Revenues at the firm that operates the expanded Radisson Blu hotel on Golden Lane in Dublin 8 last year more than doubled to €14.46 million.
Accounts filed by the Rhatigan group-owned Luxor Leisure Ltd show that the business returned to pretax profit of €2.14 million as the hospitality industry recovered from Covid-19 lockdowns and restrictions. The Rhatigan Group has its headquarters in Galway.
The easing of restrictions and the addition of 84 bedrooms contributed to the business increasing its revenues by €9 million or 167 per cent from €5.4 million to €14.46 million for the 12 months to the end of October last.
The pretax profit of €2.14 million followed a pretax loss of €1.73 million for the prior year – a positive swing of €3.87 million.
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The revenues top the firm’s pre-Covid revenues of €12.3 million recorded in 2019 as the group’s €12 million investment in an 84 bedroom extension began to pay off.
The project consisted of the construction of a seven-storey over two-storey basement block, and the construction of a five-storey bedroom block over the existing hotel function room that brought the total number of rooms to 234.
The expansion plans also involved extending the current Sky Bar into a much larger facility accommodating 150-200 people on the seventh floor of the hotel.
The return to normal business resulted in the numbers employed increasing threefold from 46 to 153 as staff costs increased from €1.7 million to €3.84 million.
The company’s franchise deal with Radisson Blu operator Rezidor Hotels APS Danmark runs for 25 years from June 2016.
A breakdown of revenues shows that accommodation revenues tripled from €3.5 million during the Covid-hit 2021 to €10.5m while food revenues increased from €348,265 to €1.648 million and beverage income increased from €138,817 to €737,320.
Conference income increased from €135,106 to €609,155 while spa revenues increased more than four fold from €28,957 to €144,133.
The firm’s other turnover and income reduced from €1.2 million to €811,171.
The profit takes account of non-cash depreciation costs of €754,550 and lease costs of €3 million.
At the end of October last, the firm’s shareholder funds amounted to €5.78 million, which included cash funds of €1.33 million.
