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Gym Group is on track with strong half-year results following Will Orr’s strategy reboot
POSTED 10 Jul 2024 . BY Kath Hudson
The Gym Group CEO, Will Orr, is speaking at the HCM Summit Credit: The Gym Group
The Gym Group has grown membership, yield and revenue in H1 2024
Four new gyms have opened this year, with four more at the fit out stage
CEO, Will Orr, says the company is on track to meet the 10 to 12 site target for this year
Refinancing and strong cash flow puts the company in a good position for its roll-out plans
The Gym Group has built on the positive momentum of 2023, with a strong half-year performance in the first half of 2024, showing an uplift in membership, yield and like-for-like revenue.

For the period ending 30 June, the low-cost operator increased revenue by 12 per cent to £112.1m (H1 2023: £99.8m).

Membership continues to grow and stood at 905,000 on 30 June, compared with 867,000 at 30 June 2023 and 850,000 at 31 December 2023.

Average revenue per member per month for the period was up 9 per cent to £20.44 (H1 2023: £18.81) and like-for-like revenue also grew by 9 per cent.

Four new gyms have been opened this year – bringing the total to 237 – and four more are being fitted out and will open soon. Will Orr, The Gym Group CEO, confirms the company is on track to meet its target of 10 to 12 new sites this year, as set out in its year-end results in March, along with the company’s new strategy, Next Chapter.

Orr said: “We're making encouraging progress with our strategic priorities under our Next Chapter growth plan, delivering good growth in membership and yield.

“We've further strengthened our financial position, while stepping up our opening programme in line with our target to open 50 high quality sites over the next three years with high ROIC, funded from free cashflow.

"After a strong first half, we expect to deliver full year results at the higher end of market expectations.”

With further strong cashflow generated in the first half, net debt stood at £54.6 million at 30 June, compared with £66.4 million at the 2023 financial year end.

In June, the company completed a refinancing of its bank debt. The new three-year facility is made up of a £45 million Term Loan and £45 million Revolving Credit Facility, at a minimum annual interest rate of 2.75 per cent above SONIA. Terms permit the distribution of surplus cashflow to shareholders in line with the capital allocation policy, which prioritises organic growth.

Will Orr will be a keynote speaker at the HCM Summit on 24 October in London. Find out more at www.HCMsummit.live
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Having announced its intention to open 50 low cost gyms in the next three years, The Gym Group has appointed Alison Sagar as chief commercial officer to drive its plans forward.
  The Gym Group revolutionises training for midlife women with industry-first programme


Following a successful pilot, The Gym Group is rolling out a programme, delivered by The Well HQ, educating its trainers on how best to support midlife women.
  The Gym Group is first health club operator in the world to get Net-Zero targets SBTi approved


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Jobs    News   Products   Magazine
NEWS
Gym Group is on track with strong half-year results following Will Orr’s strategy reboot
POSTED 10 Jul 2024 . BY Kath Hudson
The Gym Group CEO, Will Orr, is speaking at the HCM Summit Credit: The Gym Group
The Gym Group has grown membership, yield and revenue in H1 2024
Four new gyms have opened this year, with four more at the fit out stage
CEO, Will Orr, says the company is on track to meet the 10 to 12 site target for this year
Refinancing and strong cash flow puts the company in a good position for its roll-out plans
The Gym Group has built on the positive momentum of 2023, with a strong half-year performance in the first half of 2024, showing an uplift in membership, yield and like-for-like revenue.

For the period ending 30 June, the low-cost operator increased revenue by 12 per cent to £112.1m (H1 2023: £99.8m).

Membership continues to grow and stood at 905,000 on 30 June, compared with 867,000 at 30 June 2023 and 850,000 at 31 December 2023.

Average revenue per member per month for the period was up 9 per cent to £20.44 (H1 2023: £18.81) and like-for-like revenue also grew by 9 per cent.

Four new gyms have been opened this year – bringing the total to 237 – and four more are being fitted out and will open soon. Will Orr, The Gym Group CEO, confirms the company is on track to meet its target of 10 to 12 new sites this year, as set out in its year-end results in March, along with the company’s new strategy, Next Chapter.

Orr said: “We're making encouraging progress with our strategic priorities under our Next Chapter growth plan, delivering good growth in membership and yield.

“We've further strengthened our financial position, while stepping up our opening programme in line with our target to open 50 high quality sites over the next three years with high ROIC, funded from free cashflow.

"After a strong first half, we expect to deliver full year results at the higher end of market expectations.”

With further strong cashflow generated in the first half, net debt stood at £54.6 million at 30 June, compared with £66.4 million at the 2023 financial year end.

In June, the company completed a refinancing of its bank debt. The new three-year facility is made up of a £45 million Term Loan and £45 million Revolving Credit Facility, at a minimum annual interest rate of 2.75 per cent above SONIA. Terms permit the distribution of surplus cashflow to shareholders in line with the capital allocation policy, which prioritises organic growth.

Will Orr will be a keynote speaker at the HCM Summit on 24 October in London. Find out more at www.HCMsummit.live
RELATED STORIES
The Gym Group appoints Alison Sagar as chief commercial officer to drive next phase of growth


Having announced its intention to open 50 low cost gyms in the next three years, The Gym Group has appointed Alison Sagar as chief commercial officer to drive its plans forward.
The Gym Group revolutionises training for midlife women with industry-first programme


Following a successful pilot, The Gym Group is rolling out a programme, delivered by The Well HQ, educating its trainers on how best to support midlife women.
The Gym Group is first health club operator in the world to get Net-Zero targets SBTi approved


The Gym Group has become the first fitness operator in the world to have its Net-Zero targets validated by the Science Based Targets initiative.
MORE NEWS
All systems go for GoJoe app with Les Mills partnership, investment and campaigns
Employee wellness app GoJoe has teamed up with Les Mills for a major new content offering, giving access to hundreds of new workouts.
Gymbox partners with Raza Sana to transform lives through fitness
Gymbox has partnered with Haringey Council and not-for-profit organisation, Raza Sana, to give opportunities to those living in disadvantaged communities.
Sport for Confidence gets national recognition for pioneering work breaking down barriers to physical activity
Sport for Confidence CIC has received a national award for its pioneering work hardwiring occupational therapy driven services into community sport and leisure settings.
Mindbody adds bespoke insurance to its list of offerings
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