Brait provides trading update, repurchases GBP10m in bonds

Brait PLC has released a trading update, noting that Virgin Active has continued to trade positively, with strong membership growth in Italy and the UK offsetting weaker growth in South Africa and Australia. Revenue growth is up 13% year-on-year, driving an annualized EBITDA run rate of GBP119 million. Premier is expected to report mid-single-digit revenue growth and a 20-30% increase in headline earnings per share for the year. Brait is supporting New Look's digital transformation with a GBP30 million investment. In a move to optimize its balance sheet, Brait repurchased GBP10 million of its outstanding 8.00 per cent Convertible Bonds due December 2027 at a discount, leaving GBP133.6 million outstanding.