(Updates with details, background)
May 12 (Reuters) - Italian fitness equipment maker Technogym expects sales to accelerate in the second quarter after a leap in first-quarter revenue driven by increased home fitness and the gradual reopening of gyms.
Lockdowns and restrictions to curb the spread of COVID-19 weighed on Technogym’s business-to-business segment last year as gyms were forced to remain closed and memberships tumbled.
Technogym said on Wednesday its first quarter revenue rose 10.2% to 128.7 million euros ($156 million), boosted by a 129.2% jump in home fitness revenue. Home fitness revenues made up 40% of total revenues, up from 15% a year ago.
“Within the wellness sector, at global level, the hybrid model is emerging as the new trend: training not only in the gym but also at home and vice versa,” Technogym’s chief executive Nerio Alessandri said in a statement.
He also confirmed that Technogym, which supplies sports events such as the Olympics and Ironman, is targeted 1 billion euros in revenues by 2024. ($1 = 0.8252 euros) (Reporting by Silvia Recchimuzzi in Gdansk, Editing by Maria Pia Quaglia and Alexander Smith)