The operator of the INEC Arena concert venue and the Gleneagle hotel in Killarney, Co Kerry anticipates that revenues for 2021 will be 40 per cent down on pre-Covid years.
A spokeswoman for the Gleneagle group said that, with the aid of Government supports, the business is confident that losses in 2021 will be significantly less than those recorded in 2020.
The venue was able to boost revenues in 2021 with the construction of an outdoor stage where a number of Irish artists – including Aslan, Ham Sandwich, Mary Coughlan, Sharon Shannon, Frances Black and Damian Dempsey – performed in front of capped audiences.
Losses
The spokeswoman was commenting on accounts for Gleneagle Holdings (Killarney) Ltd which show that the group recorded pre-tax losses of €2.3 million in 2020. That was a more than six fold increase on the 2019 loss of €361,332.
The 2020 losses came as the group sustained a 61 per cent hit to revenue revenue hit during the year due to the impact of the Covid-19 pandemic. The accounts show revenues slumped from €21.75 million in 2019 to just €8.4 million in 2020.
The spokeswoman said Government supports were “playing a fundamental role in allowing us to operate, keeping our doors open and staff employed during these uncertain times”.
Numbers employed were more than halved to 150 from 315 as the pandemic froze the events business around the State. The company received €1.16 million in Government grants in 2020.
A note attached to the accounts said the group was “well positioned to return to full trading capacity on the lifting of Covid-19 related restrictions and the recovery of the tourism and hospitality sector”.
