Slieve Russell Cuts Losses

The Slieve Russell Hotel in Cavan, now under the control of a receiver, cut its losses from €9.2m to €544,000 last year as a writedown in the value of the property wasn't repeated.
 
Underlying operating profit at the hotel rose 27pc to €439,000 despite turnover dipping to €11.3m from €11.9m.
 
The Slieve Russell company has indicated that it expects to post positive earnings before interest, tax, depreciation and amortisation (EBITDA) this year and that it will generate "significant positive cash flows" for the remainder of this year and for 2015.
 
 

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