Technogym, Cesena, Italy, reported its first year-end financials since going public in May 2015, noting 2016 revenue of €555 million ($587 million), an 8.5 percent increase year-over-year, according to an earnings report released Monday.

The company reported EBITDA of €100 million ($105.8 million), a 15.3 percent year-over-year increase. Technogym's net profit grew 54 percent to €43 million ($45.5 million), while its net financial debt more than doubled to €78 million ($82.5 million). The latter was attributed to the acquisition of Excerp, a company that provides digital systems for health club management, and Technogym Village, the company headquarters. The two purchases involved non-recurring investments of €110 million ($116.4 million). 

“Technogym continues to grow faster than its reference market, achieving a record result of 100 million ($105.8 million) in EBITDA and profit up by more than +50 percent," Technogym CEO Nerio Alessandri said in the report. "Technogym is an aspirational brand with a luxury living and design positioning in the home and hotel segment and a premium positioning within the club and corporate segment. Our business model is based on offering customized solutions that allow us to cover new markets such as consumer, hospitality, corporate, health and sport performance.

“Despite a market scenario dominated by uncertainty, we continue to focus on the long-term, investing in research and development, and in 2017 we will introduce new products and solutions for the different market segments,” he said.

Revenue reportedly grew in each of Technogym’s targeted markets, with the greatest increases in Italy (20 percent), Asia-Pacific (18 percent) and North America (16 percent). The company’s North American growth was prompted by an increased presence in the luxury-hospitality market and a new partnership with Life Time Fitness, the report said.

For the year, Technogym’s field sales grew 8.9 percent, wholesale grew 8.4 percent, inside sales grew 6.4 percent and retail grew 1.7 percent.

Technogym debuted on the Milan Stock Exchange in May and was the official supplier of training equipment for the Rio 2016 Summer Olympic GamesThe company launched several new product lines in 2016, including performance-training-centric SkillMill and interactive group cycling format Group Cycle Connect. 

Founded in 1983, Technogym provides a range of cardio, strength and functional equipment alongside a cloud-based digital platform enabling consumers to connect with their personal wellness experience anywhere, both on Technogym equipment and via mobile apps on any device. Technogym targets four specific market segments: fitness clubs; hospitality and residential; health, corporate and public; and consumer.

Technogym (MTA: TGYM) last closed at €5.09 ($5.38) on the Milan Stock Exchange.

Editors' Note: All Euro to dollar conversions are based on rates as of March 6, 2017.