One of Northern Ireland’s top hotels has predicted that its profit will be in excess of £1.25m — with revenue approaching £8m — by October 2009.
As the tourist and leisure industries continue to struggle in the current economic climate — as people cut back on more and more luxuries just to make ends meet –– Galgorm Resort & Spa is bucking the trend.
In October 2007, the luxurious resort had a profit of £188,000 based on a turnover of almost £5m. By October 2008, the profit had risen to £597,000 based on a turnover of just over £7m.
And while many companies have been feeling the pinch and setting their sights on merely staying afloat, the management team at the Ballymena resort set themselves a challenging budget for 2009 and have forecast a profit in excess of £1.25m with the revenue approaching £8m.
This equates to an increase in business of 8.6% in the past year and an increase in profits of more than 110%. To date this year, both profits and sales are on target.
The additional profits at the resort have been achieved through a combination of increased sales and a systematic approach to reducing costs which involves staff at all levels. The current staff count stands at more than 150 — the highest ever seen at the resort.
Galgorm Resort & Spa general manager Yvonne Moore said: “It has been well documented that the hotel and leisure industry has firmly felt the knock-on effect of the global recession but so far we have been extremely fortunate and business is proving buoyant and continuing to meet and exceed budget, month on month.
“The conference business is the only part of the hotel that is under-performing as against budget but this is to be expected in this difficult market and luckily, other areas of the resort have more than compensated for any shortfall.”