Andras House reveals £7 million profits
BELFAST'S largest hotel group has more than doubled pre-tax profits to just shy of £7 million, according to its latest accounts.
Andras House, which operates six internationally-branded hotels with 1,000 beds in Belfast, recorded a 17 per cent increase in turnover to £23.6m for the year ending April 30.
The accounts, published on Companies House show that profit before tax has jumped from £3.2m to just below £7m in 12 months.
Gross profit also rose by 28 per cent from £9.6m to £12.4m in the same period.
Staff numbers grew marginally from 243 to 248 over the year, bringing the overall wage bill 10 per cent to £5.4m.
Directors’ pay amounted to £315,435, with the highest paid director receiving £135,420.
According to the accounts, as of the April 30, 2018 the company has pledged £4.6m towards future capital projects.
In the strategic report published alongside the accounts, the directors said they are committed to growing the business.
"The directors are confident the group will continue to grow and seek new development opportunities, subject to the availability of bank funding," they said.
Just last month Andras received planning permission for a new £6.6m Portrush hotel, the firm's first outside Belfast.
The 87-bedroom development on the site of the former Londonderry Hotel was granted approval at January's meeting of Causeway Coast and Glens Council planning committee
Construction work on the new hotel is due to start this year ahead of opening in 2021.
A total of 48 jobs are to be created during construction, with an additional 41 once the new hotel is operational.
Speaking after receiving planning approval, Andras House director, Rajesh Rana said they were “over the moon” to receive the green light.
“The hotel concept will reflect the heritage of this important site and will retain and preserve the historic features. We are absolutely committed to ensuring that the entire development is an asset to this wonderful seaside town," he said.
In addition to the new Portrush hotel, Andras opened the 178-bedroom Hampton by Hilton in June and
completed multi-million pound extensions at the Holiday Inn Express and Crowne Plaza properties last year.
Andras Hotels was founded in Belfast in 1981 by Lord Rana and operates: Holiday Inn, Belfast City Centre; Holiday Inn Express; two Ibis Hotels; the Crowne Plaza; Hampton by Hilton Hotel; and Cordia Serviced Apartments.