Copyright independent
New accounts at hotel firm Sugarloaf Ventures Ltd show that the company recorded the 74pc increase in pre-tax profits after revenues rose by 12pc from €26.29m to €29.51m. The pre-tax profits of €3.52m follow pre-tax profits of €2m in 2023. The resort is part of the MHL Collection, a consortium led by US billionaire John Malone, and was purchased for more than €50m in 2019. It is set on 1,000 acres and the property includes 198 bedrooms. The MHL Collection was formed by its three partners, Mr Malone, Paul -Higgins and John Lally. It comprises eight hotels in Dublin and one in each of Galway and Limerick, along with Powerscourt. In addition, MHL manages two sister hotels in Galway. The MHL Hotel Collection is the second largest hotel group in Dublin city with over 1,450 five and four-star bedrooms. Overall, the MHL Hotel Collection manages over 2,300 bedrooms in the four cities and counties in which it operates. Its directors state that the company’s hotel operations are dependent on the Wicklow hotel market. “While the market performed in line with expectations, any slowdown in business levels could have a material impact on the hotel performance,” they said. Numbers employed by the five-star Powerscourt business last year -increased by 45 from 297 to 342 with 317 in -“operational”, 18 in “other administration” and seven in finance. Staff costs increased from €9.72m to €10.85m. A breakdown of the Powerscourt -Hotel’s revenues shows accommodation income increased from €13.5m to €15.5m while food and bar income -increased from €9.05m to €10.45m. Other income declined from €3.66m to €3.5m. The hotel firm’s profits last year took account of non-cash depreciation costs of €1.09m and operating lease rentals of €3.35m. The company’s gross profit -increased from €14.1m to €15.9m -after cost of sales rose from €12.18m to €13.58m. The firm recorded post-tax profits of €2.97m after incurring a corporation tax charge of €545,779. At the end of December last, the firm had shareholders’ funds of €3.48m. The firm’s cash funds increased from €5.27m to €5.6m.
