The Oamaru Licensing Trust has continued to improve its financial performance. Although still recording a loss for the past financial year, it is in a far better position than in previous years.
Its 2013-14 annual report, released yesterday, shows an operating deficit of $12,097 compared with $217,737 in the previous financial year and losses in previous years as high as $1.4 million.
That came from increased revenue of $9.252 million (compared with $9.1 million in the 2012-13 financial year) and expenditure of $3.821 million ($3.923 million in 2012-13).
The trust is now aiming to return a surplus this financial year.
Trust president Ali Brosnan was delighted with ''a significant improvement in the trading results'', which came from ''diligent streamlining'' of the trust's operations.
That included taking back management of the trust, previously done under contract by the Ashburton Licensing Trust, in conjunction with Mainstay Hotels New Zealand.
''The board, along with their managers and business partners, remain very focused on continuing to improve the results of the trust,'' Mr Brosnan said.
''We set a new course of direction last year and, given the movements we have seen to date, we remain very confident on the financial security of the trust going forward and our decision to reshape it.''
A lot had been achieved during the past financial year that would contribute to this year's result, along with continuing to focus on improving revenue and reducing costs.
Taking back administration of the trust occurred in November last year, which only gave four months' contribution to the 2012-13 results.
This year, the trust would reap the full benefits of the move.
In terms of revenue, divisions in which the trust had invested through refurbishment or development tended to grow at a better rate than other parts.
The trust was committed to continue to develop other parts of the business it was confident in, depending on financial obligations.
Gains were also made during the year in reducing operating expenses, which contributed to the better result.
Depreciation continued to have a significant effect on the trust's results, with almost $169,000 being a book entry as part of operating expenses and impacting on the result - before that the trust was showing a cash trading surplus of $355,977.
The full results are available on the Brydone Hotel website, accessed at the bottom of the home page, and its public annual meeting is on September 25, 5.30pm, at the Moeraki Room.
