Gym Group sees revenues jump by 9%

The Gym Group saw membership numbers grow to 905,000 by the end of June 2024, up from 850,000 at the end of 2023.

Announcing its pre-close trading update, the group said revenue had increased by 12% in the first six months of the year (to £112.1m) when compared to the first half of 2023 (£99.8m).

Average revenue per member per month (ARPMM) for the same period increased by 9% – up to £20.44 from £18.81 the year before. Like-for-like revenue also grew 9% year on year. Net debt stood at £54.6 million at 30 June, compared with £66.4 million at the end of the financial year 2023.

The group opened four new gyms during the first six months of 2024, taking the total to 237. In addition, it is in the fit-out stage of the next four sites, which are set to open shortly.

The company remains on track to open a total of 10-12 new gyms by the year end.

According to Will Orr, CEO, the positive trading trends were a confirmation that it’s strategy “was working”.

Orr said: “We’re making encouraging progress with our strategic priorities under our Next Chapter growth plan, delivering good growth in membership and yield. “We have further strengthened our financial position while stepping up our opening programme in line with our target to open 50 high-quality sites over the next three years, funded from free cash flow.

“After a strong first half, we expect to deliver full year results at the higher end of market expectations.”