American Golf shot back into the black during its latest financial year despite the impact of the Covid-19 pandemic.
Newly-filed accounts for International Leisure Group, which is backed by private equity firm Endless, show the Warrington-headquartered company achieved a pre-tax profit of £152,370 for the 12 months to January 31, 2021.
That figure compared to the £6.2m pre-tax loss it reported in the 16-month period to January 26, 2020.
American Golf's turnover also totalled £115.4m for the 12 months, compared to £141.6m in the prior period.
During the year the company acquired certain business and assets from Golfino AG in Germany which designs and makes clothing for distribution online and through B2B channels.
It also closed four stores which had come to the end of their leases and opened two new shops, reducing its estate to 96 sites.
A statement signed off by the board said: "During the first lockdown the group continued to trade its e-commerce sales channels, with all retail colleagues and the majority of the retail support centre being furloughed on 80% of salary.
"The group reported a significant uplift in e-commerce sales when golf courses and ranges opened on the 13th May 2020.
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"Golf is considered a 'safe' sport and participation increased significantly during 2020 with the group benefitted from the uplift in demand when non-essential retail opened on 15th June 2020.
"During the first lockdown the group continued with its retail investment strategy, opening the first flagship store at New Malden, London's largest golf driving range. Several other stores were also refurbished, including Hull and Milton Keynes.
"During the year the group continued to develop its house brands which have opened new opportunities for the group and resulted in margin improvements.
"Margin improvement was also reported from better control over promotions and discounting and a year-on-year reduction in stock shrinkage."
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After the end of the financial year, the group opened a second flagship store in Manchester and a new shop on an existing site in Netherley, Liverpool.
On its future outlook, the group added: "The consumer golf market is expected to continue to grow in 2021 with social restrictions and uncertainty around foreign travel continuing until the vaccine rollout has been effectively distributed, and with gold participation at record levels compared to recent years.
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"The group remains focussed on its store estate and maintaining its position as being Europe's biggest gold retailer.
"The group will grow market share through its e-commerce sales channels and opening new stores on golf ranges, as part of its diversification strategy into the golf leisure sector."
