The Mulwala Waterski Club Board will announce an impressive fourth consecutive record profit, this year of just over $1.5 million, at its Annual General Meeting on Sunday, October 29.
The club has experienced year on year growth for the last six years and this year’s profit figure is 8% better than the previous year.
The actual profit figure for the financial year ending June 30, 2017 is $1,519,020 which is $117,320 more than the club’s previous year record profit.
Ski Club CEO Peter Duncan said club was benefiting from his management team’s leadership, the strategic investment in new facilities over the last few years and conservative efforts to reduce cost and become more efficient.
“We have continued to grow the business in all areas of the club and at the same time reduced our debt and improved facilities of the club,” Mr Duncan said
“It is again pleasing to see the club continually growing into this last financial year.
“The bar has improved sales by eighteen per cent, the coffee shop nine percent, the holiday park by six per cent, and while gaming has shown only a one per cent growth in profit we have seen revenue into gaming grow by over four per cent or one million dollars.”
Mr Duncan said membership also grew by 10 per cent to a tick over 9.500 members.
“This shows that investing in improving the facilities of the club encourages people to come and enjoy the amenities on offer.
“We are mindful of our professional hospitality and service and we are always trying to match this with the right mix of entertainment and a unique experience.”
Mr Duncan said the board had also continued with the plan to reduce the club’s level of debt, with the aim of paying it off by this coming November, 12 months earlier than first forecasted when the level of debt was close to $6 million.
“This has been a fantastic effort by the club as we have also spent over ten million dollars in capital improvements on the club facilities over the past seven years while at the same time paying off this debt,” he said.
The current debt now stands at $500,000 as of 30th June 2017 down from $1.63 million the previous financial year.
Capital expenditure this year has been over $2.2 million with major improvements including a new retractable roof and new bar at the Malibu Deck, four new cabins in the holiday park, new fencing around the Chinese Restaurant Terrace along with various other improvements around the club.
“The focus on continually improving the club’s facilities has been a big reason why we have seen growth on growth,” Mr Duncan said.
“The board have prepared to spend on strategic improvements for the club while at the same time we have been able to manage and reduce our debt.”
Donations and sponsorship of $209,784 were also made by the club to various local groups and services.
Mr Duncan also emphasised the important support the club offered to local businesses with its many giveaways and promotions.
“More than one million dollars was spent last financial year on promotions, bingo, raffle prizes and members discounts with an emphasis on using local businesses and that’s extra money going into the community,” Mr Duncan said.
The board also remained focused on supporting the skiing and representation of the club as an elite sporting club.
A successful year in skiing delivered another “world class summer ski show” and successful performances for the ski team which included its third consecutive Australian Ski Show Title and a significant representation by its ski team members in the Australian team that took out second place in the World Ski Show Championships held in the US last year.
“The ski team continue to achieve great things and Pete O’Neil will again take a strong team of local member skiers to represent Australia in the Ski Show World Championships to be held in Canada in 2018.
“All employees have contributed so much to this fantastic result. They deliver great service to the club's members and guests.”
Mr Duncan also praised the club's directors for their leadership in the face of some major challenges in recent years and their ability to make the right decisions.
“We look forward to this current financial year with continued optimism with some initial plans to continue the upgrade holiday park and replace the air-conditioning system. We will also be installing lights in our northern car park and replacing carpet and poker-machine bases in the gaming room.”
The ski club's annual general meeting will be held at the club on Sunday, October 29 at 10am.