Claiming that it grew twice as fast as the market, Technogym reported an increase in revenues of 8.5 percent to €555 million in 2016, with a 10.3 percent rise in local currencies. Ebitda went up by 15.3 percent to a record level of €99.9 million and net earnings jumped by 54 percent to €43 million.
A big increase of 20.4 percent to €54.2 million was recorded in the Italian market. In the rest of Europe, the company grew by 4.3 percent to €288.1 million.
Sales rose by 16 percent in North America to €58.4 million, partly because of an agreement with Lifetime Fitness, described as the largest chain of premium fitness clubs in the U.S.
A strong increase of 17.9 percent to €80.9 million was also registered in the Asia-Pacific region, led by Japan. Sales rose at more subdued rates of 3.8 percent in Latin America and 2.7 percent in the Middle East, India and Africa.
The growth in Technogym's revenues was globally even across all distribution channels, in tune with the company's omni-channel business model.
The leading Italian fitness equipment company feels that it can continue to grow faster than the market this year, generating increased profit margins. It plans to consolidate its strong position in European markets and to make “decisive” investments in North America.
Besides recommending the distribution of €13 million worth of dividends, or 28.6 percent of the net profit, the board of directors has proposed the launch of a stock option plan that would assign shares free of charge to key managers who make a significant contribution. It has also proposed a stock repurchase program.
