SATS ASA: Q3 2022 – Significant member growth resulting in record high member base, despite challenging macroeconomic backdrop
SATS ASA (“the Company”) leaves behind a third quarter characterized by a strong member growth of 36 000 members. A strong sales focus yielded results and took the company an important step forward toward an improved run rate. The member base summed up to 708 000 members when the quarter was closed. With that, the Company proves its ability to recover and get back to the pre-pandemic member base per club.
Key highlights from the third quarter of 2022:
- SATS counted 275 clubs in total by the end of Q3 2022, up 19 clubs from the corresponding quarter last year
- The member base reached 708 000 members, up 8% from last year
- Total revenues were NOK 967 million in the quarter, in line with Q3 2021. However, excluding government compensation received in Q3 2021 related to previous periods, the revenues increased by 9%
- Adjusted EBITDA before impact of IFRS 16 was NOK 20 million, down from NOK 83 million reported in the corresponding quarter last year, but up from a negative NOK 4 million excluding compensations
- Invested more than usual in marketing, both promotions and campaigns, during the quarter, to ensure increased market shares and secure a solid run-rate out of 2022
- Consumer sentiment might affect sales going further, but so far, people seem to prioritize their own health, both evidenced by member development and members’ spending on training products
- Visits per member continue to increase, this quarter by 5% compared to the corresponding quarter of 2019
“We are very proud of having increased the SATS community with 36 000 members during the third quarter. With a record-high member base of 708 000 members, we are in a unique position to fight inactivity in society. The public health mission and the financial rationale truly go hand in hand. The more members we recruit, the more people will turn from passive to active, and the more financially sustainable is SATS.”, says Sondre Gravir, CEO of SATS.
Please find the Q3 2022 presentation and report in the original stock exchange announcement and on the Company’s website.
Please note that CEO Sondre Gravir and CFO Cecilie Elde will present the results by webcast 30 minutes earlier than usual today, at 8:00 a.m. CET. The changed time slot is due to the Capital Markets Day that will commence at 9.00 a.m. CET today. The Q3 presentation can be accessed at https://satsgroup.com/reports-presentations/quarterly-reports/
Cecilie Elde, Chief Financial Officer, phone: +47 924 14 195
Stine Klund, Finance and Investor Relations Manager, phone: +47 986 99 259
Sebastian Kvarme, Press Contact, phone: +47 992 74 471
This information is considered to be inside information pursuant to the EU Market Abuse Regulation, and is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act. The stock exchange announcement was published by Stine Klund, Finance and Investor Relations Manager, SATS ASA.