Successive development and exceeding the threshold of 2 million sports cards – the Benefit Systems Group summarises the beginning of 2024.
Benefit Systems Group continues its dynamic development supported by continuing positive market trends. The Group ended the first quarter of this year with a 28% increase in revenues year-over-year (PLN 801.1 million), operating profit without the impact of the valuation of the Incentive Programme at the level of PLN 130.6 million (an increase of 95%) and net profit higher by 76% (92 PLN 1 million). After the end of the reporting period, the Group exceeded the threshold of 2 million sports cards and maintains the goal of increasing their number by 230,000 throughout 2024.
– The Group’s results confirm the effectiveness of the strategy and our ability to implement it. All business areas currently contribute to the growth of the Group’s profit, and in the case of the Poland Segment, the importance of the results generated by its own fitness networks is significantly growing. It was a record quarter for our clubs when operating profit increased almost threefold compared to the same period in 2023, and the number of B2C passes increased by over 30% year-over-year. Thanks to the development of the offer and constant improvement of the quality of services provided, as well as new locations (openings and acquisitions), the number of visits generated by our sports card users is systematically going up. We want to maintain the dynamic pace of the Group’s development, which is why we analyse the market in terms of investments and potential acquisitions – says Marcin Fojudzki, Management Board Member at Benefit Systems, and adds: – A strong first quarter in all areas of our business allows us to maintain our assumptions regarding the achievement of the Group’s growth goals in 2024.
In the first quarter of this year the sales revenues of the Benefit Systems Group amounted to PLN 801.1 million and were 28% higher than in the same period in 2023. The results were influenced by an increase in the volume of sports cards and passes by approximately 15% year-over-year and a change in the average ARPU to all markets by a low dozen or so percent year-over-year. The Group recorded PLN 130.6 million of operating profit adjusted for the impact of the valuation of the Incentive Programme and PLN 92.1 million of reported net profit attributable to the shareholders of the parent company (compared to PLN 52.4 million of net profit a year earlier). The Group ended the quarter with a net cash position of PLN 506 million.
Poland Segment
In the first quarter, the Poland segment recorded an increase in revenues by 34% year-over-year, reaching PLN 581.8 million. The number of cards in Poland increased by 15% to 1,508,800 and the number of B2C passes amounted to 258,400 (increase by 35% year-over-year). At the end of March this year, Benefit Systems operated 224 fitness clubs. Thanks to intensive work on the quality of the offer and tactical acquisitions in key markets (including InterFit Club in Silesia and Good Luck Club in Pomerania), the company continues to increase the share of fitness visits in its own clubs.
Foreign Countries Segment
The Foreign Countries Segment, considering the Group’s operations in five markets (Czech Republic, Slovakia, Croatia, Bulgaria and Turkey), increased its revenues by 15% year-over-year (PLN 219.3 million), while operating profit increased by 55% year-over-year to PLN 25.4 million. At the end of March this year the group has 31 fitness facilities abroad, and the number of cards amounted to 487,800. In April this year, the Group took over three fitness clubs in Zagreb, expanding the network of its own clubs in Croatia, which has been developed since the beginning of 2024.
Detailed information on the financial results of Benefit Systems S.A. for the first quarter of 2024 can be found at https://www.benefitsystems.pl/dla-inwestora/raporty/.
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Jolanta Jędrysek
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 well-being. The company is the creator of the MultiSport Programme, which enables physical activity in sports facilities throughout the country. Its 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 operates over 240 fitness clubs on four markets (in Poland it is responsible for the Fabryka Formy, FitFabric, Fitness Academy, My Fitness Place, Saturn Fitness, StepONE, Total Fitness and Zdrofit networks). An important area of Benefit Systems activities is the promotion of an active lifestyle at every stage of life, which is why the company implements initiatives supporting physical activity of children, adults, and seniors, also as part of the MultiSport Foundation. Since 2018, Benefit Systems has been part of the global B Corp initiative, bringing together companies operating and engaging in solving the most important social problems. More information can be found at benefitsystems.pl/en.
