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Basic-Fit N.V. Earnings Release 2023
3818_iss_2023-04-24_9cf0ec3b-2ebf-441d-93e0-22d161088af4.pdf
Earnings Release
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BASIC-FIT PRESS RELEASE Q1 2023 TRADING UPDATE
Hoofddorp, 24 April 2023
BASIC-FIT REPORTS 51% REVENUE INCREASE TO €245 MILLION
FIRST THREE MONTHS HIGHLIGHTS
- Number of memberships increased by 7.5% to 3.60 million from 3.35 million at the start of the year (up 37% compared to Q1 2022)
- Number of clubs increased by 68 to 1,268 (up 181 vs. Q1 2022)
- Revenue increased by 51% to €245 million (Q1 2022: €162 million)
- Average revenue per member per month increased to €22.63 (Q1 2022: €21.51)
- At quarter end, Premium memberships accounted for 38% of memberships (Q1 2022: 24%); Premium membership uptake continued to be above 50%
OUTLOOK
- Basic-Fit reiterates outlook for 2023:
- o Revenue of at least €1 billion
- o Club network to increase by at least 200 clubs
- o Continued gradual increase of the average revenue per member per month
- o ROIC of mature clubs of well over 30%
RENE MOOS, CEO BASIC-FIT
"In the first three months of 2023 we continued to see a strong development of our membership base. Joiner rates are comparable to historic trends, whilst at the same time leaver numbers remained slightly below historic trends. The new membership structures, which we introduced in France at the end of 2022 and in the Benelux countries early February 2023, were well received by our new members. We continue to see a Premium membership uptake of over 50%, which is important for our aim to gradually increase our average revenue per membership to mitigate the impact from cost inflation."
| KPIs | |||
|---|---|---|---|
| Q1 2023 | Q1 2022 | change | |
| Revenue (€ millions) | 245 | 162 | 51% |
| Clubs | 1,268 | 1,087 | 17% |
| Memberships (millions) | 3.60 | 2.63 | 37% |
| Avg. monthly revenue per membership (€) | 22.68 | 21.51 | 5% |
CLUB & MEMBERSHIP DEVELOPMENT
In the first three months, we increased our network by 68 clubs to 1,268. We opened 72 clubs and closed 4 clubs. Most clubs were opened in France, where we now operate 696 clubs (+49). Spain accounted for a net growth of 14 clubs to 104, helping it to extend its recent market leadership. In
the Netherlands, Belgium and Germany we grew our club network to 233 (+2), 220 (+1) and 5 (+2) respectively. Our club count in Luxembourg remained 10.
The number of memberships increased by 250 thousand (+7.5%) to 3.60 million (FY 2022: 2.35 million). Compared to Q1 2022 (2.63 million) the increase in memberships was 37%.
The uptake of the premium membership remained above 50% of joiners. At the end of the first quarter, around 38% of our total membership base has a premium membership.
REVENUE DEVELOPMENT
Basic-Fit reported a 51% increase in revenue to €245 million over the first three months of 2023 (Q1 2022: €162 million. The extraordinary increase is the result of a strong club openings programme and a high growth rate in memberships following the lifting of all remaining COVID-19 restrictions in all our countries in the first four months of 2022. The average revenue per membership per month increased by €1.12 to €22.68 (Q1 2022: €21.51), thanks to the change in membership structure and our ongoing efforts to further increase the Premium membership base.
OUTLOOK
We maintain our 2023 outlook as stated at the time of the publication of our FY 2022 results.
Club openings pipeline (# clubs)
FOR MORE INFORMATION
Basic-Fit Investor Relations +31 (0)23 302 23 85 [email protected]
Basic-Fit is listed on Euronext Amsterdam in the Netherlands ISIN: NL0011872650 Symbol: BFIT
FINANCIAL CALENDAR
| AGM | 24 April 2023 |
|---|---|
| Half-year 2023 results | 25 July 2023 |
| Q3 2023 trading update | 20 October 2023 |
|---|---|
| Capital Markets Day | 9 November 2023 |
ABOUT BASIC-FIT
With 1,285 clubs, Basic-Fit is the largest fitness operator in Europe. The company operates in six countries and has more than 3.6 million memberships. Basic-Fit operates a straightforward membership model and offers a high-quality, value-for-money fitness experience that appeals to the fitness needs of all people who care about their personal health and fitness.
NOTES TO THE PRESS RELEASE
The financials are presented in millions of euros and all values are rounded to the nearest million unless otherwise stated. Change percentages and totals are calculated before rounding. As a consequence, rounded amounts may not add up to the rounded total in all cases.
This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.
FORWARD-LOOKING STATEMENTS / IMPORTANT NOTICE
Some statements in this press release may be considered 'forward-looking statements'. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that may occur in the future. These forward-looking statements involve known and unknown risks, uncertainties and other factors that are outside of our control and impossible to predict and may cause actual results to differ materially from any future results expressed or implied. These forward-looking statements are based on current expectations, estimates, forecasts, analyses and projections about the industry in which we operate and management's beliefs and assumptions about possible future events. You are cautioned not to put undue reliance on these forward-looking statements, which only express views as at the date of this press release and are neither predictions nor guarantees of possible future events or circumstances. We do not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as may be required under applicable securities law.
