30th Jul 2009 12:30
ADDleisure Plc / Epic: ADE.L / Index: AIM / Sector: Leisure
30 July 2009
ADDleisure Plc ('ADDleisure' or 'the Group')
AGM Statement
ADDleisure Plc, the AIM traded company formed to develop products and services in the health and wellness sector, held its Annual General Meeting ('AGM') yesterday and all resolutions were duly passed.
At the meeting, ADDleisure Chief Executive, David Turner, made the following statement:
"A great deal has changed since we met for our last AGM, both in terms of your Company's operations and with respect to the wider financial environment. Despite the economic downturn, ADDleisure remains ideally positioned to capitalise on the proprietary technology that we have developed through Fitbug Limited ('Fitbug') and Ez-Runner Limited ('Ez-Runner') and we believe that the decisions and developments that we have made over the period will significantly strengthen our position as a market leader in the health and wellness sector.
"The decision to streamline our corporate structure, through the divestment of Movers and Shapers Limited ('Movers and Shapers') and ADDWellness Holdings Limited, the holding company for both Movers and Shapers and Fitbug, will prove, I believe, particularly beneficial for our financial performance in the year to come. Importantly, throughout this restructuring we have retained the support of Bupa, through its 28.9% holding in ADDleisure and have gained full control of Fitbug.
"The restructuring, which has enabled the Company to focus on its core revenue generators, Fitbug and Ez-Runner, already appears to be producing results for both subsidiaries in the form of major new contracts. The Fitbug concept is continuing to receive strong private and public sector support, with programmes initiated by Primary Care Trusts ('PCTs') and high profile multi-national organisations producing encouraging results. The planned launch of partnerships with Holmes Place International and YorBody is further testament to the significant advantages that Fitbug can deliver to companies. Our intelligent management software business has also been transformed over the period due to the acquisition of ClubRunner and subsequent rebranding as Ez-Runner. The acquisition has not only provided us with access to ClubRunner's existing client list and strengthened the management team, but also given us the capability and exposure to market for new contracts, such as our major new contract to supply a total business-wide software solution to all UK based Virgin Active Health Clubs.
"On balance I believe that the restructuring process that we initiated in April of this year will strengthen the Company's position as a leader in the health and wellness sector and provide a solid foundation for future growth. I would like to thank our shareholders for their support throughout this challenging period as well as the ADDleisure team for their continued, unwavering loyalty and dedication."
** E N D S **
For further information visit www.addleisure.com or contact:
|
Mike Mills |
ADDleisure Plc |
Tel: 020 7449 1000 |
|
Mark Percy |
Seymour Pierce |
Tel: 020 7107 8000 |
|
Susie Callear |
St Brides Media & Finance Ltd |
Tel: 020 7236 1177 |
Notes
ADDleisure Plc, 28.9% owned by Bupa, was formed to develop products and services in the leisure and wellness sectors, helping to meet the growing demand for innovative new health and fitness solutions.
The Company has a highly experienced management team including Allan Fisher, founder and former CEO of Holmes Place plc; David Turner, founder and former director of LA Fitness plc; and David Cummin, founder and former director of Membertrack Limited, a leading club membership software provider.
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