The European arm of golf brand Ping has hailed another record year as its sales passed £100m for the first time.

The Lincolnshire-headquartered business has posted a turnover of £107.5m for 2023, up from the previous record of £90.8m, according to newly-filed accounts with Companies House.

The firm has also reported a pre-tax profit of £9.3m for the 12 months, up from £7m.

As a result of its record year, Ping issued a dividend of £5.1m after not paying one in 2022.

The company’s UK turnover jumped from £44.1m to £53.7m while its sales in Europe rose from £43.2m to £51.5m. Its turnover in the rest of the world dipped from £3.4m to £2.2m.

‘Excellent trading year’ for Ping

A statement signed off by the board said: “The group had an excellent trading year, one that continued the sales momentum that had started from 2022.

“The group had another record year for sales; all areas of the business reported growth from 2022.

“2023 saw the launch of the G430 family in [the] UK and Europe.

“This product launched late in 2022 in Asia and was received well by customers in those markets and was the number one selling product in many of our European markets.

“The group also launched a new ladies range of products, the Gle3, in July and this ensures we continue to have a product offering that covers all genders and age demographics. Our apparel continued to grow and increase market share.

“The group continued to invest in renewing the facilities and golf courses at Thonock Park.

“2023 proved to be a record sales year for the group, with sales growth of 14 per cent from the previous best year in 2022.”

The wider Ping group is headquartered in the USA and was founded in 1959.