The firm behind the five-star Fitzwilliam Hotel overlooking St Stephen's Green in Dublin returned to profitability last year after sustaining operating losses of €149,538 in 2024 due to the impact of the hotel undergoing a complete refurbishment.
New consolidated accounts filed by Ampleforth Ltd show that the group sustained the operating loss of €149,538 in 2024 after recording an operating profit of €2.96m in 2023.
The group's turnover arises from the provision of hospitality and tourism related services and rose by 22% from €16.36m to €19.99m in 2024.
In their report, the directors state that the group has undertaken an extensive capital expenditure programme between 2022 and 2025 at the Fitzwilliam Hotel Dublin.
"This resulted in a reduced bedroom stock being available throughout the current year, and had a subsequent negative effect on turnover and profitability," they state.
"This expenditure, incorporating bedrooms and common areas, has completely refurbished the hotel and improved the energy efficiency of the building," they add.
The directors state that in addition to the work on the Fitzwilliam Hotel, a major capital expenditure programme was also carried out at No 22 St Stephen's Green, trading as Townhouse on the Green, Floritz Restaurant and Cellar 22 Wine Bar between 2022 and 2024.
They state that the business fully opened in June 2024 and has incurred pre-opening trading losses for 2024.
"During the current year also, there were also some other non-recurring costs which had the effect of putting the group in a temporary loss-making situation. The froup has returned to profitability in 2025," they say.
The directors also state that the Dublin hotel and hospitality market remains in a strong position and they are satisfied with the overall trading performance, despite increased costs, particularly in wages, energy, food and staff retention/recruitment issues.
The refurbishment of the hotel is set to continue as Ampleforth currently has plans before Dublin City Council for a remodelling and extension of the Fitzwilliam hotel at 4th - 7th floor levels fronting onto St Stephen's Green to includes 13 additional bedrooms at 6th floor level, including four with terraces fronting onto St Stephen's Green and a new terrace to the existing presidential suite.
An architectural design statement lodged with the application states that the hotel currently contains 142 bedrooms plus a penthouse.
It states that "the hotel is very successful and runs at an average of 94% occupancy throughout the year".
"This renewed and focused expansion will elevate both the visual presence and architectural character of the hotel, creating a cohesive composition befitting a five-star establishment, while harmonizing fully with its prestigious setting on St Stephen's Green," the report states.
The hotel was first built in 1988 and the new 2024 accounts show that the group recorded a pre-tax loss of €1.33m after incurring interest charges of €1.18m.
Along with the refurbishment impact, profits were also hit by remuneration to directors increasing sharply from €81,500 in 2023 to €2.33m in 2024.
Remuneration to directors in 2024 was mainly made up of pension contributions of €2.15m and pay of €182,001.
The losses almost take into account increased non-cash depreciation costs rising from €1.07m to €1.7m.
The accounts show that net cash generated from operating activities totalled €1.72m in 2024.
The group incurred a €5.12m cost connected to the purchase of tangible assets that followed an outlay of €6.55m under the same heading in 2023.
Numbers employed increased from 180 to 211 and staff costs increased sharply from €5m to €9.2m with the directors' pension contributions the main factor behind the increase.
The group's balance sheet remains strong with shareholder funds of €73.25m that included accumulated profits of €38.7m. The group's tangible assets had a value of €92.43m.
Cash funds declined from €3.8m to €1.76m.
Reporting by Gordon Deegan
