Five-star luxury country house hotel Ballyfin Demesne in Co Laois returned to profit in 2021 after its revenue jumped 233% to €3.73 million, according to a report in the online portal breakingnews.ie.
The business recorded a pre-tax profit of €786,923 last year after sustaining a pre-tax loss of €1.86 million in 2020.
Recently, the hotel was ranked third among Ireland’s top 10 hotels for 2022.
Last year, the Irish hotel industry was shut down for the first five months due to COVID-19 restrictions imposed by the government.
The hotel's income from accommodation income increased from €624,315 to €2.23 million in 2021, while ‘food and beverage’ income was up by 201% to €1.27 million and ‘other’ income increased to €225,762.
The profit takes into account non-cash depreciation costs of €590,243 and Government grants of €1.02 million, the report noted.
Figures published by the Revenue Commissioners show that the business availed of the Government’s COVID-wage support scheme last year.
In 2021, the number of employees at the hotel increased from 36 to 48, with staff costs increasing from €1.22 million to €1.85 million.
The firm's shareholder funds stood at €21.79 million at the end of December 2021. It comprised called up share capital of €53.76 million and other reserves of €6.7 million, offset by accumulated losses of €38.67 million.
The firm’s cash funds increased from €1.69 million to €2.74 million during the financial year, while the company’s tangible assets had a book value of €21.3 million.
Ballyfin Demesne has played host to many famous personalities, including George and Amal Clooney, Kim Kardashian and Kanye West.
© 2022 Hospitality Ireland – your source for the latest industry news. Article by Dayeeta Das. Click subscribe to sign up for the Hospitality Ireland print edition.