New financial accounts reveal that TIFCO Ltd’s revenues grew by 14% to

€49.3 million during the year. The group also benefited from a €5 million gain from asset disposals, including the sale of the Crowne Plaza Hotel in Dundalk in August. The hotel, situated near the M1 motorway and featuring 129 guest rooms and a rooftop restaurant, was sold to East Coast Catering Ireland Ltd, a leading direct provision operator, generating €11.3 million from the transaction.

TIFCO operates 24 hotels across Ireland, offering nearly 3,000 rooms, with approximately 2,000 located in Dublin. Its portfolio includes international hotel brands such as the Crowne Plaza Hotels at Dublin Airport and Blanchardstown, the Hilton Hotel in Kilmainham, the Holiday Inn Express Dublin Airport, and a range of non-branded properties.

The company’s directors noted that State contracts for accommodating refugees, including IP applicants and Ukrainians, contributed significantly to last year’s performance. Figures from the Department of Children, Equality, Disability, Integration and Youth indicate that TIFCO received €16.2 million (including VAT) from the State in 2023 for such services. For the first half of this year, the group has already received €12.67 million (including VAT).

Despite a reduction in direct staff numbers from 316 to 254, TIFCO’s employment costs increased from €8.9 million to €11.98 million, reflecting higher operational expenses. The directors expressed satisfaction with the company’s year-end financial position.