FULL YEAR FINANCIAL HIGHLIGHTS
Revenue increased by 26% to €326 million (2016: €259 million)
Like-for-like revenue of mature clubs increased by 1.3% to €135 million (2016: €134 million)
Adjusted EBITDA increased by 25% to €100.5 million (2016: €80.4 million)
Net earnings of €11.1 million (2016: - €32.4 million)
Adjusted net earnings1 increased by 57% to €23.6 million (2016: €15.0 million)
FULL YEAR OPERATIONAL HIGHLIGHTS
102 net club openings, growing the network to 521 clubs (up 24% year on year)
Total number of memberships increased to 1.52 million (up 26% year on year)
Other revenue increased by 31% to €7.2 million (2016: €5.5 million) due to increased demand for day passes and personal trainers
Strong and growing club openings pipeline with more than 250 clubs giving confidence to open around 100 clubs in 2018
Unchanged target of return on invested capital on mature clubs of at least 30%
Rene Moos, CEO Basic-Fit:
We had a very successful 2017. We increased the number of clubs, members, revenue and EBITDA by at least 24%. We added 102 clubs to our network, taking the total to 521 clubs. Passing the 500-club mark was a historical moment for Basic-Fit and reconfirmed our position as the leading and fastest growing fitness chain in Europe.
We are delivering on our accelerated club rollout plan and at the same time manage to retain our strong margins. The mature part of our network had an adjusted club EBITDA margin of 49.4% and the return on invested capital of the cohort that became mature at the start of 2018 was 34%, well above the targeted 30%.
In 2017, we continued to invest in innovations to make fitness available to everyone, everywhere and in every way possible. It is our mission to make fitness accessible to all people across Europe. The launch of our new virtual group classes platform, GXR, is making it even easier for people to exercise and have fun both inside and outside our clubs and it helps us in our aim to reach as many as five million people with our fitness offering by 2025.
The club openings pipeline continues to grow and be well-filled. Particularly thanks to France, where we believe we have the opportunity to open at least 600 clubs.
At the end of the year we had 31 clubs under construction and we are confident to open around 100 clubs in 2018.
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