Hotel overcomes sharp rise in food and labour costs to more than double revenues
After tax, the hotel operator turned a €19.3 million profit for the year compared with a more than €3 million loss in 2021. Adjusted earnings also increased to €7.7 million, up from €4.2 million in 2021, the directors said.
At the four-star Lodge, meanwhile, revenues climbed 87.4 per cent to almost €6.1 million but adjusted earnings slipped to €792,899 from more than €1 million in 2021 as the business grappled with a steep rise in costs, which climbed from €3.8 million to €5 million. Both hotel properties experienced increases in costs over the year, according to the directors, the “main drivers” of which were food and labour costs.
At Ashford Castle, where staff levels increased from 264 to 326 as the hotel turned the corner from the pandemic, wage and salary costs jumped by almost €1 million to €8.4 million. Both companies continued to receive Government supports in the 2022 financial year. Ashford Castle received more than €950,000 through the Employment Wage Subsidy scheme, down from €5 million in 2021, while the Lodge received almost €254,000, a drop from €1.7 million in 2021.
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