Mount Juliet narrows pretax losses amid Covid closures

Mount Juliet, the five-star Kilkenny hotel and golf resort that staged the 2021 Dubai Duty Free Irish Open last year, narrowed its pretax losses by 44 per cent to €2 million.

New accounts for Mount Juliet Unlimited show that the luxury resort firm recorded the reduced losses as revenue increased by 33 per cent from €6.72 million to €8.98 million.

The Tetrarch-owned Mount Juliet resort recorded an operating profit of €307,346, but interest costs of €2.32 million resulted in the €2 million pretax loss.

The 2021 pretax loss was 44 per cent down on a pretax losses of €3.57 million in 2020.

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In their report, directors noted that the 125-bedroom hotel was closed for various periods during 2021 and 2020 in line with Government Covid-19 restrictions.

They stated that “when the company actually traded, the performance was satisfactory in terms of occupancy and rates achieved”.

On risks faced by the business, the directors noted that the geographical location of the hotel had a negative impact on demand during the pandemic, particularly in respect of international visitors.

Directors said they had undertaken a detailed review of the future projections and are confident of a refinancing agreement being agreed in 2023. The accounts show that the amount owed in bank loans at the end of 2021 totalled €14.13 million while an additional €22.45 million was owed in a shareholder loan.

Numbers employed by the business increased sharply from 168 to 290 last year, as staff costs from €3.4 million to €5.35 million.

The business benefited from €3.17 million in grant income, compared with €808,144 under that heading in 2020.

The resort firm’s 2021 loss takes account of non-cash depreciation costs of €1.26 million.

The firm had a shareholders’ deficit of €17.23 million at the end of 2021. Its cash funds last year increased from €2.6 million to €3.15 million.