Revenuesupat Liebherrhotels
THE owners of the luxury Europe Hotel in Killarney have expressed concerns warnings over the potential short to medium-term impact on business of Brexit, the US election and what it described as the troubling state of the EU”.
The comments were made by the Swiss owned company Killarney Hotels Ltd as they announced their latest financial results.
Killarney Hotels Ltd – which own and run the five star Europe and Dunloe Castle hotels – experienced a successful year with revenues increasing last year to €19.2m.
The groups accounts show that revenues at the company last year increased by 13per cent.
Turnover at the group has increased by 126pc since 2011, when revenues of €8.49m were recorded.
However,the accounts also revealed that significant non-cash depreciation charges of €6.2 million had resulted in Killarney Hotels Ltd recording an pre-tax loss of €5.5m last year.
Along with operating The Europe Hotel and Resort and Dunloe Castle Hotel, Killarney Hotels also operate the four-star Hotel Ard na Sidhe in Killorglin.
The group recorded a pre-tax loss of €5.5m last year and this followed a pre-tax loss of €4.9m in 2015.
In their report on 2016 the group’s directors said they “consider the performance of the company to be in line with expectation”.
The directors are listed as Michael Brennan, Gerry Browne and Adrian Stehr and remuneration for the directors last year jumped to €606,694 including €34,776 in pension contributions.
Numbers employed increased from 175 to 191 with staff costs increasing from €7.3m to €8m.
The firm’s shareholder funds totalled €3.5m. The company’s cash pile increased from €6.6m to €8m. Killarney Hotels Ltd – which is registered in Fossa – is a subsidiary company of Liebherr which also owns two hotels in Austria and one hotel in Germany.