The five-star Mount Juliet Hotel and golf resort anticipates a return to a modest level of profitability this year.
That is according to a spokesman for the co-owners of the resort, Tetrarch Capital, who was commenting on newly filed accounts for the business which show that pre-tax losses last year declined sharply to €1.9m as revenues increased.
In 2014, entrepreneur Emmet O’Neill and Tetrarch Capital sealed a deal to buy the resort for an estimated €15m. The Co Kilkenny resort was sold by the Killeen Group, the Mahony family’s holding company whose main interest is motor firm, Toyota Ireland.
The accounts show that pre-tax losses at Mount Juliet reduced by 23% to €1.93m as revenues increased by 5% to €9.47m.
The pre-tax loss last year takes into account ‘restructuring charges’ of €538,167, interest payments almost tripling to €736,328 and hefty non-cash depreciation charges of €932,592.
Numbers employed at the resort last year reduced from 136 to 127 with staff costs reducing from €5.29m to €4.98m.
The Tetrarch spokesman said: “Operating losses reduced substantially in the period. Trading in 2016 has been positive across our markets and we hope to return to a modest level of profitability this year.
“Since our acquisition in 2014, we have invested an additional €6m, including refurbishment of the Manor House, building a brand-new clubhouse and restoring the condition of the golf course.”
The accounts show the company received €950,000 from the sale of property during the year.
© Irish Examiner Ltd. All rights reserved