Galgorm reports £7 million profit amid continued investment

Galgorm Resort & Spa, located outside Ballymena, has reported a pre-tax profit of £7 million for the year ending 31 October 2024. This marks an increase from £6.6 million the previous year, as the luxury hospitality brand continues its expansion within Northern Ireland and into the Republic of Ireland.

Turnover rose to £37.7 million, up from £35.9 million, while net assets increased to £24.6 million, compared to £21.4 million the year before. The company, trading as Galgorm Manor Hotel Ltd and part of the wider Galgorm Collection, maintained its workforce at 649 staff.

In its strategic report, the board said it was “satisfied with the company’s performance” and confirmed that it would “continue to monitor revenue and costs to ensure the company remains profitable.” It also stated, “The company continues to maintain a strong net asset position.”

Directors’ total pay amounted to £442,493, with the highest-paid director receiving £260,415, up from £191,329. Dividends of £2.4 million were distributed, slightly lower than the £2.6 million paid out the previous year. The overall wage bill, including pensions and social security, rose to £15.4 million from £14.8 million.

During the year, Galgorm invested £3 million in a new luxury accommodation concept called forest dens. The report highlighted, “As Northern Ireland’s premier luxury hotel, Galgorm has continued to expand its offering with the addition of a stunning new accommodation concept – the forest dens – representing a £3 million investment as part of its Forest Garden development.”

The next phase of the Thermal Spa Village is due to complete in summer 2025. This project is expected to “further strengthen Galgorm’s position as a globally-renowned wellness destination.”

The directors acknowledged industry challenges and noted, “Whilst the directors are content the business is in a strong financial position, we are mindful of the additional challenges facing the industry including inflationary pressures on utility costs, food and beverage costs and supply chain pressures.” They added, “We believe our robust operating model with a focus on cost control as well as our strong relationship with our suppliers will help mitigate these challenges.”

Looking ahead, the company aims “to deliver world-class, market-leading hospitality and tourism experiences” while growing its presence in the Republic of Ireland and increasing international awareness.

After the year end, the group acquired Roe Park Resort in Limavady and Galgorm Castle Estate. It also announced a £30 million investment in a new championship-standard links golf course at Bellarena during The Open at Royal Portrush.