Bolstered by double-digit sales increases across all segments of its B2B (commercial) business, Technogym reported record FY23 revenues of €808 million, up 12 percent year-over-year, and record adjusted Ebitda to €152 million for the 12 months ended Dec. 31. Annual operating income grew more than 17 percent to €97.4 million as lower raw material costs and product mix helped to offset inflation and currency change impacts.
B2B sales, led by the corporate health and performance divisions, rose by 15.5 percent last year to €642.5 million. Meanwhile, the Italian group’s B2C (consumer) business had more growth in H2 which led to flat revenues for the FY at €165.7 million. The Italian specialist in equipment and digital technologies for fitness generated a 16 percent increase in field sales to €540.8 million fueled by increased productivity, and a 23 percent improvement in retail sales to €15.6 million, aided by new openings in Germany and the UK. Significant gains in the LATAM, MEIA regions, and Europe sparked 8 percent wholesale growth to €190.6 million.
By geography, the growth recorded year-over-year sales gains in all regions, except for APAC which fell 5.4 percent year-over-year to €115.7 million. Across Europe, excluding Italy, annual revenues rose by 13.5 percent to €378.2 million. Meanwhile, sales increased in MEIA (+13.5% to €108.7m), North America (+5.8% to €106.9m), Italy (+19% to €76.9m), and by 24 percent in LATAM to €21.7 million.
