Firm behind Talbot Hotel Group posts 15-fold increase in profits
Group operates hotels in Wexford, Carlow and Dublin, and Pettitt’s supermarkets in Wexford
The Stillorgan Park Hotel in Dublin.
Profits at the firm behind the four-star Talbot Hotel Group and the long-established Wexford-based Pettitt’s supermarkets last year increased 15-fold to €1.34 million.
The group operates the Stillorgan Park Hotel in Dublin.
Figures show revenues at the group increased marginally from €107.4 million to €108 million in the 12 months to the end of December last.
The filings, lodged by Torski Ltd to the Companies Office, show the group recorded a massive jump in pretax profits going from €89,070 in 2011 to €1.34 million.
Numbers employed last year decreased from 770 to 731.
According to the directors’ report: “The results for the year and the financial position at year end were considered satisfactory by the directors in light of the current economic environment.”
On the group’s future developments, the directors say they “aim to maintain the management policies that have resulted in the group’s development and enhancement of shareholder value”.
However, the figures show that the largest proportion of the group’s revenues come from the retail trade.
The figures show that the group generated revenues of €88.8 million in its supermarket business last year with its hotel trade accounting for €17.3 million of revenues.
The group also generated €1.6 million through farming and €311.242 in rental income.
The profit last year takes account of combined non-cash depreciation and amortisation costs of €4.2 million.
The figures show that Torski Ltd’s three directors, Desmond Pettitt, Bernadette Pettitt and Cormac Pettitt, shared emoluments of €1.46 million last year – down on the €1.79 million shared between the three in 2011.
The group tripled its operating profits from €521,976 to €1.67 million. However, interest payable of €374,587 reduced the group’s profits. The group’s bank loans total €14.4 million, while its land and buildings had a net book value of €60.5 million last year. Accumulated profits were €51.2 million and shareholder funds totalled €56 million.