€6.4m profit for Pettitt's group
Despite a significant outlay on the purchase and refurbishment of the iconic Newbay House last year, the Talbot Hotel Group and Pettitt's Supermarkets in Wexford recorded pre-tax profits of €6.24 million for 2018.
While this does represent a 1.7% drop in pre-tax profits for the group, with revenues dropping marginally from €130m to €129.97m, it came in a year which saw significant outlay on the private wedding and events venue.
The company, trading under Torski Ltd, operates under the Talbot Collection and Pettitt's SuperValu across 16 properties in several different locations from Dublin to Cork, including the Stillorgan Park Hotel in the capital.
Despite the challenges of Brexit, increasing insurance costs and a VAT increase, the numbers employed by the group also increased by 32 last year to 1,058. The directors of the company commented that the hotel division traded well in 2018, however, but noted that these issues would cause big challenges in 2019.
The directors were also positive about the supermarket division, commenting that they were 'trading well in a very competitive environment'.
The figures show that the largest proportion of the group's revenue came from the retail trade, although retail revenues had decreased to €92.4m from €93.7m, while hotel revenues increased to €36.5m from €35.18m.