Kildare Village profits surge

Profits linked to phase two

Paula Campbell

Reporter:

Paula Campbell

Email:

paula@leinsterleader.ie

Kildare Village profits surge

Kildare Village

Profits are expected to be up at Kildare Village by 28 per cent in 2016  thanks to the €50 million extension last year.

Visitor numbers are to four million a year, an increase of 30 per cent  according to the shopping outlet's business director Andrew Marshall.

Marshall who spoke to the Sunday Independent  last week said that sales were up by eight per cent and are expected to continue at this rate into 2017. The outlet centre is targeting on Chinese visitors  who are likely to spend more.

  Meanwhile accounts for the three companies that own and manage Kildare Village have recently been filed for 2015.

The property management and services arm of the business, Value Retail Management,  showed that revenue was €10.1m in 2015, up from €8.1m in the previous year. Pre-tax profits were almost €200,000.

The marketing expertise side Kildare Retail Services had revenues of €10.5m and pre-tax losses of €1.2m.

While the real estate arm of the firkm Value Retail Dublin (VRD) charges licence fees and services charges to tenants. It had revenues of €8m and gross profit of €4.6m.

After finance costs of €7.3m, VRD recorded a pre-tax loss of €6.9m, bringing retained losses to €52m. 

The accounts for VRD also showed that last year the company entered into an agreement to buy an option to purchase land adjacent to Kildare Village,  for phase 3 of the centre, subject to obtaining planning permission. 

The option expires in December 2018