In the third quarter of this year the sales revenues of the Benefit Systems Group amounted to PLN 485.4 million, while the operating profit was PLN 69.1 million. In the key area of the Group’s operations, historical levels of sports cards sale were recorded in all markets: at the end of September this year there were over 1,065,000 sports card holders in Poland and 379,000 on foreign markets. The Group’s estimates show that in October and November the number of sports cards in Poland will increase by 94,000 up to 1,159,000 and abroad it will amount to 420,000. The Group continues the activities supporting the sale of sports cards and B2C passes in its own clubs as well as works on the development of the non-financial benefit offer.
– We are rebuilding the condition of Benefit Systems at a very good pace, which we want to maintain in the coming months. Therefore, we expect good results in the fourth quarter and a satisfactory operating profit for 2022 – says Bartosz Józefiak, Management Board Member at Benefit Systems responsible for the Group’s finances. – The third quarter of this year was special for us as the sales of sports cards in all markets in which we operate was higher than expected. Our own fitness clubs were also doing very well. We can see that the actions taken in the pandemic to optimise costs and processes as well as intensifying sales and making the offer more attractive bring the desired results. We are also favoured by the trends related to health and physical activity as well as those in HR where more and more attention is paid to employee wellbeing. Therefore, we plan to maintain the growth in the number of cards in Poland in 2023 at the levels observed before the pandemic and in other markets to increase the total number of cards by 100,000. We will also continue works on the development of the MyBenefit cafeteria platform and the MultiLife programme offer – adds Bartosz Józefiak.
In the third quarter consolidated sales revenues amounted to PLN 485.4 million and were 63% higher than in the corresponding period in 2021. The Group recorded PLN 69.1 million of operating profit and PLN 34.4 million of net profit attributable to the shareholders of the parent company (compared to PLN 10.0 million loss a year earlier). In the three quarters of 2022, sales revenues amounted to PLN 1,346.9 million (an increase by 134% y/y), which translated into an operating profit of PLN 138.8 million (compared to a loss of PLN 41.9 million a year earlier) and the net profit attributable to the shareholders of the parent company in the amount of PLN 74.1 million (compared to PLN 48.6 million loss for the three quarters of 2021).
In the third quarter of this year the Poland Segment recorded revenues of PLN 345.2 million (an increase by 66% compared to the same period in 2021), while the number of cards at the end of the third quarter was 1,065,000. As part of supporting sales activities, both in the B2B and B2C channels, the Benefit Systems Group implemented several educational and sales campaigns as well as the next edition of the Summer Game. Currently, there are over 4,700 sports facilities operating within the MultiSport Programme partner network. At the end of September this year, the Group’s own networks had 162,000 users training in 169 clubs. At the beginning of November a new club was opened in Wodzisław Śląski and earlier this year a new Zdrofit club appeared in the revitalised Fabryka PZO building in the Praga district in Warsaw.
– It is worth paying attention to the significant improvement in the efficiency of our fitness clubs. In the third quarter we have higher B2C revenues than in the corresponding period before the pandemic with slightly lower direct costs, despite high inflation. These results are favoured by the current trends in the field of physical activity and health as well as measures implemented since 2019 to optimise costs and increase the effectiveness of this area – says Bartosz Józefiak.
As far as foreign markets are concerned, at the end of September there were 379,000 active cards. In the third quarter of this year revenues of the Foreign Countries Segment amounted to PLN 140.2 million (an increase by 57% compared to the same period in 2021), and operating profit was PLN 15.5 million. This is another quarter with EBIT significantly above break even, which was influenced by very good dynamics of sports card sales and optimisation measures implemented in the pandemic.
– We observe exceptionally good sales dynamics on foreign markets, also at the beginning of the fourth quarter. According to preliminary estimates, in October and November the number of cards will increase by approximately 40,000. In our youngest market, which we are still analysing, we continue pilot activities and increase the number of partner facilities. We currently have over 200 clubs in our partner network in Istanbul. We will make the decision whether to continue our presence in Turkey after the end of the year – explains Bartosz Józefiak.
Additional information
on Benefit Systems’ financial results for the third quarter of 2022 can be found at: https://www.benefitsystems.pl/en/for-investors/reports/
The presentation for the report is available at: https://www.benefitsystems.pl/en/for-investors/data-presentations/presentations/
on Benefit Systems’ financial results for the third quarter of 2022 can be found at: https://www.benefitsystems.pl/en/for-investors/reports/
The presentation for the report is available at: https://www.benefitsystems.pl/en/for-investors/data-presentations/presentations/
Benefit Systems has been operating on the Polish market for over two decades and is one of the leaders in providing non-financial benefits that support employee wellbeing. The company is the creator of the MultiSport Programme which enables taking up physical activity in sports facilities all over the country. The Benefit Systems’ portfolio also includes the MyBenefit cafeteria platform and the MultiLife wellbeing programme. For several years now the company’s sports offer has been developed on foreign markets, including the Czech Republic, Slovakia, Bulgaria and Croatia. The Benefit Systems Group also operates over 190 fitness clubs on four markets (in Poland it is responsible for such networks as Zdrofit, Fitness Academy, My Fitness Place, Fabryka Formy, StepONE, S4 Fitness, FitFabric and Total Fitness). An important area of Benefit Systems’ activities is promoting an active lifestyle at its every stage, which is why the company implements initiatives supporting the physical activity of children, adults, and seniors. Since 2018 Benefit Systems has been part of the global B Corp movement that brings together companies involved in solving the most important social problems. More information about the company can be found at www.benefitsystems.pl.