Moran Hotel Group Record €26m Profit
Published on Feb 10 2014 10:04 AM in Hotel
Operating profits at the Moran Hotel Group last year rose 14% to €25.94 million.
Figures filed with the Companies Office show that T & S Taverns recorded a €3.2 million increase in operating profit after revenues increased 10% to €89.6 million in the 12 months to the end of January.
Weekend reports in the Irish Examiner and Irish Independent say that part of the Group's superb results could be down to their recent financial restructuring which reduced debts from €700 million to €225 million.
Both papers quote a directors' statement with the files which say that the Group "continues to trade ahead of the market in gross operating profits and earnings before interest, tax, depreciation and amortisation (EBITDA)".
The Group, which owns 10 hotels across Ireland and the UK, including London's Chiswick Moran Hotel (pictured), said that EBITDA was €25.9 million for the year.