New accounts filed by Shermond Holdings Ltd reveal that operating profits at the O'Sullivan family-controlled Hodson Bay hotel group rose 14% to €2.97 million last year.
As reported by The Irish Independent, revenues at the group, which operates the Hodson Bay, Sheraton and Galway Bay hotels, increased 3% from €29.54 million to €30.47 million during the twelve months ending on February 28, 2017.
Commenting on the above data, group CEO Padraig Sugrue said, "it is a very exciting time for the group as construction work has started" on its first hotel in Dublin. The €40 million 234-bedroom venue is being developed in the capital's Coombe area and is scheduled to open for business in March of 2019.
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Sugrue proceeded to state that the Hodson Bay group has been gradually raising its room rates over the last few years and nightly rates at the group's venues currently average approximately €95.
Last year saw the group's pre-tax profits rising from €1.91 million to €1.93 million in the wake of a loan interest payment of €1 million, while shareholder funds amounted to €15.98 million, including accumulated profits of €12.6 million, at the end of last February. The profit figures take account of €2.12 million in non-cash depreciation costs.
Additionally, the group's cash pile increased from €1.48 million to €2.89 million, with staff costs coming to €12.5 million while cost of sales totalled €15.35 million and admin expenses amounted to €10.5 million.