THE Gleneagles Hotel has seen a near £1 million rise in profits for the financial year prior to its hosting of the Ryder Cup.

Annual accounts just filed at Companies House for the five-star luxury resort near Auchterarder, Perthshire, show turnover rose 12 per cent from £38.8m to £43.6m in the 12 months to June 30, 2014.

That underpinned growth in operating profit from £852,000 to almost £1.9m.

That came even though operating costs increased from £38m to £41.7m as a result of higher raw material prices, greater spending on marketing and staff costs going from £15.6m to £17.1m. Average staff numbers in the year rose from 869 to 896 with full-time staff up from 619 to 634.

Gleneagles owner Diageo is reportedly mulling selling the hotel after receiving a number of enquiries following the Ryder Cup in September. The price tag is believed to be around £200m.

On the latest financial performance David Kemp, Gleneagles finance director, said: "General economic conditions continued to be favourable."

Mr Kemp pointed out the period did not include the Ryder Cup but there had been a benefit from greater levels of activity in a number of areas in the run up to the event.

Mr Kemp said room volumes had grown 10 per cent during the year as a result of a higher number of stays from leisure guests along with an upturn in corporate and celebration events.

Along with that food and beverage revenue showed a 13 per cent increase year-on-year.

There was also greater golf revenue as a result of more rounds being played and higher spending in retail outlets.

Mr Kemp said the profit rise was particularly pleasing as there had been infrastructure investments ahead of the Ryder Cup along with drainage works on the King's and Queen's golf courses.

He said: "The higher volume of golf rounds reflects the excellent condition of all three of our championship golf courses.

"The year also saw the completion of our £5m investment in the Club redevelopment. Residents are enjoying this new facility and we are seeing an increase in interest across individual and corporate memberships."

The business received a £2.3m dividend from property development subsidiary Gleneagles Resort which pushed pre-tax profits to £4.2m, compared to £262,000 in the prior year.

Directors' remuneration was up from £497,000 to £507,000 with the highest paid seeing their pay package increase from £290,000 to £295,000.

The accounts also note a dividend of £41.8m which Gleneagles paid to its shareholder, Diageo

The greater profile the resort has seen from its hosting of the Ryder Cup is expected to help the business grow further in the coming years.

Mr Kemp said: "In the current year to 30 June, 2015, we are continuing to see an upturn in trading levels. Undoubtedly, Gleneagles has benefitted, and will continue to benefit, from the profile brought by the Ryder Cup, but the ongoing business improvement is underpinned by our track record of investment across the resort, our focus on quality guest relationships, and our determination to build upon our leading reputation for great service and hospitality."

The European team beat the United States 16.5 points to 11.5 to retain the Ryder Cup at Gleneagles.