Gleneagles Hotel rebounds with £50m rise in sales

Gleneagles Hotel rebounds with £50m rise in sales

The luxury Gleneagles Hotel in Auchterarder has rebounded after two years of multi-million-pound losses posting a £50 million rise in sales.

Last year, revenue at the Gleneagles Hotel dropped to £19.7m and pre-tax losses reached £9m. This followed a £5.2m loss in 2020, when turnover was just £66.4m.

However, for the year ended March 31 2022, Gleneagles Hotels Limited saw turnover rise to £68.9m, marking an increase of £49.2m from 2021, alongside a pre-tax profit of £7m.

However, this year operating costs rose from £35m, to £60m.

In his strategic report, managing director, Conor O’leary, said: “The year to March 2022 still felt the impact of the Covid-19 pandemic.

“The Gleneagles Hotel did not open until April 26 2021 and operated under numerous restrictions for the first month.

“However, the business performed well over the period, benefiting from the increased demand from guests around the UK and the staycation market.

“Since March 2021, the impact of Covid-19 on the hospitality sector has steadily declined. The personal leisure travel market has rebounded as both individuals and businesses are looking to travel and make up for lost time.”

He added that the hotel’s performance in the current financial year has exceeded directors’ expectations.

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