Booking growth: Profits jump at owner of Castleknock Hotel

Operating profits at Irish hotel group FBD Hotels and Resorts (FBDH&R) rose by 44pc last year, to €8m.

The group owns the Castleknock Hotel in Dublin and Faithlegg House Hotel in Co Waterford.

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New accounts show that the group recorded the increase in operating profits as revenues soared by 38pc, to €73.4m.

“Faithlegg continued to make good progress and recorded a profit of €1.3m, which represents a profit of €16,000 per room,” according to the directors’ report.

The report said that the performance for the year at Castleknock Hotel “was excellent and ahead of expectations”.

This followed the hotel in January 2018 opening up a new 52-bedroom extension, along with a new spa, and an upgrade of food and beverage facilities. The business acquired the 98-bedroom Heritage Hotel & Spa in Killenard, Co Laois in January 2019 for €8.8m, and the directors stated that the purchase “represents a good opportunity for strong returns in the medium term”.

The directors added that the trading performance of both the leisure and property divisions of FBDH&R “was very strong in 2018”.

The business paid out a dividend of €3.63m last year. The firm recorded pre-tax profits of €8.6m.

The directors stated that earnings before interest, tax, depreciation and amortisation (ebitda) were €12.6m in 2018, some 34pc ahead of the €9.4m earnings recorded in 2017.

The largest part of the firm’s business is in Spain, where last year €38.9m of revenues were recorded.

This compared with €20.7m in Ireland and €13.8m in a new market, Germany.

Numbers employed reached 682, with staff costs increasing to €24.8m.

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