The loss in revenue has been largely due to a decrease in sales of the firm’s luxury apartments.

The Old Course Ltd saw sales fall from £23.6 million in 2017 to £20.5m last year.

Gross profit for The Old Course Ltd rose to £1.1m for the year ending December 31st 2018 against a loss of £330,000 the previous year.

The firm posted a pre-tax loss of £643,000, which is a substantial improvement on the £4.2m pre-tax loss in 2017.

Within his strategic report, director Herbert Kohler credited a rise in the hotel’s occupancy rates and the number of hotel guests, for the increase of underlying trading revenue of The Old Course Hotel.

Mr Kohler told The Courier and Advertiser: “Competitive pressure in the UK and international resort markets are a continuing risk for the company, particularly against the backdrop of the current economic climate. The company manages these risks by investing in superior quality products and services in an effort to distinguish itself from its competitors.”

He added: “The uncertainty surrounding the UK’S exit from the EU will present a risk in the selling of apartments by the company and recruitment and retention of casual staff in 2019 and beyond. The weakening pound presents a risk of increased costs to the company but could also stimulate overseas tourist numbers visiting the UK.”

The company’s staff numbers have steadily increased from 408 in 2017 t0 440 last year, with a total of 407 employed in hotel operations and 33 in administration roles.

Old Course Ltd is 99.8% owned by Kohler Scotland, a wholly-owned subsidiary of USA registered Kohler Co, with the remaining 0.02% owned by the R&A.