Bumper green-fee revenue contributed to Lahinch Golf Club enjoying another record-breaking year as its operating surplus increased to €2.1 million.
Green-fee receipts of €3.19 million resulted in overall revenue increasing by 5 per cent, or €237,196, from €4.94 million to €5.18 million for 2023.
The club’s golf shop alone generated €1.4 million in revenue during the year from the sale of Lahinch GC branded clothing, accessories and other items, and contributed a gross profit of €700,316 to the club’s finances.
In comments attached to the club’s 2023 annual report, club chairman John Gleeson stated that “it was a record financial year for the club” with an operating surplus of €2.1 million. It tops the then record-breaking surplus of €2 million the previous year.
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“Golfing activity was at record levels by both members and guests, which has allowed us to rebuild our finances as we engage on several major capital projects over the next few years,” Mr Gleeson said.
The golf club recently secured planning permission from Clare County Council for an upgrade to its “no longer fit for purpose” clubhouse, now almost 60 years old, and Mr Gleeson said the project would cost in the region of €5 million.
The club’s finances were also boosted by new members spending €220,000 on entrance fees for the much-sought-after club membership, while an additional €185,000 was paid to the club for “overseas life memberships”.
Current US Masters champion and LIV tour member Jon Rahm won the highly successful Dubai Duty Free Irish Open staged at Lahinch in 2019, which raised the course’s international profile.
US golfers usually make up a sizeable chunk of the green-fee income and while fewer visitor tee times will be available this summer for the World Top 50 Golf Course, the annual report estimates last year’s green-fee income will be topped this year, increasing to €3.2 million.
It follows the club’s decision to increase its rates for the golf club’s celebrated Old Course from €275 last summer to €325 between April 22nd and October 11th this year.
Mr Gleeson describes the Old Course as “iconic” and “continues to be our jewel”, attracting people from all corners of the world.
Overall staff costs last year increased from €1.65 million to €1.88 million.
At the end of December, the club’s equity had increased to €10 million, made up of €8 million in accumulated funds and €2 million in a contingency fund.
The club’s cash funds declined from €4.06 million to €3.57 million, due mainly to its decision to invest in Government bonds, which had a value of €999,247.
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