Exclusive golf club swings back into profit

THE CAPTAIN of one of the State’s most exclusive golf clubs says that it “has turned the corner and is back in profit”.

Richard Pyne was speaking yesterday ahead of the annual general meeting of Lahinch Golf Club members, where he reported an operating surplus of €97,626 at the club in 2011.

A collapse in green fee income resulted in the golf club recording a combined operating loss of €1 million in 2008 and 2009. In a bid to cut costs, staff at the club were put on a three-day week for six months of the year from October to March.

In his report, Mr Pyne said the three-day week, tight cost control, restructured staffing arrangements and a 10 per cent increase in green fee bookings had resulted in the operating surplus. There had been further staff redundancies and resignations in 2011.

However green fee income – at €1 million – is still 45 per cent down on the €1.87 million in 2007. The accounts show the operating surplus of €97,626 followed a surplus of €65,280 in 2010.

The club counts Ireland and Munster rugby captain Paul O’Connell as one of its members.

In an attempt to boost revenues, Lahinch admitted 16 new members last year, raising €262,999.

Revenue from entrance fees and €179,606 from overseas life membership resulted in the club recording an overall surplus of €540,231 for the year.

Before the agm, Mr Pyne said: “The club has turned the corner and is back in profit. Membership over the past two years is down 7 or 8 per cent, but it is containable and the course is in great shape.”

However, he warned that “there is no room for complacency as the surplus only represents a return of 4 per cent on a turnover of €2.4 million and is subject to vagaries outside our control”.