Scorecard boost for Old Head of Kinsale as profits and revenues surge 

The Old Head of Kinsale. Picture: Larry Cummins

Pre-tax profits at the operator of the exclusive Old Head of Kinsale Links golf course in Co Cork last year surged by 41% to €5m.

New accounts show that pre-tax profits rose sharply at Ashbourne Holdings Ltd as revenues increased by 17% from €12.76m to €14.93m.

Green fees for a round of golf cost €450 for 'high season' in 2024 and the golf complex attracts 20,000 visitors annually with 50% originating from the US and 80% from overseas.

This year, green fees rose to €475 and course's website confirms fees will hit the €500 mark in 2026.

In their report, the directors state that “the company has again traded profitably in 2024 owing to the continued demand of both the domestic market and international visitors for the full year similar to 2023”.

They state that “profitability and revenues have continued in 2024 with another full year of uninterrupted trading”.

The directors state that the company operates a golf complex at the premium end of the international golf market and is in competition with other internationally renowned golf courses.

The company is engaged in continuous upgrading of the complex to retain this status.

The directors state that subsequent to the balance sheet date, the company went ahead with planned refurbishment and extension to the bar and restaurant areas of the clubhouse which were completed prior to the main summer season.

The pre-tax profits of €5m follow pre-tax profits of €3.54m in 2023.

The company recorded a post tax profit of €4.27m following a corporation tax charge of €741,020.

At the end of December last, the company’s shareholder funds totalled €18.95m. Cash funds increased from €7.12m to €8.52m.

The company generated €6.53m cash from operations last year.

Numbers employed last year increased from 99 to 108 made up of golf course staff at 40, bar and restaurant at 33, administrative at 17, cleaning at 10, shop and retail at six, and two in the spa.

Staff costs increased from €3.77m to €4.3m. Directors’ pay increased from €647,4125 to €702,642.

The profit takes account of non-cash depreciation costs of €1.38m.

In the year under review, Ashbourne Holdings failed to secure planning permission for a ‘five-star’ luxury farmhouse style accommodation a short distance from the golf course.

The An Bord Pleanála decision overturned a grant of permission that was issued by Cork County Council in July 2023 and the case came before An Bord Pleanála following four third-party appeals.

The scheme involved the demolition of a farmhouse dwelling, agricultural buildings, and the construction of 24 guest suites in six residences on a farm property around 500m from the golf course.

A tourism and economic statement lodged with the application stated that the five star ‘farmhouse’ style accommodation proposal is part of a series of planned accommodation developments valued at €32m.