New consolidated accounts filed by Marzocco UC show that the bumper profits arose mainly from the group booking a €138.96m gain from capital debt restructuring.
The group recorded the pre-tax profits as revenues declined by 11pc from €87.55m to €77.83m, mainly due to the 12-month impact of the exit from its shopping-centre business here in 2023.
During 2023, a fund managed by Davy Real Estate acquired Harcourt’s six regional shopping centres in a reported €74m deal.
Harcourt Developments owned the shopping centres through its Lindat subsidiary. The directors state that “the sale of Lindat and the associated debt restructuring led to a significant gain in the group’s 2023 and 2024 results”.
The Marzocco group is headquartered in Dublin and has interests here, in the UK, Europe, the US and the Caribbean.
The group operates five hotels, including the five-star Lough Eske Castle in Co Donegal and the joint venture Carlisle Bay in Antigua.
“During 2024, all our hotels enjoyed a strong year in terms of revenue and profitability, and this trend has continued into 2025,” said the directors.
To cater for strong customer demand, 27 additional suites were added to Lough Eske Castle in the third quarter of 2024 to bring the total room count to 124.
“We are now actively planning upgrade and extension projects for several of our other hotels to cater for the additional demand,” they stated.
“The group performed largely in line with budget from a trading perspective for 2024 resulting in an operating profit of €32.96m before the impact of debt restructuring, asset revaluations and interest costs.”
The accounts show that the group incurred €11.34m in interest charges and a loss of €3.52m on asset revaluations.
They state that the group “continued to generate sufficient cash surplus to cover its operating costs and to meet the obligations to all of its banks”.
They said their Citywest residential scheme is progressing and will deliver 1,325 homes. Numbers employed increased from 474 to 497 as staff costs increased from €14.9m to €16.38m
Directors’ pay totalled €758,268. The profits take account of non-cash depreciation costs of €1.63m and rent and rates of €972,749.
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