FBD Hotels & Resorts grew its earnings by 48 per cent to €9.2 million last year, according to a statement released today.
The company told the annual general meeting of its owner, Farmer Business Developments, that its hotels performed strongly in a recovering market last year.
As a result, earnings before interest, tax and write-offs, a measure of the cash a company generates, were €9.2 million last year, 48 per cent more than in 2014.
Farmer Business Development owns the company after FBD Holdings sold its 50 per cent stake in the business last October.
The company owns and manages Castleknock Hotel and County Club, Dublin, Faithlegg House Hotel, Waterford, and Tower Hotel and Leisure Centre, Waterford in the Republic. It owns two resorts in southern Spain, La Cala and Sunset Beach Club.
Future profits
FBD Hotels & Resorts hopes to earn €50 million in operating profits across those properties by 2020.
News of its results came as the company announced the appointment of former Allied Irish Banks executive Peter Nugent and hotel consultant Ian Graham as non-exeuctive directors.
Mr Nugent was head of financial institutions sector with AIB Corporate Banking before he retired in 2009. He subsequently worked for the bank as a consultant, advising on debt management in Ireland and overseas.
He has more than 40 years’ experience in finance, credit management and business operations.
Mr Graham, is an adviser to the international hotel industry. After working principally for Bass Hotels and Resorts, and ITT Sheraton in Europe, the Middle East and Asia, he founded Hotel Solutions Partnership in 2003.
Chartered accountant
A qualified chartered accountant, he was also formerly a director in the travel, tourism and leisure practice of Andersen/Deloitte. Chief executive of FBD Hotels & Resorts David Kelly noted that the company was very satisfied with its performance. "This leaves us well positioned for future development and growth," he said.
Earlier this year it announced a joint venture with Taylor Wimpey Spain to develop 103 units at La Cala, which is close to Malaga Airport.
The Irish company said it would involve 55 townhouses and 48 apartments with a value of €40 million.
Headquartered in Citywest, Dublin, the company employs more than 700 people in the Republic and Spain.
