18 Aug 2017
Basic-Fit on track to open 100 gyms this year
BY Deven Pamben
European low-cost gym chain Basic-Fit is on target to open 100 clubs this year after it reported revenue growth of 26 per cent in the first six months of 2017 to €156m (US$183.2m, £142.1m), up from €124m (US$145.6m, £113m) during the same period in 2016.
The company's latest trading update also showed that adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) increased by 23 per cent to €45.5m (US$53.4m, £41.5m) during the January-June period, up from €37.2m (US$43.7m, £33.9m) in the same period last year.
In the first half of 2017, a total of 47 net clubs opened, growing Basic-Fit's network to 466.
The company has clubs in Belgium (163), the Netherlands (149), France (114), Spain (32) and Luxembourg (8). It has aggressively increased the number of clubs in France, growing by 70 within a year.
Memberships across the group increased to 1.36 million, up 13 per cent during the six-month period.
“The club EBITDA margin remained strong at 43.3 per cent despite the large number of new club openings," said Rene Moos, Basic-Fit chief executive.
“The club openings pipeline remains strong with most clubs planned to be opened in France. With 47 net club openings, we're on track to open around 100 clubs this year.”
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