PureGym set for further expansion after revenues grew by 15% in 2023

PureGym plans to open between 60 and 70 new gyms during 2024, after it saw its revenues grow by 15 per cent in 2023.

Reporting its full year results for the 12 months ending 31 December 2023, the budget gym chain revealed revenues of £549 million for the year, thanks largely to a 11% increase in its total membership (16% growth in the UK).

PureGym opened 54 new sites in 2023, including 40 in the UK, three in Switzerland and 11 under franchise in the Middle East. The growth means that PureGym ended the year with more than 600 gyms and 2 million members across six markets globally.

The business also increased its profitability, with revenue growth coupled with cost control delivering a 39% increase in Adjusted EBITDA to £132 million (up from £95 million in 2022). The group is now well placed for growth, thanks to it having £140m of cash on the balance sheet and £315m of available liquidity at the end of 2023.

Humphrey Cobbold, CEO of PureGym Group, said the results show how the health club market remains robust, despite financial headwinds in the larger economy.

“Business conditions in 2023 were once again challenging with inflation rising, high interest rates and energy costs and political uncertainty affecting consumer sentiment and our business directly,” Cobbold said.

“Against this backdrop our results and progress are outstanding, demonstrating growth in all key financial metrics, substantial expansion, a highly significant refinancing and meaningful de-leveraging.”