Griffin group 'can absorb losses'
THE GRIFFIN Group has said it can absorb the losses it suffered last year and remains determined to turn the situation around despite the current financial difficulties facing the hotel and leisure industry.
The group's 2009 accounts were published recently, revealing a cash loss of €220,000, which the group said has been absorbed by the reserves it built up during better times.
Liam Anthony Griffin, Sales and Marketing Director with the group, said the results reflect 'an extremely tough and difficult trading environment'.
Turnover last year in the Griffin Group was €16.4 million (a drop of 21 per cent) and losses were recorded at 1.4 million.
However, Mr Griffin pointed out that the majority of this was due to depreciation (€1.18 million) - write downs in property values - and the actual cash loss for the year was €220,000.
'We're able to absorb this loss as we've been a very successful business for many years and we're trying to turn it around,' said Mr Griffin.