Prof­its rise by 11pc at Tal­bot group as ho­tel growth out­paces re­tail

Irish Independent - Business Week - - BUSINESSWEEK - Gor­don Dee­gan

PRE-TAX prof­its at the busi­ness be­hind the four-star Tal­bot ho­tel group and the long es­tab­lished Wex­ford-based Pet­titt’s supermarkets jumped by 11pc to €3.46m last year.

The group also op­er­ates the Stil­lor­gan Park Ho­tel in Dublin and new fig­ures filed by Torski Ltd show that the group en­joyed the jump in prof­its as rev­enues climbed by 3pc from €120.4m to €124m in the 12 months to the end of De­cem­ber last.

Num­bers em­ployed by the group in­creased from 972 to 1,028 dur­ing the pe­riod.

Ac­cord­ing to the direc­tors’ re­port, “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”.

The group op­er­ates the Tal­bot four-star ho­tels in Wex­ford, Car­low and Stil­lor­gan and ac­quired the his­toric New­bay House in Co Wex­ford dur­ing the sum­mer.

How­ever, the fig­ures show that the largest pro­por­tion of the group’s rev­enues come from the re­tail trade though the main area of growth last year was the group’s ho­tel di­vi­sion. The ac­counts show that there was a mar­ginal in­crease in re­tail rev­enues to €90.5m while ho­tel rev­enues in­creased by 12pc go­ing from €28.6m to €32.19m.

The group’s in­come from the ‘farm trade’ re­duced slightly to €1.05m while rental in­come in­creased from €295,102 to €362,912.

The group recorded a 22pc in­crease in op­er­at­ing prof­its go­ing from €3.7m to €4.55m.

How­ever, in­ter­est payable of €846,428 and €243,802 writ­ten off in in­vest­ments re­sulted in the pre-tax prof­its of €3.46m.

The group recorded post-tax prof­its of €2.66m af­ter pay­ing €800,653 in cor­po­ra­tion tax.

The profit takes ac­count of com­bined non-cash de­pre­ci­a­tion and amor­ti­sa­tion costs of €3.3m.

The fig­ures show that Torski Ltd’s three direc­tors, Des­mond Pet­titt, Ber­nadette Pet­titt and Cor­mac Pet­titt, shared emol­u­ments of €1.66m in 2016 – up on the €1.3m shared be­tween the three in 2015.

The high­est paid di­rec­tor was paid €748,130. Staff costs at the group in­creased from €23m to €25m, re­flect­ing the rise in em­ployee num­bers.

The ac­counts show that 495 are em­ployed by the group ho­tels with 417 em­ployed by the supermarkets. Sixty-three are em­ployed un­der the head­ing of ‘direc­tors and man­age­ment’ to­tal 63 with 53 em­ployed un­der the head­ing of ad­min­is­tra­tion.

The group’s bank loans and over­drafts last year in­creased from €22m to €29.5m. The ac­counts show that the group last year spent €2.5m on the pur­chase of an in­vest­ment prop­erty.

The value of the com­pany’s tan­gi­ble as­sets last year in­creased from €81.96m to €89m with the value of in­vest­ment prop­er­ties in­creased from €1.1m to €3.6m.

The fil­ings show that the group’s bal­ance sheet re­mains strong with ac­cu­mu­lated prof­its of €59m. Share­holder funds to­talled €64m while the group’s cash dur­ing 2016 in­creased from €5.7m to €8.3m.

The group ac­quired his­toric New­bay House dur­ing the sum­mer

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