Millions in Donations Given Out From ILT
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- ILT donates over $9 million to community for the first time in a decade
- Record sales boost ILT’s financial performance, despite economic challenges
The Invercargill Licensing Trust has reached an important milestone by exceeding $9 million in donations this financial year.
This was the first time in over a decade that ILT has reached this level of donations, communications manager Emma Hunter said.
Total Donations for Year End 31 March 2024 (subject to final adjustments) are:
- ILT $3.3 million
- ILT Foundation $5.84 million
- ILT Group Total $9.14 million
The funding has supported a diverse range of community initiatives, including $1 million to the Museum redevelopment – Project 2025, the Learn to Swim programme, Southland Charity Hospital, Age Concern, and Recycle South.
“We are incredibly proud to hit this total post-Covid. It reflects our unwavering commitment to our community, which lies at the heart of everything we do. We strive to add value through meaningful partnerships and funding projects like the above, but we couldn’t do it without the community’s support,” the report said.
Sales performance for the year to March 31 compared to 2023 showed another record year for ILT – up 4% on last year.
Chief executive Chris Ramsay said all of the increase came in the first half of the financial year, “as soon as we lapped the last of the Covid restrictions from a year-on-year perspective revenues flattened.”
The last half of the year has seen the effects of inflation and the cost-of living crisis realised in its revenues.
The report said forecast profit result before tax and donations for March this year was $748k – which will be $287k higher than March 2023.
“The positive benefit of event activity is evident in this result, with strong results across the majority of our business units.
“This result means we will finish the financial year behind last year, but slightly ahead of budget at a little over $6.3 million before tax and donations. It is pleasing to finish the financial year with such strong profit results.”
Chris said they remained very aware of the challenges the hospitality industry was continuing to face, with all current revenues reflecting the current cost-of living crisis.
“The most recent profit results that have been delivered are a testament to the hard work and skills of our management team.”