The membership is back too full at Sats
The training chain Sats will present results for the third quarter on Thursday.
The chain writes that by the end of October, the membership was back where it was in 2019 before the pandemic struck. This has been adjusted for nine gyms that Sats got rid of last summer.
– Collection has been faster than expected. The membership base is back to full, and underlying growth in membership search, dividends and other income is very positive, says Sats CEO Sondre Gravir in a statement.
However, the positive development is not fully reflected in the financial results, the company states.
Profit before tax ended at DKK 7 million on a turnover of DKK 971 million. This is an improvement from the same period last year when the result before tax was minus six million kroner of a turnover of 955 million kroner.
If you break results down to country by country, Norway is the big money machine.
- In Norway, the result increased sharply to DKK 57 million from a turnover of DKK 485 million. The operating margin (ebitda margin) was 41 percent.
- In Sweden, the result has fallen sharply compared to last year, and Sats lost DKK 11 million after tax on a turnover of DKK 304 million. The Ebitda margin was 28 percent.
- In Finland, losses increased to DKK 19 million from a turnover of DKK 76 million. The Ebitda margin was 15 percent.
- In Denmark, the result has greatly improved from last year, but the result continued negatively with DKK 16 million out of a turnover of DKK 105 million. The Ebitda margin was 28 percent.
Enough dry gunpowder
The rate maintains that the company’s liquidity position is sufficient to handle current operations and the company’s expansion plan.
At the end of the third quarter, Sats had a cash balance of DKK 150 million.
Membership income fell by seven per cent compared with the third quarter last year, while total income increased by one per cent, partly due to compensation schemes in Denmark and Norway linked to closed centers in the second quarter.
The adjusted operating profit before third depreciation (ebitda) fell by 16 percent from last year, to DKK 83 million in the quarter.(Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We want to share our stuff using link that leads directly to our pages. Copying or other use of all or part of the content may only be done with written permission or as permitted by law. For further terms see here.