The Gym Group (GYM) Trading Update summary

Trading performance and growth

• Revenue for 2024 rose 11% to £226.3m, with like-for-like revenue up 7% and average members increasing 4% to 906,000.

• Average revenue per member per month climbed 7% to £20.81, and year-end membership reached 891,000, a 5% rise.

• Twelve new sites opened in 2024, bringing the total to 245, at the top end of the projected range.

• Net debt reduced to £61.3m from £66.4m at the end of 2023.

Guidance and outlook

• FY24 Group Adjusted EBITDA Less Normalised Rent expected slightly above the top end of £43.5-45.5m market forecast.

• New site openings to accelerate to 14-16 in 2025, aiming for 50 sites over three years, funded by free cashflow.

• FY25 Group Adjusted EBITDA Less Normalised Rent now expected at the top end of £47.2-49.7m forecast, factoring in £1.3m extra costs from National Insurance changes.

• Continued reinvestment in existing estate and technology platforms planned.

Strategic highlights and operational update

• The Next Chapter growth plan is delivering strong momentum, with profits for FY24 ahead of previous guidance.

• The group is well positioned for member recruitment in the current quarter and beyond.

• Flexible, high-value, low-cost offer continues to make gym membership more accessible.

• The group remains the UK's first carbon neutral gym chain, with high member satisfaction and over 65 million annual visits.