High-profile Lahinch Golf Club posted a record operating surplus of €2 million last year as green fee income soared.
In his report to members for the club’s 2022 Annual General Meeting (AGM), club chairman John Gleeson said that 2022 “was a record financial year for the club”.
The club recorded the bumper surplus on the back of green fee revenue tripling from €1 million to €3.05 million. That was the first time it had topped €3 million in the club’s history.
Newly-crowned US Masters winner, Jon Rahm, won the Irish Open staged at Lahinch in 2019 which raised the course’s international profile.
‘I was a cleaner in my dad’s office, which makes me a nepo baby. I got €50 a shift’
The battle around ‘around’ and other awful woolly words
Eoghan O’Mara Walsh: Dublin Airport cap must be scrapped if tourism growth targets are to be achieved
Finding a solution for a tenant who can’t meet rent after splitting with partner
US golfers usually make up a sizeable chunk of the green fee income. It will cost non-members €275 for a round at Lahinch’s ‘Old Course’ during high season from April 17th to the end of September.
In his 2022 Chairperson’s Report to members, Mr Gleeson said: “These unprecedented results have allowed us to rebuild our finances that, not only secures our future, but facilitates the funding of a number of key capital projects that are necessary to keep us at the forefront of not just Irish golf but world golf.”
Mr Gleeson “2022 was an excellent year for our great club with activity at record levels after two turbulent years of the Covid pandemic”.
“It was a record financial year for the club with profits of €1.2 million after depreciation of €818,737 giving an operational surplus of €2.02 million,” he added.
Mr Gleeson said that while the club will see a reduction in the number of overseas visitors to the golf course in 2023, to facilitate additional tee times for members, green fee income is still expected to be around €2.7 million for this year.
The €3.05 million in green fee income along with €1.1 million in members’ subs contributed to overall revenues last year increasing by 93 per cent from €2.56 million to €4.94 million.
The accounts show that expenditure increased by €1.1 million or 41 per cent to €3.83 million last year and Mr Gleeson said: “While overall expenditure increased due to the record number of overseas visitors, operating expenditure as a percentage of total income reduced significantly from previous years”.
The annual report is forecasting an operating surplus of €707,276 for 2023 based on total income of €4.5 million, entrance fees of €300,000 and expenditure of €4.11 million.
At the end of December, the golf club’s equity had increased to €8.74 million made up of €6.74 million in accumulated funds and €2 million in a contingency fund.
