Dalata Hotel Group has announced its profit before tax plunged 224.3% to a loss of €112m (£96.9m) in its full-year ended 31 December 2020, down from a previous profit of €89.7m (£77.6m) reported in 2019.
The group’s adjusted EBITDA also saw a fall of 88.5% to €18.7m (£16.1m) in the period, down from €162.2m (£140m) the previous year.
In addition, revenue plummeted by 68.1% to €136.8m (£118.4m) down from €429.2m (£371.6m) in 2019, as the group continued to be impacted by Covid-19 and claimed this led to to loss after tax of €101m (£87.4m).
However, the group stated it had increased its liquidity with cash of €50m (£43.2m) and undrawn committed debt facilities of €248m (£214.7m) at the end of December 2020, which helped protect employment and cash during periods of low occupancies.
The results follow news that CEO Pat McCann will step down from the board and that following a transition period, he will be succeeded by Dermot Crowley, the current deputy CEO.
Commenting on the results, McCann said: “The Group’s robust financial position with an asset backed balance sheet, strong liquidity and comfortable gearing ensures Dalata is well placed as we head into 2021.
“Finally, our experienced management team and our record of identifying and securing opportunities in a crisis will help us position the business for a successful recovery and to look for growth opportunities that may arise out of the crisis.”
He added: “We are all ready for the challenges and opportunities that 2021 may bring and look forward to the year ahead with energy and enthusiasm. Dalata is unbowed and unbroken.”