Operating profits at Quinn Hotels Group Ltd increased close to threefold last year, rising to €2.5 million.
As reported by The Irish Independent, the rise in the group’s operating profits followed a 7% rise in revenue from €46.2 million to €49.4 million. Additionally, the group recorded a pre-tax profit of €456,000 in 2017 following a pre-tax loss of €1.36 million the previous year. The pre-tax profit came after interest charges of €2 million while the group recorded a post-tax loss of €3 million as a result of a €3.5 million corporation tax bill, and the number of people employed by the company decreased from 358 to 352 with staff costs increasing from €8 million to €8.3 million.
Slieve Russell Hotel
Meanwhile, separate accounts for former Quinn hotel the Slieve Russell of Co. Cavan indicate that the venue's pre-tax profits almost tripled last year, increasing from €332,000 to €854,000 following a rise in revenue from €14.6 million to €14.8 million, and the number of people employed by the hotel dropped from 238 to 233 with staff costs increasing from €6.3 million to €6.45 million.
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Slieve Russell directors stated, “The hotel performed very well over the course of 2017 with an exceptionally high number of corporate and hospitality events managed.”
© 2018 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.