independent

Tuesday 21 November 2017

Pre-tax profits rise at Talbot group's parent company

Managing Director of the Talbot Hotel Collection Philip Gavin at Newbay House.
Managing Director of the Talbot Hotel Collection Philip Gavin at Newbay House.

Accounts filed by the business behind the Talbot hotel group, Torski Ltd, indicate that the company's pre-tax profits increased 11 per cent last year to €3.46 million.

The firm's revenues rose in 2016, increasing three per cent from €120.4 million to €124 million, while the number of people employed by the company jumped from 972 to 1,028.

Torski recorded a 22 per cent rise in operating profits from €3.7 million to €4.55 million, with pre-tax profits amounting to €2.66 million after the payment of €800,653 in corporation tax.

The company's bank loans and overdrafts increased from €22 million to €29.5 million and the value of the firm's tangible assets rose from €81.96 million to €89 million, with the value of investment properties rising from €1.1 million to €3.6 million. Torski's accumulated profits totaled €59 million, while shareholder funds amounted to €64 million and Torski's cash in 2016 increased from €5.7 million to €8.3 million.

'The results for the year and the financial position at year end were considered satisfactory by the directors, who expect continued growth in the foreseeable future,' the directors said in a statement in the report. Torski operates the four-star Talbot hotels in Wexford, Carlow and Stillorgan and earlier this year acquired Newbay House.

Wexford People

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