The Gleneagles Hotel owner significantly cuts loss after ‘strong year’ for Ryder Cup host
The company behind The Gleneagles Hotel in Scotland significantly cut its pre-tax loss during its latest financial year, it has been revealed.
The business, which also includes the likes of Maison Estelle and Gleneagles Townhouse, has reported a pre-tax loss of £3.7m for the 12 months to March 31, 2024, according to newly-filed accounts with Companies House.
The total comes after the firm reported a pre-tax loss of £10.1m for the prior financial year.
The accounts also show that its turnover increased over the 12 months from £105.5m to £121.9m.
During the year the company said that The Gleneagles Hotel “performed strongly”, with revenue and profit exceeding budgeted levels and its prior 12 months.
The directors added that they were “happy with the performance” of Maison Estelle and Gleneagles Townhouse “as they continue to grow in their respective markets”.
The company operates hotels, clubs and the selling of seasonal ownership properties under the name Glenmor as well as developing land.
The Gleneages Hotel last hosted golf’s Ryder Cup in 2014.
A statement signed off by the board said: “The group has benefited from the continued execution of the business’s strategy which is to build and operate hotels offering a unique guest experience, inspired by the local neighbourhood where each hotel is based.
“Given the continued success, the same strategy will be followed in the coming year, with ongoing focus. on developing new ideas and concepts in order to remain competitive.”
On its future outlook, the business added: “Trade across the group hotels has started positively during financial year 2024-25, with performance exceeding in comparison to [the] prior year.
“This positions the group well towards achieving its financial year 2024-25 performance targets.”
During the year the average number of people employed by the company increased from 1,510 to 1,562.