Hayfield Manor owner sees revenues increase 4%
Pre-tax profits at the Kerry-based hotel group that operates the five-star Hayfield Manor in Cork City last year increased marginally to €5.455m.
Newly-filed consolidated accounts for Tripoint Investments Ltd show that the group achieved the profit as revenues increased by 4% to €23.96m. Last year’s profit compared to one of €5.43m in 2016.
The business is owned by the Scally family and the accounts also include the performance of the family’s four-star Killarney Royal Hotel. The accounts show that the group as of the end of last year owed directors and owners Joseph and Margaret Scally €650,528 compared to €3.8m owed to the two at the end of December 2016.
The overall amount paid in salaries to key management personnel which is made up of hotel general managers and members of the Scally family totalled €321,945. Staff costs last year increased from €8.04m to €8.8m.
Tripoint’s operating profits last year decreased by 2% to €5.78m. The group made a post-tax profit of €4.6m after paying €843,318 in corporation tax.
The group’s cash during the year increased from €1m to €1.69m. The profit also takes account of non-cash depreciation costs of €1m.
Management said it was satisfied with the performance of the group and expects the business to remain profitable.
Competition and cyber- security threats are seen by it as the main uncertainties facing the business.
The company’s directors said the group plans to continue its present activities and current trading levels.
The group closed last year with shareholder funds of €26.9m that included accumulated profits of €14.7m.
