Continued strong growth in clubs and revenue; robust club EBITDA margin at 43.3%
H1 FINANCIAL HIGHLIGHTS
Revenue increased by 26% to €156 million (H1 2016: €124 million)
Other revenue increased by 34% to €3.3 million (H1 2016: €2.5 million)
Club EBITDA margin remains strong at 43.3% (H1 2016: 43.3%)
Adjusted EBITDA increased by 23% to €45.5 million (H1 2016: €37.2 million)
Adjusted net earnings1 were €10.3 million (H1 2016: €2.7 million)
H1 OPERATIONAL HIGHLIGHTS
47 net club openings year to date, growing network to 466 clubs (up 11% in H1 2017 and 27% year on year)
Total number of memberships increased to 1.36 million (up 13% in H1 2017 and 22% year on year)
Sports water subscriptions doubled to 18% of membership base (H1 2016: 9%)
The club openings pipeline for the remainder of 2017 and 2018 is well filled
We remain confident to grow our network by around 100 clubs in 2017 and onwards
Unchanged target of return on invested capital on mature clubs of at least 30%
Rene Moos, CEO Basic-Fit:
Basic-Fit had a strong first half of the year in which we delivered on the accelerated growth plans and maintained our high margins. The club EBITDA margin remained strong at 43.3% despite the large number of new club openings.
The development of add-on revenue was encouraging. Our members appreciate the additional options that we offer to optimise their fitness experience. More members now add a sports
water or PRO APP subscription to their memberships which contributed to a higher average yield per member.
The club openings pipeline remains strong with most clubs planned to be opened in France. With 47 net club openings, we are on track to open around 100 clubs this year. In 2016 and the first half of this year club openings were back-end loaded. Because of this and the many new clubs that are now ramping up memberships, we expect to benefit from operating leverage and
adjusted EBITDA growth to accelerate in the second half of 2017.
Note: Adjusted (club) EBITDA, adjusted net earnings and leverage ratio are non-GAAP measures (see page 7)
1 Net earnings adjusted for amortisation, interest on shareholder loans, exceptional items and one-offs and the related taks effects (25%).
FINANCIAL AND BUSINESS REVIEW
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The full half year report including notes to the interim condensed consolidated financial statements is
available on Basic-Fit’s corporate website.
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