Gym group Flyefit continues to expand after cutting its pre-tax loss by 81% to €524,078 last year.
lyefit Holdings Ltd trimmed its losses as revenue rose 11.5 percent last year to €10.98 million from €9.85 million in the company’s second year hit by the pandemic.
2021 revenue of €10.98 million is a far cry from the group’s pre-Covid-19 revenue of €18.97 million in 2019.
The group reported an operating profit of €133,183 last year after posting an operating loss of €2.15 million in 2020.
However, interest costs of €657,261 resulted in a pre-tax loss of €524,078. The Directors state that the results for the year and the Group’s financial position at the end of the year were considered satisfactory.
In a post-balance sheet event, the directors state that the group has continued with its expansion plans and is in the process of completing the final steps to open four new gyms across Dublin.
The new gyms are part of a €10 million expansion plan by directors Brendan O’Hagan and Séamus Kennedy, and the number of Flyefit gyms in operation today has grown to 20 – from 16 earlier this year.
The accounts show the group received €1.13 million in Covid-19 government support last year, after receiving €623,643 under that heading in 2020.
The loss for the previous year includes high non-cash depreciation costs of €3.5 million.
A note reveals that managerial accounts continue to reflect positive net asset values throughout 2022 to date. It states that it has prepared earnings and loss and cash flow projections through June 2023 and beyond to reflect profitability and cash flow sufficient to meet the Company’s needs and commitments during that reporting period.
The number of employees rose from 76 to 98, while personnel costs fell from €1.83 million to €1.69 million. Directors’ salaries increased from €100,000 to €300,000 last year. In 2019, Management Board remuneration amounted to EUR 425,500.
https://www.independent.ie/business/revenues-at-gym-group-flyefit-rebound-to-almost-11m-42220065.html The turnover of the Flyefit gym group recovers to almost 11 million euros