A new survey of golf courses in Europe, the Middle East and Africa reports that more than half experienced higher revenues and more rounds played in 2011 than the previous year.

The upturn remains relative, however: only a quarter of operators surveyed by the golf advisory practice of KPMG, a provider of audit, tax and other professional services, have reached the same business performance level  as before the downturn.

Moreover, a quarter of courses reported an operating loss in 2011.

Andrea Sartori, head of KPMG's golf advisory practice, said that while there were "signs" that courses across the region had started to recover, "the speed of that recovery is variable".

It would "still take time to return to pre-downturn levels of business performance".

All told, 58 per cent of courses covered were profitable in 2011, up from 49 per cent a year earlier.

Courses in Britain and Ireland, the largest golf market in the region, fared better than this, with more than 70 per cent profitable.

Courses in Eastern Europe returned the weakest findings, with nearly a third reporting 'poor' results.

More than half of operators surveyed were found to have taken measures to cut costs, with 37 per cent cutting staff.

Golf is gearing up to take its place at the Summer Olympics, starting with the 2016 Games in Rio de Janeiro.

The full report can be downloaded here.

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