Business

Post-Covid demand drives cash splash at Kerry’s Aqua Dome

With €2m in revenues, the Tralee water park recorded its best financial year since it opened in 1994

Mr Durran said revenues exceeded €2 million for the first time and after-tax profits amounted to almost €400,000. Stock image: iStock

Gordon Deegan
Wed Mar 27 2024 - 15:57

The operator of the Aqua Dome in Tralee, Co Kerry last year enjoyed record revenues of €2 million as it benefited from pent up demand in the aftermath of Covid-19.

New accounts show Tralee Waterworld plc recorded pretax profits of €448,029 in the 12 months to the end of April last, which followed pretax losses of €29,273 the previous year.

The strong 2023 profits followed revenues for the themed water leisure complex increasing more than sixfold from €326,740 to €2.04 million.

In an accompanying statement, company chairman Brian Durran said he was pleased to report the Aqua Dome had recorded “its best financial performance since it opened in 1994″.

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Mr Durran said revenues exceeded €2 million for the first time and after-tax profits amounted to almost €400,000.

“Pent up demand from visitors and locals following the abolition of restrictions imposed by the Covid-19 pandemic resulted in record numbers visiting our wonderful facilities,” he said.

Mr Durran said the “very inclement weather of July and August” in Summer, 2023 provided a further boost to the financial performance of the indoor facility.

On anticipated profits for the 12 months to the end of April, 2024, Mr Durran said with visitor numbers once again high, a very satisfactory performance is expected in the current year despite rising costs.

The Aqua Dome’s financial performance was enhanced last year by management having the foresight to hedge electricity costs which ended in March 2023, he added.

“Due to the continued volatility in the electricity market, it has not been possible to negotiate a similar arrangement and this will impact negatively in the current year.”

Other major including overheads, labour, energy and insurance costs have all increased sizeably in the last 12 months.

Mr Durran said €1 million is required to replace end-of-life plant and equipment that is critical to the operational functionality of the complex, and that directors are exploring all options to source the necessary finance to fund the work involved.

The directors’ report attached to the accounts stated that summer 2023 “has been very profitable and projections for 2024 are positive”.

The accounts – signed off by directors Ogie Moran and Brian Durran – show staff costs last year totalled €633,109 as numbers rose from 11 to 39.

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