10th Jan 2024 10:47
(Alliance News) - Gym Group PLC on Wednesday reported annual growth in revenue and membership.
The Croydon, London-based chain of 230 gyms said revenue in 2023 jumped 18% to GBP204.0 million from GBP172.9 million a year prior, with average members up 7.9% to 872,000 from 808,000.
Average revenue per member per month grew by 9.4% to GBP19.50 from GBP17.82.
Meanwhile, net debt as at December 31 decreased by 13% to GBP66.4 million from GBP76.1 million a year prior.
Chief Executive Officer Will Orr said: "We have delivered good growth in both membership and revenue which will underpin 2023 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."
Gym Group will publish 2023 results on March 13.
Gym Group shares rose 1.1% to 106.34 pence each on Wednesday morning in London.
By Tom Budszus, Alliance News slot editor
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