Technogym, Cesena, Italy, reported €272.9 million ($321.71 million) in first-half 2018 revenue, according to financials released Sept. 20. This is a 3.6 percent increase over the first half of 2017.
Adjusted EBITDA was €44.9 million ($52.93 million), a 4.7 percent increase year over year. Net operating income also grew 11.6 percent to €33.57 million ($39.57 million).
“We are proud to confirm that also in the last semester Technogym has grown faster than the sector both in terms of revenues and profitability, despite the significant impact of exchange rates," Chairman and CEO Nerio Alessandri said in the report. "The focus on innovation and the premium positioning of our brand at global level allowed us to record excellent growth rates in key geographies such as the U.S. and China. These performances more than offset the slowdown recorded in South America, caused by the economic downturn in Brazil."
During the first half of the year, Technogym reported growth in North America (14.6 percent), Italy (9.7 percent), Asia (6.1 percent) and Europe (4 percent). This compares with a downturn in Latin America (-27.2 percent).
Technogym also reported growth in field sales (9.3 percent) and retail (8.9 percent), while reporting decreases in inside sales (-16 percent) and wholesale (-7.4 percent).
Alessandri praised the company's Mywellness platform in the report and hinted at future content expansions.
"The platform will soon be enriched with media contents, live and on-demand coaching services that will be central within our consumer strategy and to consolidate our Technogym 4.0 project," Alesandri said of Mywellness. "Thanks to the mix of all this elements and thanks to the strength of our team, we will close 2018 with a sustainable and profitable growth, a prerequisite for the achievement of our medium-term objectives.”
In other news, Technogym has become the official supplier of the PGA Tour Player Performance Center, Ponte Vedra Beach, Florida.
“We are very proud to have been chosen to provide fitness equipment for the PGA Tour," Alessandri said in a media release. "This important achievement is an acknowledgment of our commitment to research and innovation in developing smart connected products and maintaining quality standards. Technogym is the reference brand for the world’s most successful sport teams and elite athletes, and we are looking forward to building a lasting relationship with the PGA Tour.”