New accounts show that pre-tax profits rose sharply at Ashbourne Holdings Ltd as revenues increased by 17pc from €12.76m to €14.93m.
Green fees for a round of golf at the Old Head of Kinsale Links (OHKL) cost €450 for “high season” in 2024. The golf course attracts 20,000 visitors annually with 50pc originating from the USA and 80pc from overseas.
This year, green fees rose to €475 and the OHKL website confirms that green fees for a round of golf will hit the €500 mark in 2026.
In their report, the directors state: “The company has again traded profitably in 2024 owing to the continued demand of both the domestic market and international visitors for the full year similar to 2023.”
They state that “profitability and revenues have continued in 2024 with another full year of uninterrupted trading”.
Green fees for a round of golf will hit the €500 mark in 2026
The company operates a golf complex at the premium end of the international golf market, they state.
It is in competition with other internationally renowned golf courses and, according to the directors, the company is engaged in continuous upgrading of the complex to retain this status.
Subsequent to the balance sheet date, the company went ahead with planned refurbishment and extension to the bar and restaurant areas of the clubhouse which were completed prior to the main summer season.
The pre-tax profits of €5m follow pre-tax profits of €3.54m in 2023.
The company recorded a post-tax profit of €4.27m following a corporation tax charge of €741,020.
At the end of December last, the company’s shareholder funds totalled €18.95m. Cash funds increased from €7.12m to €8.52m. The company generated €6.53m cash from operations last year.
Numbers employed last year increased from 99 to 108, made up of 40 golf course staff, 33 bar and restaurant workers, 17 administrative staff, 10 cleaners, and two in the shop and retail, and also in the spa.
Staff costs increased from €3.77m to €4.3m. Directors’ pay increased from €647,4125 to €702,642. The profit takes account of non-cash depreciation costs of €1.38m.
Last year, the firm failed to secure planning permission for “five-star” luxury farmhouse-style accommodation.
source