Gleneagles Hotel has posted a profit of £4.37 million in its annual accounts, after receiving a deferred tax rebate of £107,000.
The luxury hotel increased pre-tax profits to more than £4.2m to the end of March this year, and enjoyed a turnover of £87.4m.
This was slightly down comparable to pre-tax profit levels the year before, which were £4.8m.
But because of the tax adjustment, Gleneagles’ profits were 5% higher than in the accounts published in March 2023.
Gleneagles Hotel is one of Perthshire’s largest employers, with 1,169 members of staff on the company books in the same time frame.
It spent £31.5m on staffing costs, up from £29.1m the year previous, and increased its staff roll by 21.
And Gleneagles has also invested in its properties, upgrading 28 guest rooms and installing a new, state-of-the-art irrigation system on its PGA golf course.
Gleneagles Hotel profit boost
Gleneagles is a world-renowned resort which attracts guests from across the globe, which featured in the hit programme Succession, featuring Dundee-born Brian Cox.
Actors, models and rock stars like Sir Rod Stewart have all stayed at Gleneagles Hotel in the last year, including when fashion house Dior hosted a show at nearby Drummond Castle.
The directors are confident they will continue to see guests and clients visit over the coming year because of the quality and unique nature of what they offer.
But the largest risk faced by Gleneagles, they added, was shocks to the European and US economies which could discourage overseas guests visiting.
Economic shocks pose risk
In the company report, managing director Conor O’Leary said they would continue with the commercial strategy which had proved lucrative to profit margins last year.
He said: “The company has benefitted from the continued execution of the business strategy, which is to lead in luxury hospitality through offering a unique guest experiences and adventures in positioning Gleneagles as the ‘Glorious Playground’ at the heart of the Scottish countryside.
“Given the continued success, the same strategy will be followed in the coming year, with an increased focus on sustainability and technology investment as well as the ongoing development of new ideas and concepts in order to remain competitive.
“The year to March 2024 saw The Gleneagles Hotel perform strongly, with revenue and profits exceeding budgeted level and the prior year.
“Gleneagles Hotel was awarded The Times and Sunday Times Hotel of the Year for 2024.
“During the year we continued to invest in the resort facilities, with the refurbishment of 28 guest bedrooms, installation of a new state-of-the-art irrigation system on the PGA Centenary golf course and the development of the Gleneagles Sporting Club.
“The Gleneagles sporting club offers new facilities to our guests and members, including padel courts and an indoor climbing wall.”
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