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