Rising costs widen pre-tax losses at Gleneagle Group
Exceptional costs totalling €1.73m resulted in a widening of pre-tax losses at Killarney-based hotel operator the Gleneagle Group last year, newly-filed accounts show.
The group owns and operates a number of hotels and event venues in Kerry and Cork; including the INEC, Sheen Falls Country Club and the Brehon.
The accounts show that the group recorded a pre-tax loss of €776,271 in 2017 on the back of the exceptional costs and interest payments of €465,460.
The exceptional items related to refinancing and branding costs and written-off debt to connected companies.
The pre-tax loss was up from a loss of €615,567 in 2016.
However, the latest accounts also show that the Gleneagle Group's operating profits increased five-fold to €1.42m last year. Group revenues marginally declined, though, from €27.6m to €26.6m.
The group's combined property value increased by €14.36m.
Regarding 2018, a spokeswoman for the group said: "While our accounts for 2018 are not yet completed, the growth in general trading, as experienced in 2017, has continued into 2018."
"This is reflected in the tourism industry, as a whole, with further growth in the number of tourists expected in 2019.
We have a strong pipeline of events, conferences and concerts programmed for 2019 and beyond which should benefit the entire region.
"We are, however, concerned about how the increase in Vat will affect competitiveness and impact on visitor spend in 2019.”
