Technogym sees strong recovery from pandemic hit in 2021 (updated)

Technogym

24/03/2021 15:02

(Adds details, background)
    March 24 (Reuters) - Italian fitness equipment maker
Technogym  TGYM.MI  said on Wednesday it expects a boom in gym
memberships and gradual mass vaccinations to boost a recovery in
its business-to-business segment this year after lockdowns
weighed on full-year results.
    Revenues in 2020 fell 23.8% year-on-year to 510 million
euros ($603.1 million) despite a 70% jump in home fitness, as
gyms stayed closed for an extended period due to COVID-19. Home
fitness accounted for 30% of its total sales in the period.
    Technogym is targeting double-digit growth in revenues in
2021, starting from the first quarter, and confirmed it was on
track to reach 1 billion euros ($1.18 billion) in revenues in
2024.
    As people gained weight and their mental health worsened
during the COVID-19 pandemic due to lockdowns, health is
climbing the population's priority list, Technogym said.
    The company, which supplies sports events such as the
Olympics and Ironman, confirmed its target of 300 million euros
in home fitness revenues in 2022. 
    Full-year net profit fell to 36.0 million euros from 83.2
million euros a year ago. Technogym proposed a dividend of 0.22
euros per share after distributing no dividend last year in
light of the COVID-19 outbreak.
    ($1 = 0.8460 euros)

 (Reporting by Silvia Recchimuzzi in Gdansk; Editing by
Agnieszka Flak and Jan Harvey)