Profits rise 35% as gym group Flyefit expands
The personal fitness boom last year sent pre-tax profits at the Flyefit gym group speeding ahead by 35% to €4.6m.
New accounts filed by Flyefit Holdings Ltd show that pre-tax profits last year increased after revenues went up by 26% from €11.2m to €14.2m.
Flyefit has continued to expand this year, opening up new gyms at Sallynoggin and Liffey Valley in Dublin, and in Cork.
The company stated at the time that it was investing €6m in the latest expansion programme.
On last year’s performance, the directors of the company state that the results for the year were considered satisfactory.
The directors state that they expect continued growth in the foreseeable future as the business continues to expand.
The company recorded a post tax profit of €4m after paying corporation tax of €599,285.
The company is co-owned by Brendan O’Hagan and Seamus Kennedy, who shared directors remuneration of some €225,500 last year.
Rent paid to Mr O’Hagan last year totalled some €490,000.
The gym chain employed an average of 46 people last year up from 35 and staff costs last year totalled €1.8m.
