Parent Company Of Co. Galway's Kylemore Abbey Records A €272.5k Operating Profit For 2019

By Dave Simpson
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 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."

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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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