Technogym grows by 20%

In 2021 consolidated revenue of Technogym grew by 20% to EUR 611 million, while adjusted EBITDA increased by 11% to EUR 107 million. Thereby, net financial position improved to EUR 96 million. Management proposes a dividend of EUR 0.16 per share.

The year 2021 was characterized by the progress of the vaccination campaign against Covid-19 in many countries, which allowed a gradual easing of restrictive measures. Thanks to the reopening of many activities, the climate of greater optimism recorded among several economic players and the ever-increasing interest in Wellness, Technogym recorded a significant revenue growth, supported by a strong recovery in the B-to-B segments from the second quarter.

Total revenue for the year were Euro 611.4 million an increase of 20.0% vs. 2020 thanks to further growth in the B-to-C customer segment and a marked recovery in the B-to-B segment. In a scenario in which all geographical areas continued to feel, at least in part, the impact of the pandemic, the double-digit performances recorded in almost all parts of the world highlight the acceleration of recovery in the B-to-B segment during the last few quarters of the year and a general need for wellness that knows no borders. Turning to individual markets, growth of over 20% was reported in the UK, China and Benelux.

Adjusted EBITDA accounted for EUR 107.0 million, an increase of EUR 10.1 million (+10.5%) compared to EUR 96.9 million in 2020. The impact of the costs of raw materials, logistics and energy was partially offset by the increase in volumes and the two sales price increases finalized during the year but whose contribution to revenues was partial. Indeed, it should be borne in mind that, given the nature of the business, some months are needed for new prices to be fully recognized in the top line. Overall, the Adjusted EBITDA margin is 17.5%, declining Vs the 19% registered in the previous year.

The net financial position improved significantly compared to 2020 thanks to the significant cash generation recorded during the year, which enabled Technogym to increase its net cash position at the end of the year to Euro 96 million, despite an acceleration in investments, which are strategic for the company's medium/long-term development. Net income improved compared to 2020 leading to a shareholder remuneration of Euro 0.16 per share.

Nerio Alessandri, President and CEO comments: “The Technogym team has been able to adapt, quickly, with passion and sense of responsibility to the demand evolution in the different market segments. 2021 marked a gradual return to normality, with a strong recovery in BtoB, an overall turnover of + 20%, an EBITDA of 120 million and a strong cash generation.

All over the world, people have returned to training in the gym faster than expected, with a strong “connected fitness” attitude, gained during the lockdown. Despite the quick fitness club re-start, home wellness still maintained double-digit growth rates. People train at the gym, at home, at work and on- the-go, also connecting to their own personalized training program for fitness and sport. This consumer lifestyle represents an extraordinary opportunity for Technogym thanks to its industry unique connected ecosystem able to offer engaging on-demand training experiences.“

Source: Technogym
Picture: Technogym

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