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Turnover has increased at the leisure and care company behind the Vermont Hotel and the Aveika restaurant in a year of "recovery and growth", although pre-tax profits dipped following a "major escalation in costs".
The Gainford Group was established in 1995 with a focus in healthcare, and has since expanded into hospitality - developing and operating a number of hotels, bars and restaurants across the North East and beyond, including The Maven and The County Hotel in Newcastle.
Accounts filed under Gainford Care Homes Limited unveiled that, for the year ended 31 December 2022, turnover increased from £36.2m to £47.3m.
Gross profit also climbed from £14m to £19.1m, although pre-tax profit dropped from £7.8m to £6.4m.
Speaking in a report alongside the results, the company said that hospitality operations outperformed the care home sector, with hospitality trade growth trajectory of 78 per cent, compared to the care homes growth of 6 per cent.
The group said that operations have been "growing organically", as opposed to 2021 when the company benefitted from Covid government support.
However, Gainford Group did encounter a number of challenges including soaring costs as a result of high inflation.
The report continued: "Despite all of this, the company has managed risks effectively and, through different pricing, costing and marketing strategies, responded very well.
"The improved financial results are a credit to the management team and the operational staff of the business."
Moving forward, Gainford Group said it will continue to reinvest in its hotels and care businesses, with work set to commence on a new site which will include a 70-bed luxury care home.
