Full Year 2024 Viva Leisure Ltd Earnings Call Transcript
Key Points
- Revenue for the year increased by 15.9% to $163.6 million, driven primarily by strong organic growth.
- Record EBITDA of $35.4 million, reflecting a 21% increase over the previous corresponding period.
- Corporate memberships grew by 10% to over 200,000, with network memberships up 6.5% to 372,000 members.
- Successful launch of The Hub and Viva Pay, generating over $4 million annually in payment gateway and technology fees.
- Completion of strategic acquisitions in Western Australia and continued strong organic growth.
- Significant inflationary pressures and economic headwinds impacted the business environment.
- Removal of 15,000 low-yielding members from the Fitness Passport program, affecting overall membership numbers.
- High cost of member acquisition due to increased competition in digital advertising.
- Significant investment in strategic refurbishment program, resulting in seven locations closing or merging.
- Ongoing wage increases and inflationary costs impacting overall expenses.
Thank you. Good morning, ladies and gentlemen, and thank you for joining us on the conference call today for Viva Leisure's FY 2024 full-year results presentation. I'm joined today by our CFO, Mr. Kym Gallagher.
This morning, various documents, including an investor presentation, which we'll be referring to today were uploaded to the ASX. This presentation is being webcast on openbriefing.com and will be available for replay on the Viva Leisure investor website later today. The agenda for today's presentation will commence with some highlights and general commentary on the full year results, followed by Kym providing more detailed information on the actual financial results and details on our capital allocation strategy and guidance as previously provided.
Following which, I will provide the latest developments in our strategic refurbishment program, will also explain our newly secured banking facilities and discuss the business strategy driving our future. As we look ahead to FY 2025,
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