Basic-Fit reports strong membership growth after reopening

Today, Europe’s largest health and fitness club operator Basic-Fit announced its half-year results 2021: Due to club closures (81% of the time) revenue decreased to EURm 53 compared to EURm 182.5 in 2020. After reopening Basic-Fit saw record numbers of joiners with below average number of leavers, leading to a total number of memberships of 2.01 million compared to 1.75 million before reopening. The company successfully raised equity in April, issued a convertible bond in June and had EURm 497 available liquidity at the end of the period.

[Translate to Englisch:]

Financial highlights

  • Clubs closed for 81% of the time, significantly impacting results
  • Revenue decreased to EURm 53.0 (H1 2020: 182.5)
  • Underlying EBITDA of minus EURm 12.5 (H1 2020: 62.2)
  • Successful equity raise in April (EURm 204) and convertible bond issue in June (EURm 304)
  • EURm 497 available liquidity at end of period H1

Operational highlights

  • Clubs reopened in the Netherlands on 19 May (211 clubs) and in France and Belgium (640 clubs) on 9 June
  • Record numbers of joiners after reopening with below average number of leavers
  • Total number of memberships of 2.01 million (FY 2020: 2.00 million) compared to 1.75 million before reopening
  • Total number of clubs increased by 68 in H1 2021 to 973 clubs (up 142 or 17% year on year)


  • Ample available liquidity allows for recommencement of execution of growth strategy
  • Net new club openings of approximately 105 to 1,010 in 2021
  • Acceleration of club rollout in 2022, which will bring us close to our target of 1,250 clubs by the end of 2022
  • Club opening expectations are based on the assumption that there will be no new significant COVID-19 related government measures

Rene Moos, CEO Basic-Fit, comments on the situation of his company:

“The first half of the year was defined by COVID-19 related government measures. For 81% of the period we could not welcome our members to our clubs resulting in a significant loss of revenue. In the weeks after reopening, many members quickly came back to our clubs and we saw our membership base increase by more than 250,000 in this short time period. This shows that fitness fulfils a real need and that people are eager to be active again and work on their health and fitness.

As a result of the successful equity raise in April and convertible bond issue in June, we ended the period with a comfortable available liquidity position of just below EURm 500. We also came to an agreement with our banks for an amended covenant testing at both year-end 2021 and June 2022. The current comfortable financial position and the positive membership developments after reopening encouraged us to recommence the execution of our growth strategy. Our club openings pipeline remains strong and we expect to open a large number of clubs in the next 18 months, which should bring us close to the targeted 1,250 clubs at the end of 2022.

We continue to keep a close eye on the development of COVID-19 and potential subsequent government measures. Nearly all new property lease contracts include a pandemic clause, providing us with the flexibility to adjust the timing or pace of club openings in case new club closures would occur. It is currently not clear how the latest government measures in France could potentially impact the demand for fitness. We have large clubs and all our clubs are equipped with optimised ventilation systems and we maintain strict hygiene protocols to ensure that our staff and members have a safe place to work and work out in.”

Source: Basic-Fit
Picture: Basic-Fit

Subscribe to our newsletter now

... and stay up to date

  I agree that the operator and publisher may inform me about selected topics. My data is used exclusively for this purpose. In particular, no disclosure to unauthorized third parties. I am aware that I can revoke my consent at any time with effect for the future. The Privacy Policy applies, which also includes other information about how to correct, delete and block my data.

*) required.