Profits rise at Lyrath Hotel to €834,979 after revenues increase
Luxury Kilkenny hotel is pursuing new business so as to strengthen company’s trading position
The 139-bedroom four-star Lyrath Hotel in Co Kilkenny is set on 170 acres and employs 199 staff
Profits at the five-star Lyrath Hotel in Co Kilkenny last year increased by 67 per cent to €834,979.
This followed revenues last year at Lyrath Demesne Ltd increasing by 8.5 per cent from €11.7 million to €12.7 million.
The pre-tax profits of €834,979 follow pretax profits of €500,223 in 2017.
The 139-bedroom luxury hotel set on 170 acres enjoyed the growth in revenues and profits under the ownership of businessman Xavier McAuliffe who had previously owned the hotel.
It cost Mr McAuliffe more than €25 million to buy back the estate from Bank of Scotland appointed receivers and he has since spent €5 million on a major refurbishment of the hotel facilities.
In 2012, Mr McAuliffe was forced out of the business when Bank of Scotland’s receivers took the keys to the luxurious estate on the edge of Kilkenny city.
Mr McAuliffe established the Co Kerry-based Spectra group and is part of the consortium that operates the GoSafe Speed vans for the Garda Síochána.
Numbers employed by the hotel company last year declined from 202 to 199 as staff costs increased from €4.7 million to €5.14 million.
According to the directors’ report, they are pursuing new business so as to strengthen the company’s trading position.
A breakdown of the hotel’s revenues show that €4.99 million was generated from accommodation while €4.3 million was generated from food.
Sales of beverages increased from €1.9 million to €2 million while the income from the hotel’s spa and leisure club increased to €925,681.
The hotel received €170,017 from function room hire and €192,472 from “other income”.
The hotel company recorded the pretax profits after taking into account non-cash depreciation costs of €856,409 and interests costs of €657,290.
The company recorded a gross profit of €10.36 million and administrative costs of €8.87 million reduced the company’s profits to an operating profit of €1.49 million.
The company recorded post-tax profits of €650,028 after paying tax of €184,951.
At the end of last year, shareholder funds totalled €4.17 million. The company’s cash increased from €717,809 to €758,767.