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Gym Group FY revenues grow as members grow

Wed 10 Jan 2024 09:09

(Sharecast News) - Fitness club operator The Gym Group said on Wednesday that "positive trading trends" highlighted in its interim results had continued throughout the remainder of the year, resulting in "good growth" in both membership and yield. The Gym Group said revenue increased by 18% to £204.0m in 2023, with average members up 8% to 872,000 and average revenue per member per month up 9% at £19.50. Like-for-like revenue grew 8% year-on-year.

Net debt was £66.4m at the end of December, compared with £76.1m aa year earlier, reflecting a "strong working capital performance" and the timing of spend on new site openings and other capital expenditure projects.

As anticipated, revenue growth offset utility-driven cost inflation and leverage was now expected to remain within the range of 1.5x to 2.0x.

Chief executive Will Orr said: "We have delivered good growth in both membership and revenue which will underpin FY23 results in line with guidance, and we are well-prepared for our key recruitment period in the coming quarter, with a flexible, high-value low-cost offer that makes gym membership even more accessible for everyone.

"These are strong foundations on which to build our 'Next Chapter' growth plan and I will provide an update on this with our full-year results in March."

As of 0900 GMT, Gym Group shares were up 2.85% at 108.20p.

Reporting by Iain Gilbert at Sharecast.com

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