Leading Australian health club operator Viva Leisure has today revealed its 2022/23 financial year results showing a 55% rise in revenue to $141 million and a 429% rise in EBITDA to $29.2 million, reflecting improved margins and operational efficiency.
Welcoming what he called “robust” results for the 12 months to the end of June, Viva Leisure Chief Executive and Managing Director, Harry Konstantinou (pictured below) advised “our FY2023 results underscore the resilience and robustness of Viva Leisure's strategic direction and operational capabilities. The impressive 55.4% surge in revenue to $141.2 million, primarily driven by our organic growth, speaks volumes about our team's commitment and our members' trust. The outstanding 429.2% rise in EBITDA to $29.2 million and the EBITDA margin reaching 20.7%, despite external inflationary pressures, are testaments to our enhanced operational efficiency and improved margins.
“We're particularly heartened by the significant improvement from last year in NPAT (pre-AASB16) of $8.8 million representing a $14.3 million improvement over FY2022. Our balance sheet and free cash flow remains strong, and our membership growth, coupled with the increase in utilisation rates, indicates the unwavering demand and satisfaction of our members."
Advising that the results will accelerate the group’s upgrade program, Konstantinou added “the expansion in our locations solidifies our market presence, and our increased free cash flow paves the way for continued growth. Our investments in technology and strategic growth initiatives, including the imminent launch of Viva Hub and Viva Pay, are set to further boost our performance moving forward.
“Following our strategic review, we're even more aligned and geared up to optimise performance and enhance shareholder value. This outstanding performance is not just a reflection of numbers but a manifestation of our vision, dedication, and the collective effort of the entire Viva family."

Other highlights for Viva Leisure in the last financial year included:
• EBITDA margin of 20.7%, up from 6.1% in pcp, and level with H1-FY2023 despite high inflationary pressures
• Statutory NPAT of $3.4 million, a significant swing from a loss in FY2022 of ($12.1) million,
• Strong balance sheet with cash balance of $6.8 million at 30th June 2023 after a significant investment in acquisitions, greenfield sites, refurbishments and our technology platforms
• Membership increased by 14% to 181,950 in owned locations and by 7.2% to 343,325 in all locations
• Utilisation increased by 340 basis points to 72.7% in owned locations, indicating strong demand and customer satisfaction
• Locations increased by 20 to 171 in owned locations and by 12 to 346 in all locations, enhancing the company’s network coverage and scale
• Free cash flow before tax was $12.3 million for FY2023 (up 28% between H1-FY2023 and H2-FY2023), providing the opportunity for on-going self-funded growth as highlighted in the H1-FY2023 presentation
• Re-investment for growth amounted to $17.8 million, including greenfield sites, acquisitions, technology, and site upgrades
• Completed a strategic review of existing network, identifying opportunities to optimise performance, increase utilisation, and improve margins
Shareholder discount program
Last week, enjoyed a 6% share surge following the introduction of a shareholder discount program that offers investors 25% off club memberships.
To benefit from the program, investors have to own a minimum of 1,000 Viva Leisure while for non-individual shareholders, a minimum of 5,000 shares opens the discount for three people.
Check here to view Viva Leisure’s results presentation.
Main image shows an exerciser at one of Viva Leisure's Club Lime gyms.
About the author
Karen Sweaney
Co-founder and Editor, Australasian Leisure Management
Artist, geoscientist and specialist writer on the leisure industry, Karen Sweaney is Editor and co-founder of Australasian Leisure Management.
Based in Sydney, Australia, her specific areas of interest include the arts, entertainment, the environment, fitness, tourism and wellness.
She has degrees in Fine Arts from the University of Sydney and Geological Oceanography from UNSW.
Read more from this author
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