The FY22 result reflects the resilience of the business against the backdrop of very challenging covid-19 and weather conditions, that intensified in the second half.
This included staff shortages along with supply constraints hence shortages of stock in the pro shop. Our FY22 EBITDA of S112,132 and a net deficit of $160,270 down from a surplus $273,891 on FY21.
As anticipated, this lower result reflected the step down in the ability to play golf which then flowed on to food & beverage.
The course has been seriously affected by the weather bomb and thankfully is showing signs of recovery at a cost. Our large member age and gender diversified base and strength of our strategic plan, have all enabled us to navigate what has been an extremely difficult period.
The member base will be the foundation on which we move forward into FY23 and beyond. Pleasingly, against this backdrop, still comes potential to unlock cash, whist still retaining our core asset value, this has remained the boards strong strategic focus for the 10 years I have been involved.
At the same time, we carried out a review of the organisation’s strategic plan and a board and management renewal process, both of which are well underway. In relation to the review, unfortunately it came to a grinding halt, during April 2022, due to the unforeseen resignation of our president and one other board member. I am optimistic, the new FY23 team will continue to grow the business.
Gregory Harrison
President