Gleneagles reports strong half-year financial performance
The Gleneagles hotel in Auchterarder, Perthshire, has reported strong financial performance in its half-year annual report.
The five-red-AA-star, 232-bedroom property reported turnover of £27.6m, operating profit of £3.7m and profit before tax of £6.3m in its annual report lodged at Companies House for the six months to 31 December 2016.
The hotel saw a 4.7% increase in turnover to £46.7m in its full year results to 30 June 2016 and pre-tax profit down 7.4% from nearly £4m in 2015 to £3.7m last year.
It is still undergoing a multi-million pound refurbishment, which has so far included the American bar, the Glendevon residents' lounge, the Century bar, and further bedroom renovation.
However, despite this strong performance, the company directors expressed concerns regarding the economies of Europe and the USA within the report and the effect this could have on occupancy.
"Financial performance in the period ended 31 December 2016 was strong," read the report, "with turnover increasing on the comparative period following the re-styling and refurbishment of 31 bedrooms and suites and the opening of our new Century bar.
"The directors consider the main risk facing the company's future trading is the potential occurrence of shocks to the European and American economies that could lead to reduced occupancy from corporate and leisure clients."
The hotel's general manager Paul Heery recently departed for Adare Manor in Ireland after three years, and a replacement is not yet believed to have been appointed.
Gleneagles sees 4.7% increase in turnover >>
Gleneagles GM Paul Heery departs for Adare Manor in Ireland >>
Gleneagles unveils multi-million pound refurbishment plan >>
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