Center Parcs Irish profits more than double as occupany rates near 100%

Gordon Deegan

The €280 million Center Parcs holiday resort this year recorded average weekly revenues of €1.68 million as pre-tax profits more than doubled to €19.8 million.

New accounts filed by Center Parcs Ireland Ltd show that the Co Longford resort achieved the 144 per cent increase in pre-tax profits as revenues surged by 51 per cent or €29.6 million to €87.4 million in the 12 months to the end of April 20th this year.

The €87.4 million revenues also equates to average daily revenues of €239,453 for the 12 months.

The resort achieved the record revenues as occupancy rates increased to 97.9 per cent - up from 73.2 per cent in the previous financial period.

The directors’ report discloses that the average daily lodge rent achieved was €281.28 compared to €254.74 in the prior year.

The firm’s Earnings Before Interest Depreciation Tax and Amortisation (EBIDTA) last year increased by 62 per cent to €34.8 million.

The company recorded a post tax profit of €17.8 million after paying corporation tax of €2 million.

The firm paid out dividends of €13.8 million last year.

Planned sale

In May of this year, Canadian owners of the Center Parc resorts in Ireland and the UK, private equity group, Brookfield announced that they were up for sale and is seeking between £4 billion and £5 billion.

The directors refer to the planned sale in their report and state that they have satisfied themselves that any such transition would have no impact on the going concern position of the company.

The Co Longford resort first opened to the public in July 2019 and the year under review is the first time that the resort’s annual performance has not been affected by Covid-19 restrictions.

Center Parcs currently has a planning application before An Bord Pleanála for a major expansion within the existing 160 hectare site that includes 198 new lodges.

Longford County Council granted planning permission for the proposal in September of last year and the application is before the appeals board due to third party appeals.

Numbers employed at the Longford Village resort this year by 154 to 1,233 as staff costs increased by 32 per cent to €24.9 million.

The Canadian-headquartered group also operates five UK Center Parc villages.