At a Glance
- Brait cuts debt by R1.378 billion after 2024 recapitalization and bond repayments.
- Virgin Active posts 45% EBITDA surge amid yield, membership growth.
- Premier revenue climbs 7% as MillBake boosts earnings, margin.
Brait PLC, the Mauritius-registered investment firm with South African billionaire Christo Wiese as a key shareholder, posted a profit of R154 million ($8.5 million) for the financial year ended March 31, 2025 — a sharp reversal from a R372 million ($20.5 million) loss a year earlier — underpinned by robust earnings from its portfolio companies Virgin Active and Premier.
Return to profitability, rising asset value
The swing to profit comes amid the successful execution of a wide-ranging recapitalization program, completed in August 2024. The program included a fully underwritten R1.5 billion($82.97 million) rights offer and partial debt repayments, resulting in a R1.38 billion($76.22 million) reduction in overall debt.
Brait’s Net Asset Value per share rose 6 percent to R3.06($0.169) from R2.89($0.16) a year ago, reflecting improved asset performance and a more stable capital structure. Available cash and facilities stood at R1.1 billion($60.84 million) as of the reporting date.
Virgin Active powers portfolio gains
Virgin Active, which comprises 62 percent of Brait’s total assets, delivered a strong year, with a 13 percent increase in revenue and a 45 percent jump in EBITDA, driven by both membership growth and improved yield across its global operations. Run-rate EBITDA reached £121 million ($162.77 million) by April 2025.
Key markets such as Southern Africa, Italy, and the UK all posted net membership gains and double-digit yield growth, aided by continued investment in club refurbishments and operational centralization.
The health club operator’s maintainable EBITDA was valued at £120 million($161.42 million), with Brait’s stake worth R10.21 billion($566.08 million) — steady from the prior year.
Premier continues upward momentum
Premier, Brait’s second-largest asset, accounting for 32 percent of its portfolio, grew revenue by 7 percent to R19.9 billion($1.1 billion), while EBITDA surged 15 percent to R2.4 billion($133.07 million). MillBake, its core baking division, saw a 15 percent EBITDA rise as it expanded margins by 100 basis points amid market share gains and efficiency gains.
Premier’s return on invested capital climbed to 24.9 percent, up from 22.4 percent the year before. Its value soared on the JSE, closing the period at R129.1($7.15) per share — more than double the R61.1(3.39) from the prior year. Brait reduced its stake in Premier to 32.3 percent, raising R444 million($7.98 million) in proceeds from share sales during the year.
New Look drags, exits explored
In contrast, UK-based fashion retailer New Look, which now represents just 3 percent of Brait’s assets, posted a 4 percent decline in revenue and a 3 percent drop in gross profit amid continued industry-wide discounting.
Brait has announced a £30 million($40.34 million) capital injection to support New Look’s shift to a more digital-focused model and is actively evaluating exit options in the next 12 months to repay debt and return cash to investors.
The investment’s carrying value was written down to R485 million($26.89 million) from R982 million($54.44 million) last year, with Brait’s equity stake set to dilute from 17.2 percent to 8 percent following the capital raise.
Stability, focus on long-term growth
Following a sweeping restructuring, Brait enters the new fiscal year with a leaner balance sheet, sharper strategic focus, and strengthened core assets, backed by a market capitalization of R8.3 billion ($459.13 million). Total assets climbed 21.13 percent to R14.79 billion ($817.9 million) in 2024, up from R12.21 billion ($675.31 million) a year earlier.
Backed by influential investor Christo Wiese with a net worth of $1.7 billion and bolstered by strong momentum at Virgin Active and Premier, Brait is now well-positioned to pursue disciplined, long-term growth across the consumer and wellness sectors in Africa and Europe.
