The Gym Group saw a strong recovery in membership numbers after re-opening after the ending of lockdown restrictions earlier this year.
The group’s total member numbers swelled from 547,000 in February to 753,000 by the end of October, but fell to 735,000 by 30 November ‘in line with seasonal norms’.
Shares in the company have performed strongly today and are currently up 4 per cent or 9p to 234p. A year ago the group’s share price was 212.00p, meaning it has risen by over 10 per cent in the past year.
Getting fitter: The Gym Group said it saw a strong recovery in membership numbers after re-opening following the ending of lockdown restrictions
Headline prices continued to increase through the second half and take-up of the group’s premium multi-site membership, ‘LIVE IT’, rose to 27.1 per cent by the end of November.
The company said it was trading in line with market expectations for the year in terms of its key profit measure of group adjusted EBITDA.
It remains on track to deliver its organic rollout plan, targeting 40 site openings in the 18 months to December 2022.
Richard Darwin, chief executive of The Gym Group, said: ‘The recovery in our membership following the reopening demonstrates the essential role gyms play in people’s lives.
‘The market opportunity and growth potential for The Gym Group is very exciting. Whilst we are mindful of the near-term uncertain outlook as a result of the new Covid variant, we have the growth strategy, financial resources and expertise required to capitalise on those opportunities, widening access to inclusive and affordable gyms for all over the long term.’
As at 30 November, the group had net debts excluding property of £35.9million and £73.6million ‘liquidity headroom.’
