Operating Profits Rise At Quinn Hotels Group

By Dave Simpson
Operating Profits Rise At Quinn Hotels Group

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.

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.

ADVERTISEMENT