The Gym Group (GYM) Trading Update summary

Trading performance

• Revenue rose 12% to £112.1m in H1 2024, with membership increasing to 905,000 from 867,000 a year earlier.

• Average revenue per member per month grew 9% to £20.44.

• Like-for-like revenue increased 9% year on year.

Expansion and operations

• Four new gyms opened in H1 2024, bringing the total to 237, with four more in fitout and 10-12 new gyms targeted for the year.

• The group aims to open 50 high-quality sites over the next three years, funded from free cashflow.

Financial position and outlook

• Net debt reduced to £54.6m from £66.4m at 2023 year-end.

• Completed refinancing with a new three-year £90m facility at 2.75% above SONIA.

• Full-year results expected at the higher end of market expectations, with EBITDA less normalised rent forecasted at £38.0m–£43.1m.