New accounts filed by the business behind the Talbot hotel group, Torski Ltd, indicate that the company's pre-tax profits increased 11% last year to €3.46 million.
The Irish Independent reports that the firm's revenues also underwent a rise in 2016, increasing 3% from €120.4 million to €124 million, while the number of people employed by the company jumped from 972 to 1,028.
Additionally, Torski recorded a 22% rise in operating profits from €3.7 million to €4.55 million, with pre-tax profits amounting to €2.66 million after the payment of €800,653 in corporation tax. Furthermore, Torski's bank loans and overdrafts increased from €22 million to €29.5 million and the value of the firm's tangible assets rose from €81.96 million to €89 million, with the value of investment properties rising from €1.1 million to €3.6 million.
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The company's accumulated profits totaled €59 million, while shareholder funds amounted to €64 million and Torski's cash in 2016 increased from €5.7 million to €8.3 million.
Torski's directors' report stated, "the results for the year and the financial position at year end were considered satisfactory by the directors, who expect continued growth in the foreseeable future."
Torski operates the four-star Talbot hotels in Wexford, Carlow and Stillorgan and also acquired Newbay House in Wexford during the summer.