Operating profits at the Kerry golf resort owned and operated by US-headquartered management consulting giant Alvarez & Marsal last year increased by 32 per cent to €4.15 million.
Alvarez & Marsal purchased the Hog’s Head golf course at Baslicon, Waterville, in Co Kerry, in 2015 and accounts for A&M SWB Holding Ltd underline the scale of the investment since with a book value of €55.64 million on the golf firm’s tangible assets.
Globally, Alvarez & Marsal Inc employs 10,000 people across 84 offices in 40 countries and is 41 years in business.
A&M SWB Holding Ltd last year recorded the jump in operating profits after revenues increased by 20 per cent from €12.36 million to €14.88 million.
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In a note with the accounts, the directors said that the company operates a private golf club at the premium end of the international golf market.
The company “is engaged in a continuous investment in its facilities to retain its status”,the note said.
The note also said that “in 2024, we expect to continue to maintain a strong focus on delivering an exceptional golf experience to our members and their guests”.
The company’s operating profits last year increased by €1 million, or 32 per cent, from €3.1 million to €4.15 million.
After paying interest payments of €2.79 million, the firm last year recorded pretax profits of €1.36 million.
The company recorded no corporation tax charge in 2023, 2022 and 2021.
The firm’s cost of sales last year totalled €2.24 million while administrative expenses totalled €8.5 million.
The consolidated balance sheet for the business shows that it had shareholder funds of €57.06 million at the end of December 2023.
This takes account of accumulated losses of €21.39 million offset by called-up share capital of €78.46 million.
The group’s cash funds declined from €2.14 million to €339,675.
The profit for 2023 takes account of non-cash depreciation costs of €2.79 million.
Numbers employed by the business increased from 96 to 107 last year with staff costs increasing sharply from €4.76 million to €5.42 million.
The book value of tangible assets is made up of €39.6 million in buildings, €5.4 million in the golf course, €3 million in land along with €6.5 million in fixtures and fittings.
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