• Number of memberships increased by 251 thousand to 4.05 million (up 450 thousand memberships or 13% year-on-year)
• Club network increased by 104 to 1,506 clubs in Q1 2024 (up 238 clubs year-on-year)
• Revenue increased by 16% to €284 million (Q1 2023: €245 million)
• Successful closure of RSG Spain acquisition at the end of the quarter
2024 OUTLOOK
• Club network to increase to around 1,575 clubs, including RSG Spain acquisition
• Revenue of between €1.20 billion to €1.25 billion
• Average revenue per member per month to increase to at least €24.50
• Underlying EBITDA less rent of between €305 million and €330 million (2023: €261 million)
• Free cash flow before new club expansion* per share of between €2.60 and €2.95 (2023: €2.09)
• ROIC of mature clubs of well over 30%
RENE MOOS, CEO BASIC-FIT
"We had a good start of the year with revenue increasing 16% year-on-year as a result of a 13% increase in memberships and a continuing increase in average revenue per member. In France, we implemented a new management structure, in which we separated the responsibilities for expansion and the existing club network. To further improve the membership experience, we continue to invest in the quality of the clubs, including the offering of massage chairs and extending the opening hours, including 24/7 clubs, especially in large cities. At the end of the quarter, we successfully completed the acquisition of RSG Spain, adding well over 100 thousand memberships and 47 clubs to the Basic-Fit network. We are currently exploring the options for the five Holmes Place clubs. In the coming quarters we will convert the 42 McFIT clubs to the Basic-Fit brand and integrate them into the Basic-Fit network. The acquisition strengthens our leading position in Spain, and we will continue with a high pace of expansion of our Spanish network in the coming years."
Download press release:
https://corporate.basic-fit.com/docs/Basic-Fit%20Q1%202024%20trading%20update?q=3flyLwrrUDQCkudyXy5VCl
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