New accounts for the Hodson Bay hospitality and hotel group have revealed that its pre-tax profits increased by 51% to €3.1 million during the year that ended on February 29, 2020.
As reported by The Irish Times, the accounts also revealed that revenues at Hodson Bay company Shermond Holdings Ltd increased marginally to €31.99 million during the 12 month period, the company's accumulated profits amounted to €19 million at the end of period and its cash funds increased from €2 million to €4 million during the period.
Additionally, staff costs amounted to €13 million and the amount owed to credit institutions decreased from €31.7 million to €30 million.
The profit took account of €1.33 million of non-cash depreciation costs.
The accounts cover the performance of Hodson Bay's Hodson Bay and Sheraton hotels in Athlone, and its Galway Bay Hotel in Salthill.
COVID-19 Pandemic Impact
Speaking about the company's performance since February of 2020, Hodson Bay Hotel group managing director Padraig Sugrue said that the group's revenues have received a hit of over 60% in the past year due to the impact of the COVID-19 pandemic.
The Irish Times quotes Sugrue as saying that the group's focus for 2020 was "on preventing any cash burn or incurring operating losses, and that was achieved for the past year".
Sugrue said that the group has retained 200 jobs, and that the government's subsidy scheme has been the key to that.
Sugrue added that he is hoping "for a recovery as we head into the summer months", and that "safety is a priority, and [the group hopes] that by the latter part of 2021 as we head into 2022 that [it doesn't] have to take a step backwards."
© 2021 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.