Gleneagle Group Records Operating Profit Of Over €1m In 2015

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Munster’s most popular venue, the INEC in Killarney.

THE INEC is in find fettle.

The group that operates the venue in Killarney recorded an operating profit of €1.05m in 2015 as revenues climbed 6pc to €24.8m.

Accounts filed by Gleneagle Holdings (Killarney) show that the business maintained its level of operating profit in 2015, but an exceptional cost of €384,000 relating to the write-off of debt owed to the company by connected firms and interest payments totalling €934,105 resulted in a pre-tax loss of €267,425.

Chief Financial Officer of the Gleneagle Group, Manjit Gill said the group was “pleased that our turnover for 2015 is up 6pc on 2014. We are once again set to host a series of large-scale events in 2017, which will in turn benefit the entire region.”

The benefits of the Wild Atlantic Way, Oireachtas na Gaeilge, the All-Ireland Dancing Championships, the Insomnia Gaming Festival and Daniel O’Donnell’s concerts helped boost visitor numbers last year.

Numbers employed by the group in 2015 increased from 382 to 409 with staff costs increasing marginally from €9.7m to €10.8m.

The group’s bank loans at the end of December 2015 stood at €30.6m.
Remuneration for directors, including pension contributions, increased from €450,549 to €567,540. Shareholder funds totalled €2.29m while the group’s cash was €3.19m.

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