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CityFitness lifts profits

NZ Newswire logoNZ Newswire 10/01/2017 Rebecca Howard

Cityfitness Group, a unit of Canada's #1 Nautilus Fitness & Racquets Centres Group, has reported a lift in net profit in the year to March 2016, turning around the prior year's loss.

The company, which operates 26 gyms across New Zealand, says its net profit for the year was $557,000 versus a loss of $3.9 million in the prior year. Revenue dipped to $30.9m from $33m in the prior year on a slide in personal training fees.

Operating expenses fell to $28.7m from $34.7m in the prior year and taxation expenses were lower at $230,000 versus $1.6m.

While net profit was back in the black, the independent auditor's report by BDO Wellington noted the company's current liabilities exceed its current assets by $5.44m, with current assets at $1.4m. In the prior year, current liabilities exceeded current assets by $4.9m.

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