THE Port Lincoln Racing Club is set to return a profit for the first time in a number of years.
The Port Lincoln Racing Club is set to return a profit for the first time in a number of years.
It is a good sign for the club, which announced last year it was on the verge of insolvency.
Club president Greg Fitzgerald said he could not quantify the profit figure until the club’s finances were finalised and audited at the end of the financial year but there would be a surplus.
“The club will return a profit for this financial year, which in itself is a pleasing development because it ends a sequence of years where it was not returning a profit.”
The club has only made a profit once in the last five years but Mr Fitzgerald said the committee was confident a four-year plan developed last year would get the club out of debt.
“It will take up to four years to ‘right the ship’,” he said.
“All indications, with eight weeks left of the financial year, are clearly indicating to us achieving what we set out to achieve in the first year of a four-year plan.”
Changes over the past 12 months included a review of the club’s financial procedures and protocols with the committee keeping a close eye on the budget and cash flow making sure it was on target on a monthly basis.
In the next financial year the club will be focussing on its human resources and reviewing its governance practices.
“These things are all timely and prudent things to do when it becomes possible because they are all important aspects of the club’s business,” Mr Fitzergald.
“Some of the (club’s) most valuable resources are human resources.”
This story Administrator ready to work first appeared on Nanjing Night Net.