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Gym Group interim loss narrows; revenue up amid more gyms and members

12th Sep 2023 10:25

(Alliance News) - The Gym Group PLC on Tuesday reported an increase in its number of members and gyms in the first half of 2023, as revenue grew and its loss narrowed.

The Croydon, England-based chain of 230 gyms said pretax loss in the first half of 2023 narrowed 15% to GBP6.1 million from GBP7.2 million a year prior. Revenue rose 19% to GBP99.8 million from GBP84.2 million.

Operating costs excluding depreciation, amortisation and impairment increased 25% to GBP65.2 million from GBP52.0 million a year prior. Depreciation, amortisation and impairment expenses fell 3.1% to GBP28.6 million compared to GBP29.5 million. Finance costs increased 14% to GBP10.7 million from GBP9.4 million.

The number of gyms operated by the company as at June 30 rose by 8.5% to 230 from 212 a year ago. The amount of members increased by 9.7% to 867,000 from 790,000.

Looking ahead, Gym Group aims to open 10 to 12 new gyms in 2024. Its guidance for 2023 is unchanged, with revenue growth to be offset by cost inflation.

Gym shares were 0.2% lower at 111.80 pence each on Tuesday morning in London.

By Tom Budszus, Alliance News reporter

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