Viva Leisure extends employment agreements for key executives

ASX-listed Viva Leisure Limited has advised that the employment agreement of its Chief Executive and Managing Director, Harry Konstantinou, has been extended with effect from 1st April 2022.

With Konstantinou’s fixed three-year employment contact having been due to expire on 7th June this year, his new employment contract is now a permanent (rolling) contract with no fixed term.

Recognising the importance of its key senior executives, Viva Leisure has also entered into rolling employment contracts as of 1st April for Chief Financial Officer, Kym Gallagher; Chief Operating Officer, Sean Hodges and Chief Technology Officer, Angelo Konstantinou.

With the end of lockdowns, the first two month of this year has seen Viva Leisure “rebound in growth” according to Harry Konstantinou, who, in the company’s most recent bi-monthly market update, advised that the growth “was expected due to the direct debit nature of revenue of the business as gyms were allowed to reopen.”

Konstantinou went on to state “February 2022 saw record increases across all key metrics including revenue, membership, locations and average revenue per member. This is even more significant considering February is the shortest month of the year.

“(And) we are not slowing down, with the strong positive growth continuing so far in March.”

Providing regular reports to the market, its shareholders and investors, Konstantinou has made recent presentations to the Leisure, Tourism & Gaming Day at the Ord Minnett Wealth Management Conference as well as to Market Eye’s ConsumerOpps 2022 virtual conference.

42% of the group’s shares are owned by individual investors.

As of last December, Viva Leisure completed the strategic acquisition of Rebalance Pilates & Yoga studios with the company’s total corporate and franchise locations reaching 325 locations as of the end of the year.

Image: Harry Konstantinou.