Company Snapshot: Killyhevlin hotel Ltd
The Killyhevlin Hotel is one of, if not the, largest hotel businesses in Co Fermanagh. The scenic lough-side location is an asset both for the tourist trade and for local business. It is owned and managed by a group of family-related directors.
Annual turnover in the business has steadily increased in each recent year and in 2010 was more than 20% higher than three years earlier. The directors' report assesses the commercial environment as being, and remaining, competitive.
Operating profits have proved more variable, reflecting the changing trading conditions, and were lower in 2010 than in any of the last four years.
Pre-tax profits have also varied but with smaller changes. Net interest payments on borrowed funds have decreased notably in recent years as the level of outstanding borrowing has been reducing. Bank funding has reduced year by year.
Average employment in the hotel has changed only slightly, rising from an average of 148 people in 2009 to 156 more recently. Each year the company has approved dividend payments to the shareholders which amounted in 2010 to £90,000. After allowance for dividends and the redemption of preference shares in 2009, post-tax profits have been retained in the business and have contributed to the annual increases in the balance sheet value of shareholders' funds.
Since 2007, the accounting value of shareholders' funds has increased by £1.4m to £5.2m, an increase of over 35%.
The picture emerging from a number of hotel businesses in 2010 has been of slightly lower profitability compared to 2009.
The total turnover figures have been more variable with increases recorded in Galgorm Manor, the Merchant Hotel group, the group of McKeever-owned hotels, and also the Manor House in Fermanagh.