Technogym achieved 42 percent growth in wholesales revenues in 2021 to €145.3 million, driven by South Korea, Thailand, Malaysia, Saudi Arabia, Turkey, India and the central-northern region of Europe.
For the year, the Italian wellness company delivered 75 percent growth in net income attributable to shareholders at €63.1 million versus €36.0 million as total revenues rose 20 percent to €611.4 million from €509.7 million. Annual adjusted Ebitda rose 10.5 percent to €107.0 million as expenses related to raw materials, logistics and energy were partially offset by higher volumes and two price hikes that should further impact the 2022 topline.
Last year, Technogym realized double-digit growth from both the home and commercial fitness sectors. Solid demand for at-home training, stronger than pre-pandemic levels, lifted B to C segment sales 18 percent to €181.7 million, and a steady recovery in the commercial business pushed B to B segment revenues 21 percent higher to €429.7 million. The inside sales segment, including e-commerce and teleselling, rose 13.6 percent to €79.5 million on strong e-commerce expansion in Europe, the U.S. and China. Yearly retail sales were essentially flat at €12.3 million.
By geography, Europe (excluding Italy) produced 17 percent topline growth to €291.1 million. North America revenues increased by 21 percent last year to €69.0 million, and APAC region sales grew by 25 percent to €110.8 million. Revenues generated in Italy rose by 5 percent to €63.0 million. Elsewhere, annual revenues in the Middle East, India and Africa lifted 45 percent to €62.3 million and LATAM region sales expanded by 12 percent to €15.1 million. The company, which operates directly in Russia through its Technogym ZAO subsidiary, said the market represents about 2 percent of group revenues. Considering the war in Ukraine, all exports to Russia have now been stopped, and POS in the country were closed.
Looking ahead to 2022, Technogym is encouraged by signs of recovery in the hotel sector, trends in the wellness real estate/residence market, a thriving corporate wellness sector and growing interest worldwide in health/anti-aging. The company is targeting double-digit revenue growth and improved profitability this year, augmented by the full contribution of its recent price increases and investments in new innovations and products such as the Technogym Ride and the strength training range Biostrength that will be available on the market soon.
