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Viva Leisure experiencing share price rebound as it looks forward to facility reopenings

Viva Leisure experiencing share price rebound as it looks forward to facility reopenings
October 6, 2021

Impacted by state lockdowns that, at worst, have seen up to 65% of its gyms closed, ASX-listed fitness operator Viva Leisure is looking forward to the reopening of facilities.

In a market update released today, Viva Leisure Limited Managing Director and Chief Executive, Harry Konstantinou advised "with all states and territories in which Viva Leisure operates now having provided a clear re-opening path, we look forward again to be able to fully trade over the next few months."

Halting trading in late August as it sought to raise new equity, on the market the company’s share price went on to rise above $2 as of the second week of September, its highest level since the NSW lockdown began in late June.

With the share value rallying more than 50% over recent months, as of 2pm today, it stands at $2.34.

With a clear line of sight to reopening, today’s market update, advised that:

Its Club Lime portfolio - the second largest non-franchised health club brand in Australia - continues to expand both organically, with conversions (from FitnFast) and via acquisitions.

With over 70 clubs in the portfolio, the following conversions to Club Lime are expected to be completed over the next 60 days - FitnFast Campbelltown and FitnFast Shellharbour (both NSW); Active Life Norman Park, Queensland; two locations on the NSW Coffs Coast and G-Fitness in the Sydney suburb of Rhodes.

Its Hiit Republic portfolio comprised 22 locations as of 31st August 2021; and that

That is has no immediate plan to re-brand the Pinnacle portfolio of six locations that it acquired in February 2021 to Club Lime as “it is currently operating strongly and has a slightly different product offering to Club Lime”.

Despite the challenges of COVID-19 lockdowns, the Canberra-based company increased memberships by nearly 34%, expanded locations and doubled its revenue in the 2020/21 financial year.

As of 30th June, it had almost 300,000 members across all of its locations, with 126,006 members at its owned locations.

Related Articles

1st October 2021 - Fitness Australia looking for guidance on vaccination requirements for reopening NSW gyms

30th September 2021 - FITREC gives fitness professionals option to show that they are fully vaccinated for COVID-19

14th September 2021 - Fitness Australia’s Barrie Elvish ‘perplexed’ by ongoing restrictions on operation of exercise facilities in regional Victoria

12th September 2021 - How confident can fitness businesses be in AI predictions?

9th September 2021 - New Les Mills Global Fitness Report suggests members ready to ‘flock’ back to facilities

27th August 2021 - Viva Leisure enters trading halt as it looks to raise equity

13th July 2021 - Viva Leisure opens Club Lime and hiit republic gyms at Yamanto Central

27th May 2021 - Viva Leisure opens new clubs and launches new GroundUp studio brand

17th May 2021 - Viva Leisure ‘confident’ that it is dealing with franchising appropriately

15th April 2021 - Viva Leisure primed for growth with head of franchising appointment

8th February 2021 - Viva Leisure opens Titanium branded Club Lime Pyrmont

11th January 2021 - Viva Leisure to acquire six Pinnacle Health Clubs in Victoria

27th November 2020 - Viva Leisure looks to drive growth with $30 million capital raising

16th November 2020 - Viva Leisure continues expansion with 91st facility opening and record membership numbers

26th August 2020 - Viva Leisure announces ‘outstanding’ financial results with no loss in year-on-year income

23rd July 2020 - Plus Fitness co-founder reflects on ‘incredible journey’ as Viva Leisure acquires master franchisor

22nd July 2020 - Viva Leisure acquires Plus Fitness’ master franchisor for $20 million

15th June 2020 - New Queensland retail centre to feature Viva Leisure brands

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