian Durran reported that the Aqua Dome recorded 'its best financial performance since it opened in 1994'.

The firm which operates The Aqua Dome in Tralee, Co Kerry, enjoyed record revenues of €2m last year as it benefited from post covid-19 pent-up demand.

New accounts show that Tralee Waterworld plc recorded pre-tax profits of €448,029 in the 12 months to the end of April last which followed pre-tax losses of €29,273 in the prior year. The strong 2023 profits followed revenues for the themed water leisure complex increasing more than six-fold from €326,740 to €2.04m.

In an accompanying statement, chairman of the company, Brian Durran stated he was pleased to report that the Aqua Dome recorded "its best financial performance since it opened in 1994".

Mr Durran said that revenues exceeded €2m for the first time and after-tax profits amounted to almost €400,000.

He said: 

Pent-up demand from visitors and locals following the abolition of restrictions imposed by the covid-19 pandemic resulted in record numbers visiting our wonderful facilities.

Mr Durran confirmed that the “very inclement weather of July and August” in summer 2023 provided a further boost to the financial performance of the all-weather facility.

On anticipated profits for the 12 months to the end of April 2024, Mr Durran said: “Visitor numbers are once again very high which in turn will result in a very satisfactory return being achieved in the current year despite the rising costs.” 

Mr Durran said that the Aqua Dome’s financial performance was enhanced last year by management having the foresight to hedge electricity costs which ended in March 2023. He said: “Due to the continued volatility in the electricity market, it has not been possible to negotiate a similar arrangement and this will impact negatively in the current year.” 

“Our other major overheads, labour, energy and insurance costs have all increased sizably in the last 12 months."

Mr Durran stated that €1m is required to replace end-of-life critical plant and equipment that is critical to the operational functionality of the complex. He said that the directors are currently exploring all options to source the necessary finance to fund the work involved.

He added that grant support is available to part finance the very significant expenditure involved “and external expertise has been engaged to assist management progress this further”.

Directors' report

The directors’ report attached to the accounts states that the facility “traded well ahead of expectations for the summer season of 2022 and recorded a strong profit for the year”. They said that the summer of 2023 “has been very profitable and projections for 2024 are positive”.

On the principal risks facing the business, the directors cite the ability of the business to secure adequate and appropriate insurance cover in a very limited market and any material rise in successful injury claims in successive years that would exceed the excess limits agreed with the group’s insurers.

The accounts — signed off by directors Ogie Moran and Brian Durran — show that staff costs last year totalled €633,109 as employee numbers increased from 11 to 39. The Aqua Dome celebrates 30 years in business this year and the profit takes account of non-cash depreciation costs of €91,317.

At the end of April 2023, the firm had shareholder funds of €1.47m. The company’s cash funds increased almost three-fold from €566,356 to €1.45m.