Hotel

Profit Decreases At Hastings Hotels Group

By Dave Simpson
Profit Decreases At Hastings Hotels Group

Newly-filed accounts for the Hastings Hotels Group have revealed that the firm's profit decreased 39% to £3.19 million during the year that ended on October 31, 2018.

The drop in profit came despite a 4% rise in the group's turnover, which amounted to £41.18 million.

Meanwhile, staff costs increased 12% to £14.83 million and directors' pay decreased from £1.1 million to £988,622.

Acquisition Of Assets

Hastings Hotels owns seven hotels in Northern Ireland and is a 50% shareholder of Dublin's Merrion Hotel.

The group spent £23.58 million on the acquisition of assets in 2018 following a spend of €24.84 million on assets in 2017, which increased its interest costs from £761,071 to £1.49 million.

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According to The Irish Times, the group's directors stated that it "will continue to seek every opportunity to increase profitable turnover".

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