The group of companies that owns, operates and develops property at Camiral Golf & Wellness, Denis O'Brien's golf and wellness resort near the Catalan town of Girona in Spain, returned to profit last year to record pre-tax profits of £3.21m (€3.69m).
Murryhill Holdings is a UK-registered company that is ultimately owned by one of Mr O'Brien's companies in the Isle of Man.
It recorded the return to profit despite revenues dipping by 13% from £41.42m to £35.95m.
The pre-tax profit of £3.2m follows the resort group recording a pre-tax loss of £967,000 in 2021.
The 500 hectare resort -formerly known as PGA Catalunya, which rebranded to Camiral Golf & Wellness at the start of this year, is located a short drive from Girona airport and one hour's drive from Barcelona.
The directors state that turnover was down due to the impact on the supply chain delaying some property sales closings to post year end.
They state that the group's trading business increased by 50% due to a full year of trading.
The directors state that operating expenses increased year on year due in line with increased activity.
They state that "the group finished the year with strong liquidity of £14.2m".
The accounts show that construction revenue declined from £28.77m to £16.87m and service revenue increased from £12.65m to £19.08m.
Numbers employed by the group increased from 297 to 354 and staff costs increased from £7.53m to £9.45m.
The directors state that the principal activity of the group consists of the construction, promotion, marketing and operation of a residential and sports resort located at Girona.
They also state that the activity also includes the construction and sale of residential homes and apartments, together with the operation of two leading golf courses, a five star hotel and wellness facility.
The flagship course at the resort, the Stadium Course, has hosted the Spanish Open and is consistently ranked among the top ten golf courses in continental Europe.
The group's profits benefited from a foreign exchange gain of £1.56m and other income of £549,000 that was mainly made up of government grants of £543,000.
Profits were also increased by a non-cash gain of £1.32m booked on the increase in value on a fixed asset offset by £690,000 in interest payments.
The profit also takes account of non-cash depreciation costs of £2.23m and operating lease rentals of £1.4m. The book value of the group's tangible assets increased from £52.66m to £56.82m
At the end of December last, the group had shareholder funds of £14.32m. The group's cash funds increased from £4.17m to £14.2m.
John Ryall and Georgina Keane, two long time associates of Mr O'Brien, serve as directors of Murryhill Holdings Ltd.
Reporting by Gordon Deegan
