Longford’s Center Parcs holiday resort paid its parent company €152.7 million in dividends in 2024, up from €13.8 million the year before, new accounts show.
Revenues at Center Parcs Ireland Limited rose to €96.7 million in the year to April 2024, compared to €87.4 million the year before, new accounts show. That means it was pulling in an average of €1.86 million a week.
However, pretax profit fell to €11.2 million compared to €19.8 million the year before, as its finance costs rose from €7.2 million to €20.2 million thanks to a rise in the amount of interest payable on its borrowings. The company refinanced its existing debt of €165.3 million during the year with a new loan facility in the amount of €265 million.
The Longford resort’s retained earnings stood at €69.4 million, down from €112 million the year before.
The directors note in the accounts that in the year to the middle of April 2024, its rate of occupancy – that is the average number of units of accommodation occupied as a percentage of the total number – rose from 97.9 per cent to 98.7 per cent.
The value of its assets, mostly property, plant and equipment, rose during the year from €255.4 million to €365.8 million, after a revaluation boosted them by €115 million.
The number of people employed by Center Parcs in Ireland rose from 1,233 to 1,301 in the period, and its total wage bill increased from €24.9 million to €27.9 million.
The accounts note that “the directors received no remuneration in respect of their services to the company during the period”.
Center Parcs Ireland Limited is owned by the same company that owns and operates five other Center Parcs resorts in the UK, with locations in Sherwood Forest, Elveden Forest, Longleat Forest, Whinfell Forest and Woburn Forest.
The Irish resort has been criticised repeatedly for its high prices compared to the UK locations and other Center Parc-linked resorts in Europe.
When contacted in July by The Irish Times in relation to an article comparing the prices of various resorts, a spokeswoman for Center Parcs UK/Ireland said: “Although we share the same brand name, we operate under very different market conditions and offerings, which makes a comparison quite difficult.”
- Sign up for Business push alerts and have the best news, analysis and comment delivered directly to your phone
- Join The Irish Times on WhatsApp and stay up to date
- Our Inside Business podcast is published weekly – Find the latest episode here
