The operator of Ireland’s €280 million Center Parcs holiday resort has this year enjoyed average weekly revenues of more than €1.1 million as it recovered from Covid-19 shutdowns.
Accounts filed by Center Parcs Ireland Ltd show that the Co Longford resort’s revenues increased almost sixfold to €57.8 million from €10.8 million in the 12 months to April 21st this year. That saw the company recording pretax profits of €8.1 million compared with a pretax loss of €18.2 million in fiscal 2021.
The resort, which first opened to the public in July 2019, was impacted by Covid-19 closures for a small portion of the year.
In a note with the accounts the directors said the resort was able to reopen on June 4th, 2021, “albeit with reduced accommodation capacity and guest activities” after a Covid-19 enforced shutdown. The note said that during the current financial period, self-imposed occupancy caps were progressively lifted and, from April 21st this year accommodation was on sale with no limitations.
The accounts, signed off in July, said that “demand for a Center Parcs break remains strong, and current forecasts assume occupancy levels higher than those seen before Covid-19″.
Numbers employed at the Longford resort this year increased from 1,008 to 1,079. with staff costs more than doubling from €7.6 million to €18.8 million.
A majority of the company’s employees were furloughed for part of the year and the company received State Covid-19 wage supports totalling €1.4 million, it said. It received supports of €8.6 million in the previous year.
Guests affected by Covid-enforced closures were incentivised to change the date of their break rather than cancel and receive a full refund, directors said. During the lockdown more than 50 per cent of affected guests took the option of moving their break.
The operating profit of €14.1 million this year takes account of non-cash depreciation costs of €7.4 million.
The business recorded the pretax profit of €8.1 million after interest payments of €6 million. It recorded a post-tax profit of €7. 4 million after paying corporation tax of €700,000.
The company put a book value of €265m on its fixed assets at the end of April last. It had shareholder funds of €108 million at the end of April 2022 that included a share premium of €142.2m offset by accumulated losses of €34.2 million.
The Canadian-headquartered group also operates five UK-based Center Parc resorts.
