Copyright independent
Revenues at iNua Hospitality PLC – a holding company in the group that operates eight of iNua’s 20 venues that are dotted across the Republic – recorded a 2pc drop in revenues from €72.79m to €71.14m. The operating profits of €3.93m follow operating profits of €3.96m in 2023. The hotel’s portfolio of eight four- and five-star hotels include the Radisson Blu Hotels & Spas in Limerick, Cork and Sligo. The five-star Muckross hotel has 78 bedrooms and was purchased by iNua Hospitality in 2015 for a sum in excess of €6m. Founded by Paul Fitzgerald and Sean O’Driscoll through a management buyout of iNua in early 2020, the directors for iNua Hospitality state that the “performance for 2024 was broadly in line with expectations and marked another successful year for the business”. They state that “although cost inflation continued to exert pressure, the group effectively mitigated its impact through strong procurement practices, efficient operations, and strategic use of operational leverage”. “We remain focused on adapting to inflationary challenges by exploring new and innovative ways to deliver our services, underpinned by our ongoing investment in technology and smart operations,” they said. The new accounts show that reported earnings before interest, tax, depreciation and amortisation (Ebitda) of €10.71m for 2024 was down 7pc on 2023. This decline “primarily reflects higher input costs, a portion of which could not be passed on to customers”. A note attached to the accounts states that “from January 1, the group has performed well, exceeding expectations for the year, and management accounts to May shows it maintaining very strong Ebitda levels”. The accounts show that the group recorded a pre-tax loss of €2.69m which takes account of interest payments of €6.62m and non-cash depreciation costs of €5.18m. Numbers employed decreased from 1,293 to 1,132 last year as staff costs increased slightly from €28.63m to €28.87m. Directors’ remuneration reduced from €148,000 to €112,000. The group recorded a post-tax loss of €2.88m after incurring a corporation tax charge of €190,423. The amount owed in loans to creditors at the end of December 2024 totalled €70.75m. At the end of December 2024, the group had shareholder funds of €6.09m made up of accumulated losses of €40.78m offset by share capital of €46.87m.
