One of the best known hotels in the country, the four-star Langton’s in Kilkenny City generated earnings of over €550,000 in 2014, accounts show.
The figures show the hotel recorded earnings on an earnings before, tax, interest, depreciation, and amortisation basis of €553,738 in 2014.
Last year, Henry Shefflin announced his retirement from inter-county hurling at the hotel.
However, the hotel had a pre-tax loss of €377,373 for the year. This takes into account interest payments of €145,324 and non-cash depreciation costs of €785,787. Operating losses were slashed from €425,066 to €232,049.
Langton’s houses a number of bars including The Set Theatrem which opened in 2009 and which has hosted the likes of The Coronas and Imelda May, while the Langton’s nightclub entertains thousands weekly.
The hotel’s cash during the year fell sharply from €964,252 to €440,968. Its bank loans declined from €4.4m to €3.3m and net debt during the year dropped from €3.49m to €2.86m.
Numbers employed by the business fell from 174 to 173 while staff costs rose from €3.53m to €3.6m.
A note attached to the 2014 accounts states “the company generates strong cashflow from operations and has continually received appropriate support from financial institutions in accordance with the company’s needs”.
The directors’ report section of the accounts said “the results for the year and the financial position at the year end were considered satisfactory by the directors who expect continued growth in the foreseeable future.”
At the end of 2014, Langton Hotel Ltd’s accumulated losses topped €1.52m driven by high non-cash depreciation costs.
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