Pre-tax profits at the €280m Center Parcs holiday resort this year more than doubled to €19.8m on the back of average weekly revenues of €1.68m.
New accounts filed by Center Parcs Ireland Ltd show that the Co Longford resort achieved the 144% increase in pre-tax profits as revenues surged by 51% or €29.6m from €57.8m to €87.4m in the 12 months to April 20 this year.
The €87.4m revenues also equates to average daily revenues of €239,453 for the 12 months.
The resort achieved the record revenues as occupancy rates increased to 97.9%, up from 73.2% in fiscal 2022.
The directors' report discloses that the average daily lodge rent achieved was €281.28 compared to €254.74 in the prior year.
The firm's Earnings Before Interest Depreciation Tax and Amortisation (EBIDTA) last year increased by 62% from €21.5m to €34.8m.
The company recorded a post tax profit of €17.8m after paying corporation tax of €2m.
The firm paid out dividends of €13.8m last year.
In May of this year, Canadian owners of the Center Parc resorts in Ireland and the UK, private equity group, Brookfield announced that they were up for sale and is seeking between £4-5 billion.
The directors refer to the planned sale in their report and state that they have satisfied themselves that any such transition would have no impact on the going concern position of the company.
The Co Longford resort first opened to the public in July 2019 and the year under review is the first time that the resort's annual performance has not been affected by Covid-19 restrictions.
Center Parcs currently has a planning application before An Bord Pleanala for a major expansion within the existing 160 hectare site that includes 198 new lodges.
Longford County Council granted planning permission for the proposal in September of last year and the application is before the appeals board due to third party appeals.
Numbers employed at the Longford Village resort this year increased by 154 from 1,079 to 1,233 as staff costs increased by 32% from €18.8m to €24.9m.
The operating profit of €27m this year takes account of non-cash depreciation costs of €7.8m.
The business recorded the pre-tax profit of €19.8m after interest payments of €7.2m.
The firm put a book value of €258m on its fixed assets at the end of April last.
The company had shareholder funds of €112m at the end of April 2023. The firm's cash funds increased from €35.6m to €50.9m last year.
The accounts disclose in a post balance sheet event that the company last month re-financed its existing €165.3m loan and a new facility of €265m was entered into of which €165.3m was used to settle the existing loan facility on July 26th 2023.
The Canadian headquartered group also operates five UK Center Parc villages.
Reporting by Gordon Deegan
