Hotel group Ampleforth returns to profit following lifting of Covid restrictions

Gordon Deegan

Michael Holland’s hospitality group Ampelforth has traded profitably since the lifting of Covid-19 restrictions in June of last year. The Fitzwilliam hotel on Dublin’s St Stephen’s Green is part of Mr Holland’s portfolio.

The accounts show that Ampleforth last year returned to profit to record pre-tax profits of €440,320.

The group recordined a pre-tax loss of €1.97 million in 2020 – a positive swing of €2.4 million.

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The group returned to profit as revenues last year increased by 47.5 per cent from €3.7 million to €5.48 million. However, revenues remain some way behind the pre Covid-19 figure of €15.2 million in 2019.

The group last year recorded the pre-tax profits after benefiting from ‘other operating income’ of €2.2 million that included received Government Covid-19 grants of €1.88 million.

The group recorded an operating profit of €1million and interest costs of €612,038 reduced profits to a pre-tax profit of €440,320.

The profit also takes account of non-cash depreciation costs of €511,239.

Numbers employed increased by three to 106 as staff costs rose from €1.89 million to €2.62 million.

According to the directors, due to the Covid-19 pandemic the group commenced 2021 with severe restrictions in place which involved the bar and restaurant not trading from January to mid-June 2021 and the hotel operating at a severely reduced capacity. They state that, as expected, this had a significant negative impact on revenue and profitability.

The group availed of all relevant Government supports during the year and kept strict control of all cost headings.

A note with the report said that while the group has traded profitably since hotels reopening last June, the group has not traded at levels equivalent to the pre pandemic period as though the restrictions have been lifted it will take time for consumer confidence to be restored.

The note said the group is well positioned to return to full trading capacity once the period of uncertainty passes. Furthermore, the group “has the necessary financial resources to assist in continuing through this difficult period”.

Shareholder funds totalled €61.32 million at the end of last year as cash funds increased from €5.9 million to €7.05 million.