The Travelodge hotel business contributed to pretax profits at the Goldman Sachs backed Tifco hotel group increasing more than fourfold to €11.89 million in 2017.
According to accounts filed by Tifco’s holding company, Halstonville Ltd, the business enjoyed the soaring profits after revenues increased by 53 per cent from €45.26 million to €69.63 million.
In December 1st 2016, the Tifco group acquired the 12 Travelodge hotels for €45.7 million and subsequently purchased the Galway Travelodge property for €4.3 million on December 16th, 2016.
Tifco paid €13.3 million for the Parliament hotel and the adjacent Fashion House building in Temple Bar in Dublin in July 2016.
Now, the first full-year performance of the Travelodge hotels and Parliament hotel show how they contributed to increased revenues and profits at the group.
The revenues include the performance of the group’s hotel here and in Northern Ireland.
Continuing with its expansion, the group confirmed that in 2018 it paid a deposit to purchase a site in Dublin that has secured planning permission for a hotel.
The directors state that they are satisfied with the performance of the group in 2017.
The group’s operating profits increased almost threefold from €5.5 million to €15.2 million.
The pretax profit in 2017 takes account of non-cash depreciation and amortisation costs of €6.1 million and interest charges of €3.3 million.
The group recorded a post tax profit of €9.7million after paying corporation tax of €2.15 million.
Staff costs in 2017 increased from €13.1 million to €19.86 million. Directors’ remuneration increased from €412,900 to €480,900.
Pay to key management personnel totalled €779,504.
Shareholder funds at the group totalled €88.3 million; that included €60.88 million in accumulated profits. The group’s cash increased from €4.85 million to €10.47 million.
