Average revenue per member €23.28; on track to surpass €23.50 for the full year
FIRST NINE MONTHS HIGHLIGHTS
- Revenue increased by 36% to €765 million in first nine months (9M 2022: €563 million)
- Number of clubs increased by 19% (up 216) to 1,376 versus a year ago (up 176 year to date)
- Number of memberships increased by 18% to 3.71 million (9M 2022: 3.15 million)
- Average revenue per member per month increased to €23.28 (9M 2022: €22.50)
- At quarter end, Premium memberships accounted for 44% of memberships (Q3 2022: 30%);
- Premium membership uptake of more than 55%
OUTLOOK
Basic-Fit reiterates outlook for 2023:
- Revenue of at least €1 billion
- Club network to increase by at least 200 clubs
- At least 3.8 million memberships
- Average revenue per member per month of at least €23.50
- ROIC of mature clubs of well over 30%
RENE MOOS, CEO BASIC-FIT
"We had a good start of the post-holiday season with memberships increasing to more than 3.7 million. The growing membership numbers in combination with the further increasing yield per member resulted in a revenue growth of 36% in the first nine months of 2023 compared to the same period last year. The average revenue per member will continue to increase the coming years. For this year we continue to expect an average yield per member of at least €23.50. For 2024 we expect the yield to show a further gradual increase to more than €24.50. The yield increase should more than compensate for cost inflation and contribute to the further improvement of underlying club EBITDA margins.
The majority of the 73 net club openings in the quarter took place in September. This is in line with our adjusted strategy to open new clubs predominantly during the seasonally busier periods. I am proud to mention an outstanding performance of our teams by successfully opening a record 55 new clubs within one single week in September.
We look forward to presenting an update on our strategy and growth plans at our forthcoming Capital Markets Day on 9 November."
In the first nine months, we increased our club network by 176 clubs to 1,376. We opened 183 clubs and closed 7 clubs. Most clubs were opened in France, where we operated 763 clubs (YTD +116) at the end of the period. Our Spanish network recorded a growth of 45 clubs to 135. Compared to a year ago, our Spanish network increased by 61 clubs (+81%). Our Benelux operations continued the more moderate growth pace with club growth of seven in the Netherlands to 238 and three in Belgium to 222 in the period. Our club count in Luxembourg remained ten. In our newest country Germany we now operate eight clubs, all being opened in the past twelve months.
Following the seasonal slower July and August months, we recorded a sound start of the back-to school period in September. We ended the period with 3.71 million memberships, an increase of more than 560 thousand or 18% compared to a year ago. The uptake of the premium membership remained above 55%. At the end of the quarter, 44% of our total membership base had a Premium membership.
The year-to-date yield increased to €23.28. The increase was driven by the higher percentage of Premium memberships and the price increase at the start of the year. The yield increase is slightly impaired by the higher membership growth in countries with a higher VAT rate and our successful founding member opening campaigns. For 2024, we expect the yield to show a further gradual increase to more than €24.50. The yield increase should more than compensate cost inflation and contribute to the further improvement of underlying club EBITDA margins.
REVENUE DEVELOPMENT
Basic-Fit reported a 36% increase in revenue to €765 million over the first nine months of 2023 (9M 2022: €563 million). The increase is the result of a strong club openings programme and the growth in memberships, combined with the higher yield.
OUTLOOK
We reiterate our 2023 outlook as stated at the time of the publication of our half year 2023 results.
MORE INFORMATION:
Basic-Fit Investor Relations:
investor.relations@basic-fit.com
ABOUT BASIC-FIT
With over 1,285 clubs in six countries, Basic-Fit is the largest and fastest growing fitness operator in Europe and market leader in 5 markets. More than 3.6 million members can work on improving their health and fitness in our clubs. 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.
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