Operating profits at the group which owns the five star K Club Hotel and Golf resort in Co Kildare increased by 35% to €2.56m 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 4% from €25.73m to €26.88m.
The operating profits of €2.56m follow operating profits of €1.89m in 2023.
The group recorded a pre-tax profit of €1.6m after non-cash depreciation costs of €1.7m are taken into account offset by a gain of €750,520 from the disposal of assets.
The pre-tax profit of €1.6m followed a modest pre-tax loss of €86,048 in 2023.
The group recorded a post tax profit of €1.33m after incurring a corporation tax charge of €270,426.
The K Club this year hosted the Amgen Irish Open where there were ecstatic scenes as Rory McIlroy won the Open in dramatic fashion after a play-off in September.
The directors state that they are satisfied with the performance of the business during 2024.
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 €65m in February 2020.
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 at the resort increased from 239 to 259 in 2024 and staff costs increased from €10.77m to €11.25m.
The accounts show that the group's net liabilities stood at €11m at the end of 2024 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.
In a restructuring of the loans to the business, the firm paid off a shareholder's loan of €55.43m from the €55.24m proceeds from loans from group undertakings.
Accrued interest on shareholders' loans reduced from €12.55m to zero.
The group's cash funds during 2024 increased from €1.89m to €2.69m.
The accounts put a book value of €60.27 million on the group’s tangible assets.
The group's accumulated losses reduced from €60.53m to €43.22m arising from a €15.96m prior period adjustments and a note states that the adjustments relates to the write-off of amounts due to Bacchantes Six Ltd in line with the acquisition of the company by MFKC Consolidated Unlimited Company in 2020.
At the end of December 2024, the group had a shareholders’ deficit of €10.89m made up of accumulated losses of €43.22m offset by €32.33m in a share premium account.
Reporting by Gordon Deegan
