Hog's Head operating profits surge to €4.15m
Waterville, Dan Co Picture: Hogs Kerry Course, Linehan Golf Head
Operating profits at the private Co Kerry golf resort owned and operated by US-headquartered management consulting giant, Alvarez & Marsal, last year increased by 32% to €4.15m.
Alvarez & Marsal purchased the Hog's Head golf course at Baslicon, Waterville, in 2015 and new accounts for A&M SWB Holding underline the scale of the investment since by Alvarez & Marsal with a book value of €55.64m on the golf firm’s tangible assets.
Globally, Alvarez & Marsal employs 10,000 people across 84 offices in 40 countries and is 41 years in business.
A&M SWB Holding last year recorded the jump in operating profits after revenues increased by 20% from €12.36m to €14.88m.
The directors state that the company operates a private golf club at the premium end of the international golf market.
They state the company “is engaged in a continuous investment in its facilities to retain its status”.
They state that “in 2024, we expect to continue to maintain a strong focus on delivering an exceptional golf experience to our members and their guests”.
The company’s operating profits last year increased by €1m or 32% from €3.1m to €4.15m.
After paying interest payments of €2.79m, the firm last year recorded pre-tax profits of €1.36m.
The company recorded no corporation tax charge in 2023, 2022, and 2021.
The firm’s cost of sales last year totalled €2.24m while administrative expenses totalled €8.5m.
The consolidated balance sheet for the business shows that it had shareholder funds of €57.06m at the end of December 2023.
This takes account of accumulated losses of €21.39m offset by called up share capital of €78.46m.
The group’s cash funds declined sharply from €2.14m to €339,675.
The profit for 2023 takes account of non-cash depreciation costs of €2.79m.
Numbers employed by the business increased from 96 to 107 last year with staff costs increasing sharply from €4.76m to €5.42m.
The book value of tangible assets is made up of €39.6m on buildings, €5.4m on golf course, and €3m on land, along with €6.5m on fixtures and fittings.
The firm last year continued its investment with €5.73m on the purchase of tangible fixed assets.