Clubhaus Plc announces record interim results
Story published at 7:30, Tuesday, March 3rd, 1998
Clubhaus, the UK’s first fully listed golf company and a leading European golf course operator, announces record interim results for the six months ending 30 June 1998 after a period of strong progress. Among the highlights were a 53% increase in turnover to £10.7 million and profit before tax up 139% to £3.4 million (1997: £1.4 million) ahead of market expectations.
Total membership increased to 15,114 and over 250,000 rounds were played on Group courses. The clubhouses at Castle Royle (Berkshire and Vichy (France) opened on budget as did the new golf course at Three Rivers in Essex. The company successfully launched its own brand of merchandise in April.
“Progress has been made in the consolidation of and improvement to the operating of the Facilities,” said Robert Bourne, Chairman. “Group buying initiatives and the development of centralised systems have also made good progress. Improved margins and overhead savings offset the poor weather conditions experienced in April and June. The health and fitness plans will help balance the seasonal effects of the weather conditions by broadening the facilities offered by the Group. The outlook is encouraging and there are many exciting opportunities open to the Group.”