Half Year 2024 Viva Leisure Ltd Earnings Call Transcript
Key Points
- Revenue increased by 17.3% to AUD79.1 million for the half-year, demonstrating strong financial performance.
- EBITDA climbed to AUD16.6 million, an increase of 18.6% from the previous corresponding period.
- Corporate members at owned locations increased by 9.8%, and total membership across all locations grew by 6.2%.
- The company has secured 21 new greenfield locations, indicating strong future growth potential.
- Viva Leisure's strategic refurbishment program is nearing completion, with 63% of identified locations completed, setting a strong foundation for the second half.
- Several locations had to be closed due to underperformance and lease terminations, impacting overall club count.
- Delays in development approvals from councils have slowed greenfield growth.
- The company exited a corporate membership program, resulting in the cancellation of 8,395 members, though it represented less than 0.5% of annual revenue.
- There is a slight reduction in the cash balance at the balance date due to significant investment in the refurbishment plan.
- The strategic focus on refurbishments and upgrades in the first half moderated the pace of greenfield and acquisition efforts.
Thank you for standing by, and welcome to the Viva Leisure Limited half-year results call. All participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. (Operator Instructions) I would now like to hand the conference over to Mr. Harry Konstantinou, CEO. Please go ahead.
Thank you. Good morning, ladies and gentlemen, and thank you for joining us on the conference call today for Viva Leisure's first-half FY 2024 results presentation. As always, we thank you for your time and interest in the Viva business. I'm joined today by our CFO, Mr. Kym Gallagher. This morning, a selection of documents, among them, an investor presentation, which we will be referring throughout today's session, were submitted to the ASX.
This presentation is currently being broadcast live via openbriefing.com and will subsequently be accessible for replay on the Viva Leisure Investor Relations website later today. Today, I'm excited to guide you through Viva's journey for the first
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