Overview: Camiral Resort posts pretax loss amid FX headwinds
The Denis O’Brien-owned group behind the Camiral Golf and Wellness Resort in Girona, Spain, reported a pretax loss of £2.56 million (€2.94 million) for the last financial year. The figures, filed at Companies House in the UK, show a 17% drop in revenues year-on-year, with total turnover falling from £59.42 million to £38.8 million. The loss comes as the resort continues to expand its footprint and as the business positions itself for a future Ryder Cup in 2031.
Financial specifics: revenue mix, FX impact, and non-cash costs
The group’s principal activity centers on construction, promotion, marketing, and operation of a residential and sports resort in Girona. Within the revenue mix, construction revenues declined sharply by 63%, from £38 million to £13.9 million, while service revenue rose by 16.5% from £21.37 million to £24.9 million. The pretax loss included a foreign exchange hit of £1.4 million, reflecting the euro-denominated business activities in Spain while the accounts are reported in pounds.
Beyond the FX impact, the company recorded substantial non-cash charges, including depreciation, amortisation, and impairment totaling £2.69 million. Interest payable and operating lease costs accounted for £1.17 million and £1.58 million respectively, contributing to the overall negative bottom line despite the revenue mix turning more toward ongoing services and hospitality operations.
Strategic developments: Ryder Cup 2031 and asset growth
Despite the short-term losses, the directors note a significant strategic milestone: the company’s investment property in Spain, Camiral Resort, has been awarded hosting rights for the Ryder Cup in 2031. This landmark decision is expected to enhance the resort’s profile, potentially boosting tourism, hospitality demand, and ancillary revenues in the years ahead. The Ryder Cup bid underscores Spain’s growing role in international golf, following previous high-profile events and the resort’s regular engagement with major golfing championships.
Property, assets, and expansion
The Camiral estate spans 540 hectares and features two golf courses, a five-star hotel, and the Lavida boutique hotel with 50 rooms. The group has continued to invest in fixed assets, with tangible asset purchases totaling £5.18 million in the last year, up from £2.4 million in 2023. This expansion aligns with the resort’s dual focus on residential development and high-end leisure facilities, including a wellness complex that complements the golf offerings.
Operational performance and staffing
Headcount grew from 366 to 389 employees, with staff costs edging up from £10.4 million to £10.6 million. The company attributes part of the revenue growth in services to the enhanced guest experiences and the broader scope of its resort amenities, even as broader project costs and currency movements affected the pretax outcome.
Ownership and corporate structure
Murryhill Holdings Ltd, the UK-registered entity behind Camiral, operates under the Isle of Man–based Distell Ltd, with Denis O’Brien identified as the ultimate beneficial owner of the group. The recent results reflect the ongoing complexities of managing a cross-border, asset-light model that still requires substantial capital expenditure for resort-related developments.
What this means for investors and visitors
In the near term, the loss underscores typical early-stage volatility in large resort developments, particularly where foreign exchange and asset depreciation play significant roles. For investors and guests, the 2031 Ryder Cup milestone provides a long-term upside through heightened visibility and potential incremental demand for luxury accommodations, golf, and wellness services at Camiral. The resort remains a flagship project for Denis O’Brien’s portfolio in Southern Europe, signaling potential future returns as the Ryder Cup window approaches.
