An "excellent performance" by hotels helped drive pre-tax profits at Farmer Business Developments plc last year to €36.36 million, up from €25.04 million in 2023 according to its latest annual report.

Pat Murphy, chair of the plc, which is an investment holding company, said it was "in good shape and has demonstrated its ability to withstand challenges and grow revenues with excellent group results for 2024".

Farmer Business Developments plc was established in its current form in 1988 as part of the re-organisation of the FBD Group.

Ten years ago it acquired full ownership of FBD Property & Leisure Ltd (trading as FBD Hotels & Resorts), in which it previously had a 50:50 joint venture with FBD Holdings plc. 

FBD Hotels & Resorts (FBDH&R) is one of the group’s largest investments and consists of hotel operations in Ireland and Spain and "investment in properties associated with these activities".

Farmer Business Developments plc’s other investments are 23.77% of the ordinary share capital of FBD Holdings plc and a €21 million loan note in that company and a 61% investment in the Bulberry Group, whose principal activity is the ownership and development of lands adjacent to the new Berlin airport plus a portfolio of smaller investments and cash deposits.

Farmer Business Developments plc's 2024 annual report shows that its consolidated balance sheet had net assets of €334.48 million at December 31, 2024 - up from €307.86 million theprevious year.

The group declared and paid an ordinary dividend of 14c in 2024, a special dividend of 17c was also declared and paid in December last year.

According to the plc's chair, FBD Hotels & Resorts business recorded earnings before interest, tax, depreciation, amortisation (EBITDA) of €27.23 million last year - an increase of 13% on the €24.13 million EBITDA figure for 2023.

Pat Murphy said Bulberry Properties did not transact in any land deals during 2024 and made a net profit of €0.51 million from investment income.

"On investments, there was a €0.5 million net markdown recorded in 2024, compared to a mark-down of €2.9 million in 2023.

"On the income side, we have total dividend income at €17.4 million," he added.

According to Farmer Business Developments plc overall leisure revenue for 2024 was €118.6 million, up 7.4% compared to €110.5 million in 2023.

"Ireland leisure revenue of €67.3 million was up 4.6% on 2023 revenue, with Spain leisure revenue of €51.4 million up 11.3% on 2023," it stated in the annual report.

Murphy also highlighted that in February of this year it acquired the Grand Hotel in Malahide for €55 million, which he described as "an asset that we feel is a strong strategic fit for us".

"Our strong performance and balance sheet has enabled us to add to the group and we are confident that this acquisition will deliver superior shareholder returns in the medium term," he added.

According to Murphy "following a strong performance in 2024, the group is confident for 2025".

"With a resilient and growing balance sheet, we remain confident of delivering sustainableprogressive returns for our shareholders," he added.

The plc will hold its annual general meeting on June 12, 2025.