Positive outlook as revenues rise at Griffin Hotel Group
THE Griffin Hotel Group has posted figures for 2016 showing a nine per cent revenue growth over 2015, with turnover rising to €22.8 million.
And with the Irish tourism business showing continuing recovery, it is forecasting a positive 2017.
The group contributed 77 per cent of its €22.8 million turnover, approximately €17 million, back into the local economy through staff wages and direct suppliers within Wexford and Kilkenny. In 2016 the Group had an average of 446 employees for the year increasing this figure to over 475 during peak periods.
Operating profit excluding exceptional items was €3 million representing a growth of 12 per cent on 2015; assets that had been severely written down during the recession were revalued in 2016 creating an exceptional item of €13.7 million.
Michael Griffin, CEO of the Griffin Hotel Group said that ‘excluding increasing asset values the underlying profitability of the business in 2016 continues to endorse the direction we have set for the company’.
‘2016 was a positive year for the group and the culmination of successful teamwork by our people and key stakeholders who together are focused on delivering great customer experiences,’ he said.
The Griffin Group operates the Ferrycarrig Hotel and Monart Spa in County Wexford; and Hotel Kilkenny.