Six-Fold Increase On Pre-Tax Profits At Rhatigan Group
Published on Apr 11 2013 12:54 PM in Hotel
The Rhatigan group, which owns the Radisson Blu Hotel on Golden Lane in Dublin's city centre saw its profits increase by almost six-fold in 2012. Galway-based Rhatigan's Luxor Leisure Ltd strand saw its profits increase from €69,391 in 2011 to €402,312 in 2012. The firm entered a 20-year agreement with the Rezidor group in 2005 to manage the hotel under the Radisson Blu brand and pays the Rezidor group an operator fee, a marketing contribution and a reservation fee.According to the directors' report, the company 'are satisfied with the company's performance during the year. However, they continue to be cognisant of the economic climate in which the company is currently operating'. The report stated that "The company has reviewed its cost structure and implemented plans to improve efficiencies and make savings where possible whilst maintaining service levels to guests", with the number of employees at the hotel falling from 103 in 2011 to 90 during 2012. According to the report, the directors are of the opinion that "the company's trading performance will continue to improve and the company will have adequate resources to meet its working capital requirements for the foreseeable future."