By Gordon Deegan
Copyright independent
New accounts for Project Goliath Holdings Ltd show the group recorded the losses as revenues decreased by 33pc from €31.95m to €21.4m.
In 2022, US tech group ABC Fitness Solutions acquired Glofox for upwards of €200m.
Glofox was founded in 2017 by Conor O’Loughlin (a former scrum-half with Connacht rugby), Anthony Kelly and Finn Hegarty.
Glofox provides a booking, payment and membership service for the health and fitness industry.
A note attached to the accounts stated the group “is generating positive cashflow from operations and expects continued positive cashflows through 2026”.
“In the year 2025, the group expects to achieve its revenue budget, reflecting 14pc growth compared to 2024,” the note said.
“The group also expects to meet its net income budget for the year, and will fund operations solely through cashflows generated from ongoing operations.
“The group has renewed its contract with its second-largest customer, extending the agreement through September 2028, which enhances revenue stability.”
The note confirmed that the group has access to a $75m (€63.4m) undrawn revolving credit facility to meet any short-term liquidity needs.
Glofox’s 2024 pre-tax loss of €34.39m is marginally down on the pre-tax loss of €34.49m in 2023.
The 2024 loss takes account of non-cash amortisation costs of €17.46m, a non-cash write-down in intangible assets of €4.3m, and interest payments of €10.6m.
The business also recorded a foreign exchange loss of €919,662.
The directors said that the group has progressed beyond the start-up phase and is now focused on scalable growth.
They stated that the group expects to incur operating losses in the coming year as they continue to scale the business.
Numbers employed by Glofox increased last year from 111 to 115, and staff costs decreased by 32pc from €17.88m to €12.2m. Directors’ remuneration increased from €190,124 to €216,007.
The losses last year resulted in ABC Fitness sitting on accumulated losses of €103.94m at the end of December.
The group had a shareholders’ deficit of €50.46m after taking into account a capital contribution of €31.1m and an additional €22.18m in a share premium account.
Globally, 30,000 clubs use ABC Fitness as a partner. It processes $11.5bn in annual payments.
