Mulwala Water Ski Club has injected more than $11 million into improving the club’s facilities over the last seven years meanwhile reducing its $5.2 million debt to a position where it will be completely paid off in November this year it was revealed at the club’s Annual General Meeting on Sunday.
President Len Langford best described the last financial year result as ‘exceptional’ after recording its fourth consecutive record profit.
The board formally announced a record profit for the financial year ending, June 30, 2017 of $1,519,020 which is $117,320 or 8% more than their all-time profit record set last year.
“This time last year I was able to report a record profit for the club and detailed the capital improvement we have done and this year again I am pleased to report another record profit,” Mr Langford said during his address to the 116 members in attendance.
“The board, management and staff have done a wonderful job over the last twelve months and I thank them very much for their efforts,” Mr Langford said.
Mr Langford said the club remained on target to be debt free by November 2017 but reinforced the commitment to growing the business and continuing to improve facilities.
Some of the main improvements made by the club in the last 12 months include; 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.
Ski Club CEO Peter Duncan paid tribute to the club’s staff and management team.
“Our staff contributed so much to this fantastic result. They deliver great service to the club’s members and guests,” Mr Duncan said.
“The focus on continually improving the club’s facilities has been a big reason why we have seen growth on growth,” Mr Duncan said.
Mr Duncan said the 9,500 member 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.
Mr Duncan said new projects that have been earmarked for the current financial year include new cabins in the holiday park, replacing the air-conditioning system, installing lights in the northern car park and replacing carpet and poker-machine bases in the gaming room.
Four board members had renominated for positions; Matt Holgate, Trevor Bailey, Gavin Williams and Andrew Starr. All four were re-elected after and a voting process that saw a fifth but unsuccessful nomination by Fred Douglas.
Ski team success
The on-going success of the Mulwala Water Ski Club Ski Team has been another highlight for the club over the last 12 months.
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.
Ski Co-ordinator Peter O’Neill thanked the board and management team for their ongoing support and also praised his team of more than 50 skiers and heaped praise on the performance of the team that won the Australian Ski Show Title.
“I am proud how all the team have developed and also carried themselves while competing,’ Peter said.
“With new grandstands and a lot of work from management, the board and volunteers, the park has never looked better to host such a massive event with over 1000 people attending both days.”