This year has seen “a dramatic improvement” in the finances of Lahinch Golf Club.
hat is according to chairperson of Lahinch Golf Club John Gleeson who, in his first report to golf club members, has stated that green fee income at Lahinch is expected to exceed the projected €2.8m for 2022.
Currently in high season, it costs non-members €250 in green fees for a round of golf on Lahinch’s main course.
The club successfully hosted the 2019 Dubai Duty Free Irish Open and Mr Gleeson said that “our finances are in a very healthy state”.
Mr Gleeson told members that the last two years have been very challenging but exceptional management by the club council and club management in controlling costs together with tight cash management “meant we exited the pandemic very well”.
“We are committed to rebuilding the club’s finances and our contingency fund to ensure we can sustain any future shocks and to also fund our capital expenditure program including the very necessary but expensive irrigation system,” Mr Gleeson said:
Members were told that at the end of June this year, the club had cash funds of €3.8m which includes €1.2m in pre-payments.
He said the club had received €1.03m in annual subscriptions from members until the end of June, which was in line with their budget.
Mr Gleeson said that along with green-fee income expected to exceed the budgeted target of €2.8m, golf shop sales at the end of June were €595,000, excluding Vat, “which is ahead of projections”.
Mr Gleeson said the club’s expenditure of €1.3m for the first six months is in line with the budget.
“However, we anticipate further inflationary and substantial energy price increases for the second half of the year,” he added.
Lahinch hotelier Michael Vaughan said it looks like every available green fee slot has been taken up this year at Lahinch after a build up of almost three years of golf bookings.
The four-star Vaughan’s hotel overlooks the golf course at Lahinch and Mr Vaughan said: “I have never heard as many compliments about the golf course as this summer. People are coming off the golf course believing that they have had a world-class experience. Lahinch golf club is firmly in the higher echelons of golf here and in Britain.”
Mr Vaughan said 65pc of his business is golf related and represents at least 40pc of the Lahinch tourist economy.
“Golf and Lahinch are synonymous. The core of business in Lahinch has been and will continue to be golf,” he said.