New consolidated accounts filed by Bishopscourt Investments Ltd and subsidiaries show the group recorded the jump in profits as revenues increased by 4pc, from €25.73m to €26.88m.
The operating profits of €2.56m follow operating profits of €1.89m in 2023.
A pre-tax profit of €1.6m was recorded after non-cash depreciation costs of €1.7m were taken into account, offset by a gain of €750,520 from the disposal of assets.
That pre-tax profit followed a modest pre-tax loss of €86,048 in 2023.
The group recorded a post-tax profit of €1.33m after incurring a corporation tax charge of €270,426.
The directors said they are satisfied with the performance of the business
The K Club this year hosted the Amgen Irish Open in September when there were ecstatic scenes as Rory McIlroy won in dramatic fashion after a play-off.
The directors said they are satisfied with the performance of the business during 2024.
Nursing homes investor Michael Fetherston purchased the resort – made up of a hotel, country club and two golf courses – from previous owner Michael Smurfit for around €65m in February 2020.
On the company’s future developments, the directors said they are continuing to invest in various facilities across the resort.
“This is expected to positively affect the future trading of the group and the company,” the directors said.
Numbers employed increased from 239 to 259 in 2024 and staff costs increased from €10.77m to €11.25m.
In a restructuring of the loans to the business, the firm paid off a shareholder’s loan of €55.43m from the €55.24m proceeds from loans from group undertakings. Accrued interest on shareholders’ loans reduced from €12.55m to zero.
The group’s cash funds during 2024 increased from €1.89m to €2.69m. The accounts put a book value of €60.27m on the group’s tangible assets.
The group’s accumulated losses reduced from €60.53m to €43.22m, arising from a €15.96m prior period adjustment.
A note states that the adjustments relate to the write-off of amounts due to Bacchantes Six Ltd, in line with the acquisition of the company by MFKC Consolidated Unlimited Company in 2020.
At the end of December, the group had a shareholders’ deficit of €10.89m.
