Cork-Based Group Providing Accommodation to Refugees Records €9.95 Million Profit
A Cork-based group specializing in providing accommodation for international protection applicants and Ukrainian refugees has reported impressive financial results. Peppard Investments Holdings Ltd, which operates two hotels serving as emergency reception centers, recorded operating profits of €9.95 million last year, according to newly released consolidated accounts.
These profits were generated from revenues of €28.1 million. Group subsidiary Next Week and Co Ltd manages the 108-bed Riverside Park Hotel in Macroom, County Cork, and the 230-bed Abbeyfield Hotel in Ballaghaderreen, County Roscommon, which serves as an emergency reception and orientation center for refugees.
Peppard Investments Holdings’ principal activities encompass property development, emergency reception, orientation, and accommodation centers.
Strong Financial Performance
The group achieved a pre-tax profit of €8.7 million after paying €1.23 million in interest payments. After accounting for a corporation tax charge of €1.18 million, the group reported a post-tax profit of €7.53 million.
Staff costs totaled €3.12 million, reflecting the increase in employee numbers to 116 last year. The profits take into account non-cash depreciation costs of €441,610.
These strong financial results strengthened Peppard Investments Holdings’ balance sheet, leaving shareholder funds at €16.58 million at the end of December. Accumulated profits reached €7.66 million.
Continued Revenue From Refugee Accommodation
Next Week & Co Ltd, a subsidiary of Peppard Investments Holdings, continues to generate substantial income from accommodating international protection applicants and Ukrainians. Purchase orders published by the Department of Children, Equality, Disability, Integration and Youth reveal that Next Week and Co Ltd received €8.2 million for the first six months of 2024.
Figures released by Integration Minister Roderic O’Gorman indicate that spending on accommodating international protection applicants reached €748.87 million by October 11, 2024. Projections estimate that the number of applicants arriving this year will exceed 2023 figures by 69%. The 2024 spend has already surpassed the total outlay for 2023, which amounted to €651.7 million.
If spending maintains its current pace, the total 2024 bill for accommodating international protection applicants is projected to reach approximately €960 million.
These figures highlight the significant financial impact of accommodating international protection applicants and refugees in Ireland.
Stay informed about the latest developments in immigration and refugee issues. Follow our blog for regular updates.