THE SS&A Club has recorded an annual profit of almost $600,000 after the club’s turnover almost hit $20 million.
Chief executive Tim Levesque yesterday said the club’s 2012-13 profit for the second year running, after five disastrous years of losses, largely related to the SS&A Wodonga.
But the annual report showed that results were mixed.
It confirmed the Wodonga property remained a serious financial drag on the main club in Albury.
The board still hopes to sell the Wodonga site for about $3 million at some stage.
The $597,117 profit was based on Albury making a $1,369,475 profit and Wodonga losing $772,365.
Club president Eddie Dunlop said “while there is no significant growth, trade has stabilised, placing the club in an improved financial position”.
Poker machines gave the club $14 million in revenue, catering brought in $2.65 million and bar sales were $2.3 million.
All that produced a group trading profit for the year of $982,664 compared with the previous year’s $797,240, an increase of $185,424.
On the down side, membership fell from 16,692 to 15,386.
That was a whopping 10,000 fewer than the peak figure in 2008 in the heady days when the club’s turnover topped $27 million.
Wages and other costs to employ 74 full-time equivalent staff amounted to $5.6 million and the other big bill was $4.25 million in pokie tax.
On the bright side, the report showed debt fell slightly to about $8.4 million by May 31.
The SS&A has slashed its standard membership cost from $20 to $7 a year and members may opt to sign up for five years for $25.
Mr Levesque noted donations had been made to the Hilltop carer accommodation centre, CareVan, several schools, Lavington and Table Top rural fire brigades, Albury hospital children’s ward, Albury RSL and Legacy Albury.
The report will be discussed at the annual meeting on October 23.
There will be no board election required because it was elected for two years last year, but members will be asked to adopt a new constitution to reflect changes to state laws.
As a result, there will be no more postal ballots to elect directors — instead members will be required to vote at the club in person.
Last year, all eight directors were elected unopposed.