Leisure centre director confident it will break even despite €1m losses

A DIRECTOR of the company promoting Kilkee Waterworld has revealed that the facility was struggling but claimed it was underfunded when established.

Cllr Patrick Keane of Kilkee Waterworld Ltd was commenting after figures published showed the centre’s accumulated losses are over €1 million.

The figures returned to the Companies’ Office show a loss of €3,000 in the 12 months to the end of 2009 — greatly reduced from the €45,041 after-tax loss in the 12 months to the end of December 2008.

The Fianna Fáil councillor said the accumulated loss of €1m does not represent the real loss as much of it includes the non-cash depreciation cost.

Mr Keane said the facility would be heading to break even this year, although accounts have yet to be finalised.

He said the company made a small profit last year.

However, Mr Keane said the centre was trying to restructure its debt, adding that it owed between €350,000 and €400,000, with most owed to the bank.

“Kilkee Waterworld is no different from other community facilities such as Lahinch Seaworld or the Shannon leisure and swimming centre. They are all struggling with the downturn.”

The prices of oil and electricity had hit the centre hardest in the past 12 months.

He said: “They are a huge drain but Kilkee Waterworld remains vital for the area in terms of tourism.”

The facility, overlooking Kilkee beach, is now closed for the year and will re-open at Easter next.

“It is near enough to break even this year but the debts from the beginning are the problem.

“The centre was underfunded and the facility had to borrow,” he said.

A note attached to the accounts stated: “The accounts have been prepared on a going concern basis which assumes the company will continue in operational existence for the foreseeable future.”