Red Cow Moran Hotel shows strong growth rate
By Maurice Garvey
THE Red Cow Moran Hotel delivered a “strong” 2018, although expansion costs contributed to pre-tax losses increasing almost threefold to €2.3 million.
Accounts lodged by Cobglen DAC show that the business recorded the increase in pre-tax losses in spite of revenues growing by 7.3 per cent, to €18.8m from €17.5m.
Red Cow Moran Hotel
A 6.7 per cent rate growth helped revenue grow by €1.3m to €18.8m.
The company’s trading earnings before interest, tax, depreciation and amortisation (ebitda) for the year came to €4.9m.
Pre-tax loss taking into account combined non-cash amortisation and depreciation costs of €4.1m, and interest payments increasing by 69 per cent to €1.33m.
Following recent expansions, the hotel has transformed from a 123-bedroom operation to 319 rooms.
Currently the family-operated business is engaged in a €25m project, which will commence in the first quarter of 2020, to add 114 extra rooms.
