- Club openings pipeline strengthens further; at least 100 club openings in 2018
The average yield per member per month decreased by three percent to €19.26 compared to €19.76 in H1 2017. Excluding the impact of IFRS 15 the yield in the first half of the year would have been €19.30. The €0.46 decrease is the result of the larger part of France in the mix with its high VAT rate which was partly compensated by the higher up-take of add-on services and the introduction of the DUO membership in France.
BASIC-FIT CONTINUES STRONG GROWTH WITH SOLID MARGINS
Club openings pipeline strengthens further; at least 100 club openings in 2018


H1 FINANCIAL HIGHLIGHTS
Revenue increased by 22% to €190 million (H1 2017: €156 million)
Adjusted club EBITDA margin remains strong at 43.2% (H1 2017: 43.3%)
Adjusted EBITDA increased by 24% to €56.7 million (H1 2017: €45.5 million)
Net earnings increased by 173% to €6.1 million (H1 2017: €2.2 million)
Adjusted net earnings1 increased by 23% to €12.7 million (H1 2017: €10.3 million)
H1 OPERATIONAL HIGHLIGHTS
44 net club openings in the period, growing network to 565 clubs (521 clubs at FY 2017 and 466 clubs at H1 2017)
Total number of memberships increased by 148 thousand in the period to 1.67 million (1.52 million at FY 2017 and 1.36 million at H1 2017)
Introduction of the DUO membership to support yield and length of stay
Other revenue increased by 48% to €4.9 million
OUTLOOK 2018
The club openings pipeline continues to strengthen further with over 300 clubs in the different stages of the pipeline
We expect to open at least 100 new clubs in 2018


Rene Moos, CEO Basic-Fit:
We had a strong first half of the year in which we increased the number of members by 23% and revenue by 22% year on year. We continued to diligently execute our ambitious growth strategy and with 32 new clubs in the second quarter of which 14 in June, club openings were back-end loaded. We expect to benefit from the ramp-up of memberships at these new clubs and adjusted EBITDA growth to remain robust in the second half of the year.


At the end of the period we introduced a new type of membership called DUO, which allows a member to bring someone else to the club to work out together. We expect that this will support the average revenue per member and increases the average length of stay as working out together is more fun and motivates members to keep on exercising and stay a member longer.


With France being at the core of our growth strategy, our new club openings pipeline continues to grow with mainly French clubs. At the same time, we are consolidating our leading market position in the Netherlands and Belgium where we will increase the number of club openings to further benefit from operating leverage. We continue on our strong growth path and for this year expect to open at least 100 clubs.

tijd 09.22
De Smallcap 1.057,69 -4,86 -0,46% Basic Fit EUR 28,10 +30ct vol. 9.180