Gleneagle back in black after a 'positive' year

However the group's board said that it had returned to profit in 2014 after what finance director Manjit Gill described as "a very positive year."

New accounts published recently showed Gleneagle Group recorded a pre-tax loss of €606,228 in 2013 compared to a pre-tax profit of €47,348 in 2012. The accounts show that interest payments increased by 37 per cent to a total of €903,473 and pushed the group into the red.

The group's revenues fell from €22.19m to €21.74m in the 12 months to the end of December 2013. The accounts also show the group's operating profits dropped by 58 per cent from €703,524 to €297,245.

The pre-tax loss includes combined non-cash depreciation and amortisation costs of €1.03m.

Group management said the 2013 losses were caused in part by the cost of a re-organisation at the group which involved a boost to the group's marketing and sales section.

Mr Gill said that the group is "very confident" of a return to profit for 2014 and that the group's revenues had received a significant boost from its hosting the World Irish Dancing Championship's in 2014, an event that is due to return to the INEC in late March of 2015.

Mr Gill added that December 2014 had been "very strong" across the group and business for the month will determine what size profit the business will record in 2014. "For 2015, like-for-like sales are up so we are hoping for a similar result if not better," he said.

The group's cost of sales in 2013 increased from €6m to €6.29m while administrative expenses fell from €15.45m to €15.15m.

Staff numbers fell from 374 to 357 though staff costs stayed almost even at approximately €9m.

Remuneration for the group's directors was €370,330 down from €400,862 in 2012.