Lahinch Golf Club profits jump by 22% to €355,649

One of the country’s most exclusive golf clubs, Lahinch, “steadied the ship” last year as profits jumped by 22% to €355,649.

The 122-year-old club recorded a surplus last year of €355,649, compared with a surplus of €291,947 in 2012.

The links club counts Irish rugby captain Paul O’Connell, multi-major winner Phil Mickelson, and broadcaster Terry Wogan amongst its members. Finances were boosted by a 9% increase in green fee income to €1.235m.

Club captain Eamon Foley told last evening’s AGM that “the club is in an excellent place, having come through some difficult times”.

The surplus, he said, shows that “we have steadied the ship and the club is now on a sound, sustainable financial footing”.

The 9% increase in green fee income “reflects a strengthening overseas golf tourism market, particularly from North America. Indeed, it is our view that this tourism market will continue to strengthen and our advance green fee bookings for 2014 are already 14% ahead of last year.”

He said that “a reduction in income from membership subscriptions was more than compensated for by the increase in green fee income”. Income generated from members’ subscriptions last year declined from €1.054m to €990,033.

The club sustained losses of €1m over 2008 and 2009 as a result of a collapse in green fee income. However, Mr Foley said: “We have a strong balance sheet, free of borrowings, with a substantial contingency fund to cushion against future shocks or economic downturns.”

He confirmed the club has put in place a special committee to manage their bid for the adjoining FCA barracks being sold by the Dept of Defence.

Prior to 2013, the club lost 500 members as a result of the recession since 2009.

Last year, the club’s expenditure remained steady at €2.2m, and this represented a drop of €900,000 over the preceding years as the numbers employed reduced from 35 to under 20.

Income from entrance fees increased from €15,000 to €115,000, while overseas membership dropped from €141,815 to €112,000.

Total funds at the end of December last were €6.74m, with cash of €1.72m. Staff costs last year, including pension and redundancy, reduced from €1.09m to €1.06m.