Bumper green fee revenues contributed to Lahinch Golf Club last year enjoying another record-breaking year as its operating surplus increased to €2.1m.
Green free receipts of €3.19 million at Lahinch GC resulted in overall revenues increasing by 5 per cent or €237,196 from €4.94 million to €5.18 million.
The golf club’s Golf Shop alone generated €1.4 million in revenues in 2023 from the sales of Lahinch GC branded clothing and accessories and other items, contributing a gross profit of €700,316 to the club’s finances.
In his report attached to the club’s 2023 annual report, chairperson of Lahinch Golf Club, John Gleeson stated that “it was a record financial year for the Club” with an operating surplus of €2.1 million.
The operating surplus tops the then record breaking surplus of €2 million for 2022.
Mr Gleeson said: “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 pointed out that the club has a contingency fund of €2 million in place, while the 2023 result provides “additional funding for our irrigation project – circa €2 million – which is nearing completion.”
The golf club recently secured planning permission from Clare County Council for an upgrade of its ‘no longer fit for purpose’ clubhouse, which is now almost 60 years old, and Mr Gleeson that the project will 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 less visitor tee times will be available this Summer for the ‘World Top 50 Golf Course’, the annual report estimates that last year’s green fee income will be topped this year increasing to €3.2 million.
This follows the club decision to increase green fee rates for the golf club’s celebrated Old Course from €275 last Summer to €325 from April 22nd to October 11th this year.
The €3.19 million in green fee income along with €1.1 million in members’ subs and the €700,316 golf shop gross contribution contributed to overall revenues last year of €5.18 million.
The accounts show that expenditure increased by 13 cent from €3.83 million to €4.322 million last year “which was broadly in line with target”.
Mr Gleeson describes the Old Course as ‘iconic’ and “continues to be our jewel” attracting people from all corners of the world. The spend on all aspects of the course totalled €2.24 million in 2023.
Mr Gleeson said: “We are very grateful to our General Manager Paddy Keane for his tireless and excellent work on behalf of the Club. Paddy’s leadership, dedication and professionalism are crucial to the success of Lahinch, and he leads a great team of people committed to the success of Lahinch.
Overall staff costs last year increased from €1.65 million to €1.88 million.
At the end of December, the golf club’s equity had increased to €10 million made up of €8 million in accumulated funds and €2 million in a contingency fund.
The golf club’s cash funds declined from €4.06m to €3.57 million due mainly to the club decision to invest in Government Bonds which had a value of €999,247.
