Pre-tax losses at the operator of the five-star Lough Erne resort in Co Fermanagh increased by 8% to £1.66m (€1.92m) in 2024, recently filed accounts show.
Accounts lodged by Lough Shore Road Ltd with Companies House in the UK show that pre-tax losses increased as revenues rose marginally from £9.81m to £9.84m (€11.39m) in 2024.
The pre-tax losses of £1.66m in 2024 follow pre-tax losses of £1.53m in 2023.
The directors state that they are satisfied with the performance of the business for the year.
During the year under review, Lough Erne Resort set in the Fermanagh lakelands area completed the latest phase of a multi-million-pound upgrade programme which comprised 53 revamped luxury guest-rooms, 25 luxury lodges and communal areas.
The investment was part of Lough Erne Resort’s largest capital injection since it came under the management of US-based TRU Hotels and Resorts.
In July 2015 the resort was taken out of court appointed administration when Tru Hotels & Resorts and US insurer Ability Insurance completed the deal to buy Lough Erne resort for £7.7m – a sharp drop on the estimated £45m invested by local businessman Jim Treacy in developing the resort.
The rescue of the business in 2015 followed two years after the Lough Erne Resort hosted a G8 Summit attended by world leaders including then US President Barack Obama.
The accounts state that Kenneth King is the ultimate controlling party of the business.
In the accounts signed off on February 27, 2026, a note states that “the directors have prepared detailed cash flow projections based on their best estimate of trading to December 2026”.
The note states that “the directors’ projections have been prepared on the assumption that demand will remain strong with acceptable occupancy rates and average rates per room”.
The directors believe “that given the continued support from its ultimate parent company, they have a reasonable expectation that the company has adequate resources to continue to operate despite the trading losses incurred in recent years,” the note added.
A breakdown of the group’s 2024 revenues show that room revenues totalled £3.3m, Food generated £2.96m, Beverage totalled £1.66m, £1.2m from Golf Fees, ‘Spa’ generated £536,023 and ‘other sales’ generated £148,909.
Numbers employed increased by one to 167 while staff costs increased from £4.81m to £4.86m.
The losses take account of non-cash depreciation costs of £570,596 and interest costs of £158,582.
At the end of December 2024, shareholder funds totalled £1.18m. Cash funds declined from £839,886 to £784,096.
The luxury destination features two championship golf courses as well as a Thai Spa and four restaurants.
Reporting by Gordon Deegan
