The Gresham Hotel on Dublin’s O’Connell Street saw its profits diminish by a third during the last year, according to newly published financial reports. Gresham Hotel Company’s annual accounts, encapsulating the year ending December 31, 2023, indicate that the business managed a profit of slightly above €4 million, a significant drop from the €6.1 million in 2022.
By the close of the year, the firm reported assets of €62.4 million, a slight increase from €60.6 million of the previous year; however, liabilities also saw an increase, rising from nearly €6 million to €7.6 million. The financial year witnessed a dividend payment of €3.9 million, a stark contrast to 2022 when the company didn’t issue dividends.
The company’s turnover for 2023 was recorded at €23 million, a minor dip from the previous year’s €23.3 million. Examining the turnover, room sales constituted €18.9 million of the revenue, while the remaining €3.7 million came from sales of food and beverages.
The board of directors highlighted several threats to the company, including potential harm to the company’s reputation, emphasising its importance in both attracting and keeping customers, as well as its implications for business proceedings. They cautioned that damage to the brand could hurt our relations with clients and impact future earnings and profitability.
The directors further said that revenues were influenced by the economic landscape of the markets the company operates within, and could be further impacted by heightened competition.
Gresham Hotel Company underscored the importance of employee costs, which were sizable. They aim to keep employees fully apprised of updates in the company. Breakdowns in staff relations could hinder operations, they advised. Over the year, the staff numbers increased slightly to 277 from 276, with total staff expenditures amounting to over €8 million, a notable spike from €7.6 million.
The most recent figures from the Central Statistics Office reveal an increase of foreign visitors to Ireland by 8.5% in the last month, albeit their stays were shorter.
The number of overseas visits to Ireland rose from 573,300 in the previous May to 622,300. The total expenditure saw a 29% increase at €810.6 million compared to May 2023. About half of these tourists, tallying at 311,900, resided in hotels, marking a substantial increase from the 234,000 that opted for hotel accommodation in 2023.