Parent Company Of Co. Galway's Kylemore Abbey Records A €272.5k Operating Profit For 2019
Newly-filed accounts for Kylemore Abbey and Gardens Limited, which is the parent company of Co. Galway's Kylemore Abbey, have revealed that the company's operating profit for 2019 amounted to €272,500...
Newly-filed accounts for Kylemore Abbey and Gardens Limited, which is the parent company of Co. Galway's Kylemore Abbey, have revealed that the company's operating profit for 2019 amounted to €272,500 and its total assets less liabilities amounted to €4.41 million.
According to The Business Post, while the accounts do not reveal a revenue figure, Kylemore Abbey executive director Conor Coyne said that the company's 2019 revenue was close to €7.5 million.
The newly-filed accounts also reveal that Kylemore Abbey and Gardens Limited paid €800,000 in rent and made a charitable donation of €400,000 to the Kylemore Trust, and that the company received a €1.7 million capital grant from Fáilte Ireland.
COVID-19 Pandemic Impact
According to The Business Post, Coyne said that the COVID-19 pandemic hit Kylemore Abbey's revenue hard in 2020.
The Business Post quotes Coyne as saying, "In 2020, we could only open for five out of the 12 months. There was a total collapse of international visitors, who make up three quarters of our total numbers, but we grew exponentially the number of Irish visitors, the most ever."
Coyne is quoted as also saying, "We have pivoted our retail proposition, and Bord Bia and Enterprise Ireland helped us to develop retail and digital capability. The struggle with COVID-19 has opened for us a developing area that we might have overlooked previously…For 2021, the outlook is equally challenging. We hoped to recover revenues to 40%, but I don't think that looks possible now as we won't open until summer…We are hoping for 2022 to be back to at least 60% of 2019 numbers, when international flights are running."
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