The celebrated Lahinch Golf Club in Co Clare saw an impressive operating surplus of €2 million last year, a record for the club. During the 2022 Annual General Meeting, chairperson John Gleeson proudly reported this financial success due to the growth of green fee income, tripling from €1 million to €3.05 million. This newfound notoriety was, in part, due to the 2019 Dubai Duty Free Irish Open, the tournament in which newly crowned US Masters winner Jon Rahm took the title.
Non-members can expect to pay €275 for a round of golf at Lahinch’s ‘Old Course’ during the high season. This year, green fee income is expected to come in at €2.7 million, a slight decrease from last year, to allow for increased tee times for members.
In his report, Mr Gleeson commented that the “unprecedented results” of last year enabled them to rebuild their finances and fund key capital projects, keeping them “at the forefront of not just Irish golf but world golf.” He added that it was a “very challenging year for tee times”, but that they had managed to accommodate most members’ golf requests.
Staff costs increased from €924,946 to €1.65 million in 2022, with the club receiving wage subsidy supports of €74,020. The annual report forecasts an operating surplus of €707,276 for 2023, with total income of €4.5 million, entrance fees of €300,000, and expenditure of €4.11 million.
At the end of December, the 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. This fund will “provide some security for future unexpected financial shocks”, explained Mr Gleeson.
