25 Jul 2023
Basic-Fit EBITDA increase by 83 per cent to €110m
BY Tom Walker
Basic-Fit experienced strong growth in clubs and members during the first six months of 2023.
Reporting its H1 results, the Netherlands-based company saw its underlying EBITDA increase by 83 per cent to €110m.
With 103 net club openings between January and June 2023, Basic-Fit expanded its network to 1,303 clubs – an increase of 181 clubs from the number at the end of H1 2022.
It also grew its memberships by 686,000 year-on-year to 3.61 million – up from 2.92 million in June 2022.
In addition, premium membership penetration rate increased to 41 per cent from 26 per cent in June 2022, resulting in average revenue per member jumping from €22.22 in 2022 to €23.13.
Total group revenue increased by 41 per cent to €500m, leading to an underlying, positive net result of €2.4m – an improvement on the loss of €20.6m it recorded during the first half of 2022.
Basic-Fit also successfully amended and extended its bank financing until June 2027.
According to CEO, Rene Moos, the outlook remains positive for the rest of 2023.
He said he expects the group's estate to grow "by at least 200 clubs" and memberships to 3.8 million this year.
“In the first half of 2023 we were able to show strong growth in the number of clubs, memberships and underlying EBITDA compared to the first half of the recovery year 2022," Moos said.
"The membership development was particularly strong considering the normalised churn level and the high Premium membership take-up rate of more than 55 per cent. Looking at our membership overall, 41 per cent are now Premium members.
"The year started with elevated operating costs, particularly wages, rent and energy. As a result of the adjusted membership structure for new members and an increasing uptake of the premium membership, the average revenue per member per month is increasing and will continue to do so this year and into 2024.
"This will help us mitigate the inflationary pressures and achieve our ROIC target of well over 30 per cent.
"By the end of the first half, we were able to sign more favourable energy contracts for France for both 2024 and 2025.
"Based on these much lower prices and taking into account the fixed prices for part of our consumption in our other countries, we expect the average energy bill per club will drop from approximately €55,000 per club in 2023 to approximately €35,000 per club in 2024 and 2025."
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