The operator of the €280 million Center Parcs holiday resort has this year enjoyed average revenues of more than €1.1 million per week as it has recovered from Covid-19 enforced shutdowns.
New accounts filed by Center Parcs Ireland Ltd show that the Co Longford resort's revenues increased almost six-fold from €10.8 million to €57.8 million in the 12 months to the end of April 21st this year.
The surge in revenues resulted in the company recording pre-tax profits of €8.1 million following a pre-tax loss of €18.2 million in fiscal 2021 – a positive swing of €26.3 million.
The resort first opened to the public in July 2019 and this year has been the resort's first time to record a pre-tax profit due to the pandemic impact over the prior two years.
The operation of Longford Village was last year impacted by Covid-19 closures for a small portion of the year.
The directors state that the village was able to re-open on June 4th, 2021, “albeit with reduced accommodation capacity and guest activities” after a Covid-19 enforced shutdown.
The directors state that during the current financial period, self-imposed occupancy caps were progressively lifted and as at April 21st this year accommodation was on sale with no limitations.
A note attached to the accounts, signed off in July, states that “demand for a Center Parcs break remains strong and current forecasts assume occupancy levels higher than those seen before Covid-19”.
Numbers employed at the Longford Village resort this year increased from 1,008 to 1,079 as staff costs more than doubled from €7.6 million to €18.8 million.
A note attached to the accounts state that the significant majority of the company’s employees were furloughed for part of the year and the firm received State Covid-19 wage supports totalling €1.4 million and this followed Covid-19 wage supports of €8.6 million in the prior year.
The accounts state that in response to Covid-19 enforced closures, guests were incentivised to change the date of their break rather than cancel and receive a full refund and during the lockdown over 50 per cent of affected guests took the option of moving their break.
The note states that other Covid-19 response measures included reviewing all remaining areas of expenditure to eliminate all non-essential expenditure and agreed deferral of certain tax payments.
The directors state that “key performance indicators are not considered appropriate until Longford Village has traded without interruption for 12 months”.
The operating profit of €14.1 million this year takes account of non-cash depreciation costs of €7.4 million.
The business recorded the pre-tax profit of €8.1 million after interest payments of €6 million.
The business recorded a post tax profit of €7.4 million after paying corporation tax of €700,000.
The firm put a book value of €265 million on its fixed assets at the end of April last.
The company had shareholder funds of €108 million at the end of April 2022 that included a share premium of €142.2 million offset by accumulated losses of €34.2 million.
The Canadian headqurtered group also operates five UK Center Parc villages.
