Estonia's largest gym chain reports bumper 2023
2023 proved a successful year for many of Estonia's gyms, particularly the larger chains.
MyFitness saw a 16-percent rise in revenues on year, while its subsidiary Gym Eesti experienced a 55-percent rise.
Founded in 2008, MyFitness has the highest revenue among Estonia's gym chains and operates 57 locations across all three Baltic states, 18 of them in Estonia.
In 2020, the group also launched the online training platform Netfit.
MyFitness' consolidated revenue for the last year was €48.9 million, and the company reported profits of €5.9 million.
The 18 Estonian outlets brought in just over €18 million in revenue.
Its low cost subsidiary Gym Eesti OÜ had revenue (in Estonia alone) of €4.1 million, a growth of nearly 55 percent on the previous year. It has nine outlets with another one to open soon.
Meanwhile Gym Latvia SIA's revenue grew by 84 percent, to €1.8 million, last year, while MyFitness SIA in the same country increased its sales revenue by 28 percent, to €11.9 million. I
Gym Plius UAB's (Lithuania) revenue grew by 40 percent, to €12.9 million.
In its annual report, MyFitness highlighted that 2023's results were influenced by the energy crisis and high inflation, leading to price increases in sports clubs.
This did not result in a loss of customers, however.
Also, 2023 was the first full year following the lifting of Covid restrictions, which had hit gyms and sportsclubs quite hard.
In 2023, MyFitness employed 239 staff on average, 115 of them in Estonia. Total payroll costs amounted to €8.6 million, the company said.
The second-largest gym in Estonia by revenue, albeit considerably smaller than MyFitness, is 24-7Fitnessklubi OÜ, with a reported revenue of €4.9 million in 2023, and profits of nearly €841,000m, both up on the preceding year.
24-7Fitnessklubi had 17 clubs by the end of last year and employed an average of 15 staff, with total personnel costs coming to €347,000.
Other sports clubs also showed growth last year.
Two companies specializing in sports climbing had successful years: Kivi Climbing reported €335,000 in revenue, with profits of over €11,000, a large growth on year, while Ronimiskeskus OÜ, another company in the same field, saw its revenue grow significantly too, from €138,000 in 2022 to €246,000 in 2023, at a 2023 profit of €128,000.
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Editor: Andrew Whyte, Karin Koppel
