Virgin Active members are steadily returning - Brait
Investment group Brait says Virgin Active is pleased by the steady return of its membership, including in SA, where gyms reopened on August 24.
Virgin Active now has the majority of its operations open globally, although usage differs, the group said.
Australia was currently at 82%, Singapore at 89%, while the UK and SA were at 53% and 35% respectively, the group said in an update.
Compared to 2019, members who had opted to freeze their membership stood at 27% in SA, 15% in Australia, and 16% in the UK. Total membership was down 6% in SA year on year, 8% in Australia, and 26% in the UK. Brait owns 79.23% of Virgin Active, a stake which accounted for about half of its R18.4bn investment portfolio as of the end of March.
“While there is a long road to recovery, Virgin Active is pleased by the operating performance and progress that has been made to date,” the statement reads.
“Management remain focused on ensuring a safe operating environment for staff and members while also ensuring that operational costs remain tightly controlled,” the group said. In morning trade on Wednesday, Brait’s share was up 5.41% to R3.31, having fallen by about two thirds so far in 2020. —