Operating profits at the group which operates the K Club hotel and golf resort increased by 59% to €1.895 million last year.
New consolidated accounts filed by Bishopscourt Investments Ltd and subsidiaries show that the group recorded the jump in profits as revenues increased by 5% from €24.48 million to €25.73 million.
The group recorded a pre-tax loss of €86,048 after non-cash depreciation costs of €1.98 million are taken into account.
The pre-tax loss of €86,048 follows pre-tax losses of €2.19 million in 2022 - a decrease of 96%.
The chief factor behind the decreased pre-tax losses was the group's non-cash depreciation costs decreasing by 41% or €1.4 million from €3.86 million in 2022 to €1.98 million last year.
The directors state that they are satisfied with the performance of the business during 2023.
Nursing homes investor, Michael Fetherston purchased the resort made up of a hotel, country club and two golf courses from previous owner, Michael Smurfit for around €65 million in February 2020.
However, the business remained impacted by Covid-19 for more than the first two and a half years of Mr Fetherston’s ownership.
On the risks facing the business, the directors state that under market risk "the industry in which the company operates is competitive and challenging, however, the directors have detailed knowledge and experience in this sector"
On the company’s future developments the directors state that they are continuing to invest in various facilities across the resort.
They state that "this is expected to positively affect the future trading of the group and the company".
Numbers employed increased from 257 to 262 in 2023 and staff costs totalled €10.77 million which compared to €10.24 million in 2022.
The accounts show that the group’s net liabilities stood at €28 million at the end of 2023 and addressing the business’s going concern status, a note states that the ultimate controlling party has agreed to support the company for at least 12 months from the date of approval of these financial statements, which has been confirmed in writing.
At the end of December last, the business had a €55.43 million loan from its shareholder and €12.55 million in accrued interest on shareholder loans.
The group’s cash funds during 2023 decreased from €2.2 million to €1.89m.
The accounts put a book value of €62.2 million on the group’s tangible assets.
At the end of December 2023, the group had a shareholders’ deficit of €28.1 million made up of accumulated losses of €60.53 million offset by €32.33 million in a share premium account.
Reporting by Gordon Deegan
