Irish club rebounds following Covid losses
By Alistair
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A major Irish golf club that was hit by large losses in the first year of the pandemic has seen a surge in income in the last 12 months.
Lahinch Golf Club, which is usually popular with overseas visitors, suffered an operating loss of more than a quarter of a million pounds in 2020.
However, according to its 2021 annual report for the club, Lahinch has now recorded an operating surplus of more than £800,000, representing a positive swing of more than one million pounds in just one year.
In a report presented to members at its AGM, Martin O’Sullivan, chair of Lahinch Golf Club, said the operating surplus was “a very welcome turnaround from 2020”.
In 2020, course closures brought about by the Covid-19 pandemic and the suspension of international tourist travel resulted in green fee income plummeting by 88 percent to less than £200,000.
Lahinch Golf Club. Image from Facebook
However, green-fee income rebounded last year, rising to more than £850,000
In his report, he said: “We benefited from a late season upsurge in green fees and shop income after borders reopened allowing us to welcome overseas visitors back to our club.”
In total, revenue, including members’ subscriptions, almost doubled to more than £2 million.
According to the report, the club is budgeting for green-fee income to increase this year, while overall revenues are budgeted to rise by 73 percent.
The club’s expenditure, however, is expected to more than triple. The club is forecasting an operating profit of more than £1.1 million for 2022.
“The improvement in our cash position facilitates our intention to rebuild our contingency fund to provide for future unexpected financial shocks,” Mr O’Sullivan said.
A rise of 7.5 percent in annual subscriptions has been proposed by 2023, to counter expected inflationary cost increases.
By Alistair
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