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Dromoland Castle Holdings’ increased profits

DROMOLAND Castle Holdings Limited recorded increased profits in 2015, according to accounts filed with the Company’s Office.

The accounts showed that the turnover of the business was €19,550,291, which was up by over €2.2 million on 2014.

This left the company with a gross profit of just under €14.4 million, up from €12.62 million in 2014. Overall there is an operating profit of €1,449,266, which was up from €491,314. When taxation was taken to account there was an overall profit of €1,158,313 which was up from €213,445.

According to its balance sheet there was €28,921,786 in fixed assets and current assets of €1,521,413. When current liabilities were taken into account there were net assets of just under €22.8 million.

In a note to the financial statements, it outlines the activities of the company. “Dromoland Castle Holdings Limited owns and manages the operation of Dromoland Castle Hotel and Conference Centre and Dromoland Castle Golf Course and the Inn at Dromoland. Dromoland Castle Holdings Limited is incorporated as a company limited by shares in the Republic of Ireland.”

Regarding the number of employees there was a monthly average of 95 working on accommodation, food and beverage in 2015, up from 88 the previous year. There was also a monthly average of 19 working on management and administration, the same as the average for 2014.

Staff costs for the year were nearly €600,000 higher than the previous year, coming to €771,522.

Another note to the financial statement says, “Consultancy fees for management services are provided by Hallmark Management Limited, a company controlled by Mark Nolan, who is a director of the company. The consultancy fees charged in the year in the amount of €445,378 (2014: €445,231) comprise consultancy fees payable in respect of the year and provision for performance related commitments payable at the end of the management services contract, which have not yet been vested but are included in creditors due after more than one year.”

By Owen Ryan

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