The company behind Center Parcs holiday village in Longford reported a €16 million loss last year as revenue plummeted by two-thirds to €10.8 million during the Covid-19 pandemic.
Accounts for the 12 months to April 22, 2021 note that the popular destination remained closed to guests for a significant part of the financial year in line with Government advice.
As a result, revenue dropped to €10.8 million last year from €33.6 million in 2020 and its annual losses increased from €13.8 million to €16 million during the same period.
The impact of the pandemic was mitigated by the availability of government support measures, and up to 90% of the company’s employees were furloughed under the Temporary Wage Subsidy and Employment Wage Subsidy schemes.
The 400-acre holiday resort opened in July 2019 and employs around 1,000 staff when operating at full capacity. It announced plans for the development of 200 additional lodges and expanded facilities in June 2021.
The latest accounts show that the company reduced the cost of sales from €19.1 million to €6.9 million during the 12-month period, and its cash assets increased from €9.3 million to €11.2 million.
Staff costs fell from €16.7 million in 2020 to €7.6 million last year, as the company received €8.6 million in wage subsidies from the government. Its directors received no remuneration during the period.
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