Pre-tax profits at the Cork based company that operates Trabolgan Holiday Village last year increased more than three fold to €7.49m on the back of record revenues.
New accounts for Trabolgan Holiday Centre Ltd show that pre-tax profits increased by 251% from €2.13m to €7.49m as the company enjoyed best ever revenues of €12.85m.
Revenues increased by 29% from €10.03m to €12.95m on the back of the firm providing accommodation to Ukrainians.
The company recorded post tax profits of €6.55m after incurring a corporation tax charge of €936,037.
The directors state that since March 2022, Trabolgan has made some accommodation available to the Dept of Integration for Ukrainians "and the level provided increased following closure of the holiday park for extensive renovation in November 2022".
The directors said that "the holiday village will remain closed for financial year 2024 and re-open to the general public in 2025".
The directors said that the re-opening of the business is scheduled for Spring/Summer 2025 following the completion of the renovation works.
The 'Ukrainian' business has greatly increased the company’s balance sheet with shareholder funds almost doubling from €7.4m to €13.99m. Cash funds increased from €1.2m to €2.2m.
On the company’s future developments, the directors state that the company has extended its services to include the purchase and sale of mobile homes for use on a serviced mobile home site that it has developed and from which it will earn service fees".
The accounts show that the company’s projections state that additional revenues for 2024 and 2025 due to the holiday homes being made available until the end of February 2025 for housing purposes.
A note attached to the accounts states that revenues for the second half of 2025 will be in line with normal historic levels.
The note states that increased expenditure is anticipated with extensive renovations planned throughout the park.
Numbers employed in 2023 reduced from 144 to 56 as staff costs reduced from €3.55m to €2.58m.
Directors to serve in 2023 are Kathryn Revitt, Craig Hemmings, Catherine O’Leary, Barry Fitzgerald and Donal O’Sullivan and pay to pay to directors increased 19 fold from €36,075 to €702,404. Mr Fitzgerald and Mr O’Sullivan were both appointed in January 2023.
The profit takes account of non-cash depreciation costs of €824,522.
A note attached to the accounts states that the owner of the business is Dhowin Ltd, an Isle of Man company.
Dhowin was wholly owned by the estate of the late TJ Hemmings and on September 20th "the estate was settled and the shares of Dhowin Ltd were transferred into a discretionary trust".
Reporting by Gordon Deegan
