Tayto Park revenues plunge 82% on Covid shutdowns

The Covid-19 pandemic took a large bite out of Tayto Park’s income last year, with revenues plunging by 82 per cent.

Theme park owner Ray Coyle said the venue managed to open only for 12 weeks in the whole year due to Covid-19 restrictions.

“We probably broke even as we were open the busiest two months of the year – July and August. We were full every day,” he said.

Mr Coyle was commenting as accounts for Tayto Park operator, Ashbourne Visitor Centre Ltd show that pre-tax profits fell by a quarter in 2019 due to higher costs.

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The visitor attraction delivered profits of €2.47 million for that year despite a marginal increase in sales to €18.83 million.

Mr Coyle welcomed the figures as “a good set of results”. “The business was going in the right direction,” he said. Earnings before interest tax depreciation and amortisation (Ebitda) €5.8 million in 2019 “were very good”, he said.

Mr Coyle said he was very hopeful that Tayto Park can re-open for longer this year as Covid-19 restrictions are eased.

Roller-coaster

Separately, a decision is due on Tayto Park's €15.5 million roller-coaster plan from An Bord Pleanála over the next few of weeks. Mr Coyle said he was "very confident" the roller-coaster will secure planning permission.

Meath County Council granted planning permission for the ride last year but the decision was appealed by local residents.

At the end of 2019, the company’s accumulated profits totalled €20.8 million as its cash funds increased to €3.3 million.

In their report, the directors’ said they were in the process of agreeing extended credit terms with both suppliers and banks in response to the pandemic.

They said they believe the business is well placed to deal with the risk brought about by the loss of income from Covid-19 “due to increased cash reserves at year end and the continued support of their parent company and bankers”.