Profits at Longford's Center Parcs more than doubles to €20m

Center Parcs bosses are celebrating a post Covid revenue boost as new figures show the leisure giant recorded pretax profits of almost €20m this year.

They show the Ballymahon based company returned a near 150 per cent increase in pretax profits as revenues skyrocketed by 51 per cent, or €29.6 million, to €87.4 million in the 12 months to the end of April 20 last.
When broken down, the aforementioned €87.4m translates to an average of almost €240,000 in daily income.

In a further indication of Center Parcs' established foothold in the local and wider tourism sector, occupancy rates increased to 97.9 per cent, up from 73.2 per cent in the previous year.
The directors’ report discloses that the average daily lodge rent achieved was €281.28 compared to €254.74 in the prior year.

Even after paying a €2m corporation tax bill, the resort recorded a post-tax profit of €17.8m.
Those figures come as the Canadian owners of Center Parcs' resorts in Ireland and the UK, private equity group, Brookfield announced that they were up for sale.

The company are looking to offload the short break holiday giant by securing between £4bn and £5bn.

The company's filings arrive a month after its fourth anniversary in Ireland and as it has a planning application before An Bord Pleanála for a big expansion within the existing 160-hectare site that includes 198 new lodges.

According to its latest records, Center Parcs now employs over 1,200 staff, an increase on the 1,079 it had on its books last year.
The company put a book value of €258 million on its fixed assets at the end of April last.

It had shareholder funds of €112 million at the end of April 2023, with cash funds increasing from €35.6 million to €50.9 million.

The accounts show that in a post-balance sheet event, the company last month refinanced its existing €165.3 million loan and a new facility of €265 million was entered into, of which €165.3 million was used to settle the existing loan facility on July 26th, 2023.