THE TECHNOGYM BOARD OF DIRECTORS APPROVED THE HALF-YEARLY FINANCIAL REPORT AS OF JUNE 30, 2022
TECHNOGYM: sales +17.7% in H1
- CONSOLIDATED REVENUES: Euro 325.2 million, +17.7% compared to 276.3 million in first half 2021. +14.9% currency neutral. Strong growth in North America (+52.6%)
- EBITDA ADJ: Euro 51.8 million, +8.0% compared to 48.0 million in the first half 2021
- NET PROFIT ADJ: Euro 25.0 million, +24.7% compared to 20.0 million in the first half 2021
- NET FINANCIAL POSITION: Euro 46.4 million at the end of June, compared to 70.4 million as of June 2021
Nerio Alessandri, Chairman and CEO, commented:
“Technogym has intercepted the business recovery of fitness club, hotels and medical centres, and revenues in the first six months of the year are strongly growing in all BtoB segments and the BtoC customer segment is also well above pre-pandemic levels.
Technogym is today the only brand able to fully grasp all market opportunities thanks to its digital ecosystem, which offers people the possibility of connecting to their personalized wellness experience at the gym, at home, at work, on the road.
Consistency with our premium positioning in the various market segments has also allowed us to maintain adequate profitability and look forward to the rest of the year with optimism.
Being well is good for people, businesses and governments. Today, more than ever, wellness and health are priorities for everyone: all over the world, governments are increasingly focusing on policies centered on prevention and the promotion of healthy lifestyles, companies invest on their staff health and wellness, and people are more and more aware on the benefits of regular exercise”.
Cesena (Italia), August 3, 2022 – The Board of Directors of Technogym S.p.A. (MTA: TGYM), one of the world’s leading companies in smart equipment, service and digital services for the fitness, sport and health sectors, as part of the broader wellness sector, examined and approved the consolidated half-yearly financial report as of June 30, 2020 today, drawn up in accordance with IAS/IFRS international accounting standards
The first half of the year shows a strong recovery in the BtoB segments and the confirmation of people's increased interest in health and exercise. During the period, Technogym records a significant acceleration in revenue growth, with double-digit performance in all BtoB segments and achieves revenue 10% higher than in the first half of 2019.
In terms of Adjusted EBITDA there is an improvement compared to last year, although the increase in production costs has not yet been offset by the list price increases decided during the year.
The Net Financial Position decreases compared to 31 December 2021 due to the negative seasonality of the business in the first part of the year, the payment of dividends to shareholders and an increase in Working Capital mainly related to payments to some suppliers in the first months of the current year.
Net Profit Adjusted for non-recurring items significantly improves compared to the last year and benefits from the general recovery of the business
Innovation remains the driving force behind the growth of Technogym, which in the first half of the year presented Biostrength, the new line for strength training (a fast-growing trend in the market), that, thanks to artificial intelligence, adapts to the needs and goals of each individual user and offers a unique range of training content with the aim of guaranteeing 30% more results for the same training time.
Inoltre, per migliorare ulteriormente l’esperienza di allenamento dell’utente, sono state lanciate nuove funzionalità di Technogym App e nuovi contenuti video nell’ambito della piattaforma Technogym Live.
Moreover, new Technogym App features and new video content have been launched as part of the Technogym Live platform to further enhance the user's training experience.
Today Technogym is present in over 85 thousand professional centres and over 22 million users use the MyWellness platform and the Technogym App to support their workout.
During the half-year, the company continued its commitment to marketing and communication activities, as well as to the development of new training content, aimed at maintaining Technogym's positioning as a Premium brand in the BtoB sector and Prestige in the BtoC sector, and at supporting the company's role as an end-user training partner with a hybrid approach, thus capitalising on the growing interest of end-users in Wellness on the go launched by Technogym back in 2012.