New consolidated accounts filed by hospitality group Ampleforth show the group sustained the loss after recording an operating profit of €2.96m in 2023.
The firm’s turnover, which arises from the provision of hospitality and tourism-related services, rose by 22pc from €16.36m to €19.99m in 2024.
In their report, the directors said the group undertook an extensive capital expenditure programme between 2022 and 2025.
Plans are before Dublin City Council for a remodelling of the hotel
“This resulted in a reduced bedroom stock being available throughout the current year, and had a subsequent negative effect on turnover and profitability,” they wrote.
“This expenditure, incorporating bedrooms and common areas, has completely refurbished the hotel and improved the energy efficiency of the building.”
The penthouse at the Fitzwilliam Hotel
The directors said that in addition to the work on the Fitzwilliam Hotel, a major capital expenditure programme was also carried out at No 22, St Stephen’s Green trading as Townhouse on the Green, Floritz restaurant and Cellar 22 wine bar.
The business fully opened in June 2024 and has incurred pre-opening trading losses for 2024.
“During the current year, there were also some other non-recurring costs which had the effect of putting the group in a temporary loss-making situation. The group has returned to profitability in 2025,” the directors wrote,
The refurbishment of the hotel, originally built in 1988, is set to continue as Ampleforth currently has plans before Dublin City Council for a remodelling and extension of the Fitzwilliam Hotel from the fourth to the seventh floor, fronting onto St Stephen’s Green.
This includes 13 additional bedrooms on the sixth level, including four with terraces fronting onto the Green, and adding a new terrace to the existing presidential suite.
An architectural design statement lodged with the application said that the hotel currently contains 142 bedrooms plus a penthouse, and that it runs at an average of 94pc occupancy throughout the year.
The directors’ report said that “this renewed and focused expansion will elevate both the visual presence and architectural character of the hotel, creating a cohesive composition befitting a five-star establishment, while harmonizing fully with its prestigious setting on St Stephen’s Green.”
The new accounts for 2024 show that the group recorded a pre-tax loss of €1.33m after incurring interest charges of €1.18m.
Along with the impact of the refurbishment, profits were also hit by remuneration to directors increasing sharply from €81,500 in 2023 to €2.33m in 2024. This included pension contributions of €2.15m and pay of €182,001.
The losses take into account increased non-cash depreciation costs rising from €1.07m to €1.7m. Net cash generated from operating activities totalled €1.72m in 2024.
The group incurred a €5.12m cost connected to the purchase of tangible assets, which followed an outlay of €6.55m under the same heading in 2023.
Numbers employed increased from 180 to 211 and staff costs increased from €5m to €9.2m with the directors’ pension contributions the main factor behind the increase.
The group’s balance sheet remains strong with shareholder funds of €73.25m, which included accumulated profits of €38.7m. The group’s tangible assets had a value of €92.43m.
Cash funds fell from €3.8m to €1.76m.
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