- An increase in the number of sports cards to 568,000
- Satisfactory growth dynamics in all areas
- Completion of the first stage of consolidation of fitness assets
In the first quarter of 2015 Benefit Systems Group recorded a revenue growth of 18% y/y up to PLN 128 million, gross profit on sales amounted to PLN 19.0 million (+36% y/y), and the gross profitability on sales 14.8% (+1.9 p.p. y/y). The increase in revenues was caused primarily by higher proceeds on the sales of sports cards, which amounted to PLN 121.6 million, and the improvement of the gross margin was influenced, among others, by the creation of the new fitness segment.
In the first quarter of 2015 we recorded satisfactory growth dynamics in all strategic areas, which confirms that we are a Group with a high potential for development. Within three (3) months we have increased the number of sports cards by 41,000. This growth also means an increase in the number of cards by 89,000 compared to the end of the first quarter of 2014, says Adam Kędzierski, a member of the Management Board of Benefit Systems SA.
Group's operating EBITDA (without the incentive program) in Q1 2015 amounted to PLN 8 million and increased by 52% compared to Q1 of the previous year. In the period in question, gross profit amounted to PLN 10 million – one-time events that occurred during the quarter, i.e. the contribution of Fitness Academy, Fabryka Formy, and the Czech company to the Group, were included in the result. The value of these events in the profit is PLN 4.4 million. Net profit, taking into account the abovementioned one-time events, amounted to PLN 7.8 million. The costs of sales remain stable in relation to the level of sales and amount to 4.7%. General administrative costs increased slightly, which is associated with the dynamic development of the Group and increasing employment. In Q1 these costs amounted to 5.4% compared to the level of sales.
As announced, the Group completed the consolidation of the fitness assets – this segment is developing according to plan. Fitness Academy is fully consolidated in the Group's results as from the end of February, and Fabryka Formy as from the end of March. In the first quarter the segment expanded by four (4) locations, increasing the number of clubs at the end of March to fifty-one (51).
The number of registered users of the MultiBenefit program in the segment of new products is steadily growing – at the end of Q1 2015 their total number was 148,000. Cafeteria programs maintain a dynamic growth – in the period in question they had 161,000 users generating nearly PLN 28 million turnover (for comparison, in Q1 2014 the platforms were used by 101,000 persons generating PLN 13.8 million turnover). In addition, at the beginning of April of the current year, the Benefit Group strengthened the segment of new products by acquiring additional shares giving it a total of 100% of shares in MyBenefit.
The Management Board of Benefit Systems S.A. will recommend to the General Meeting of Shareholders a payment of a dividend in the amount of PLN 9.00 per share, allocating PLN 22,973,578 for this purpose from the last year's profit.
Consolidated quarterly report of the Benefit Systems Group for Q1 2015>>>