Councillors have praised Montrose Golf Links Ltd after it succeeded in turning around its financial fortunes.
But they have warned that much still needs to be done to secure the company’s financial stability after the firm recorded a marginal profit in the latest fiscal year.
Last year the company, which is run by the town’s three golf clubs and the council, posted a net loss of £18,306. The club has worked hard to move itself out of the red in the 12 months that have passed, and managed to record a small pre-tax profit of just over £2000.
Once tax payments are taken into account the club still made a loss of just under £2300, but councillors have praised the huge improvements.
Speaking at the latest meeting of the council’s corporate services committee, they said that the results had helped to put the club on a sound base from which to build a stable future.
But they warned that the firm could not be complacent if it were to successfully push its way back into the black.
Arbroath councillor Alex King, said, “It is certainly an improved profit on last year but I don’t think the hat is off the shaky peg yet. It is a marginal profit and shows a loss once tax is taken into account.
“It is a lot better then last year but we’re not showing a massive profit. It’s only just a break-even situation in 2010.
“Well done to Montrose Golf Links on improving the situation but we have to do more to make sure that we get into a profitable situation and ensure the long term future.”
The committee’s vice-chairman John Whyte said, “Hopefully they can build on this result in the coming years.”