The staging of the Horizon Irish Open at Mount Juliet last year coincided with revenues at the company which operates the five star hotel and golf resort almost doubling to €17.6m.
New consolidated accounts filed by the operator of the Mount Juliet estate in Co Kilkenny, MJBE Investments 1 Ltd show that arising from the jump in revenues, the company returned to operating profit to record an operating profit of €699,520.
The operating profit of €699,520 followed a modest operating loss of €10,302 in 2021. The venue also staged the 2021 Irish Open.
The company recorded a pre-tax loss of €1.85m last year after incurring interest charges of €2.55m.
Numbers employed at the business increased from 290 to 347.
The directors state that revenues increased by 85% from €9.52m to €17.62m and that "the trading performance for the year has been satisfactory".
The directors of the Tetrarch owned Mount Juliet resort state that management "aims to increase the profitability of the group through management of its operating costs and increasing its turnover".
The resort staged the prestigious Irish Open golf event at the resort's Jack Nicklaus Signature Design Course.
A note attached to the accounts state that the directors are experienced and are confident that they will deliver a robust operating performance going forward.
A note states directors have undertaken a detailed review of the future projections and that refinancing arrangement for bank lans has been agreed in 2023.
Staff costs last year increased from €5.35m to €8.07m.
The resort firm's 2022 loss takes account of non-cash depreciation costs of €988,899. During the year, the firm incurred a €175,000 operator fee payable to Tetrarch Capital.
The firm had a shareholders' deficit of €18m at the end of 2022. The firm's cash funds last year decreased from €3.39m to €3.13m.
The accounts show that the amount owed in bank loans at the end of 2022 totalled €13.65m while an additional €24.2m was owed in a shareholder loan.
Reporting by Gordon Deegan
