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PRODUCT NEWS
Gym Group bullish about prospects – on track for £45m EBITDA in 2022
04 Aug 2022 . BY Tom Walker
The group has a target of reaching 300 gyms by the end of 2025 / The Gym Group
The Gym Group saw its membership grow by 10 per cent during the first six months of 2022 to 790,000, with revenues jumping to £84.2m – a 187 per cent increase on the first half of the COVID-19-affected 2021, giving an EBITDA of £17m.

Analysts are predicting a full-year EBITDA of around £45m.

The low-cost operator, which currently has 215 clubs, said it was making "excellent progress" with its recently announced growth strategy.

The group has a target of reaching 300 gyms by the end of 2025, along with an EBITDA between £95-£105m.

It has opened 11 gyms since December 2021, including a 21,000sq ft location in Paddington Basin, London and is on track to launch 28 new sites in total by the end of this year.

Leases for all sites opening in H2 have been exchanged.

Only one site has closed, with the company exercising a break in its lease on a gym at Northend Stadium, Preston, UK, due to access being challenging on match days.

The company now has a range of size models from 7,000sq ft to 21,000sq ft that it can implement depending on catchment.

CEO Richard Darwin told HCM that memberships are now at 90 per cent of pre-pandemic levels when calculated on a like-for-like estate basis and that the company has reduced the number of members it allows at certain sites to improve the member experience as part of implementing competitive price increases.

The move – which is based on offering the most 'exceptional value' in the market – has seen the gap between The Gym Group's average prices and those of the competition narrow from £4/month to between £2.70 and £3.30, with the average price remaining under £21/month.

Darwin said trading has been buoyant, with Monday 5 June was the company's highest-ever acquisition day.

He said the company is buffered against energy price increases, with the whole of 2022 hedged and 70 per cent of 2023 covered, making it "very well positioned to withstand whatever the economy throws at it". The cost of living crisis is not expected to have an impact, given the value-for-money proposition and consumers' commitment to their health and fitness.

He said the company expects to have an exceptionally strong H3, given how many gym locations are near universities and colleges, where students are now returning to face-to-face lectures.

The positive results come ahead of a new brand identity being launched later this month (August 2022), which will see the rebranding of The Gym Group's estate and website, while a new tech platform has also launched.

“We're pleased with our financial and operational performance during the first half of 2022, demonstrating the resilience of our business," Darwin said.

"People across the country rely on our gyms for their physical and mental health, and demand for our affordable fitness experience is recovering well.

"As we expand, we welcome more members in communities across the UK, and we are making further progress with our ambitious growth plan.

"Our new technology platform, combined with our brand relaunch later this month, positions us well to capture the demand for affordable fitness and take advantage of this once-in-a-generation opportunity for growth,” he said.
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Jobs    News   Products   Magazine
PRODUCT NEWS
Gym Group bullish about prospects – on track for £45m EBITDA in 2022
04 Aug 2022 . BY Tom Walker
The group has a target of reaching 300 gyms by the end of 2025 / The Gym Group
The Gym Group saw its membership grow by 10 per cent during the first six months of 2022 to 790,000, with revenues jumping to £84.2m – a 187 per cent increase on the first half of the COVID-19-affected 2021, giving an EBITDA of £17m.

Analysts are predicting a full-year EBITDA of around £45m.

The low-cost operator, which currently has 215 clubs, said it was making "excellent progress" with its recently announced growth strategy.

The group has a target of reaching 300 gyms by the end of 2025, along with an EBITDA between £95-£105m.

It has opened 11 gyms since December 2021, including a 21,000sq ft location in Paddington Basin, London and is on track to launch 28 new sites in total by the end of this year.

Leases for all sites opening in H2 have been exchanged.

Only one site has closed, with the company exercising a break in its lease on a gym at Northend Stadium, Preston, UK, due to access being challenging on match days.

The company now has a range of size models from 7,000sq ft to 21,000sq ft that it can implement depending on catchment.

CEO Richard Darwin told HCM that memberships are now at 90 per cent of pre-pandemic levels when calculated on a like-for-like estate basis and that the company has reduced the number of members it allows at certain sites to improve the member experience as part of implementing competitive price increases.

The move – which is based on offering the most 'exceptional value' in the market – has seen the gap between The Gym Group's average prices and those of the competition narrow from £4/month to between £2.70 and £3.30, with the average price remaining under £21/month.

Darwin said trading has been buoyant, with Monday 5 June was the company's highest-ever acquisition day.

He said the company is buffered against energy price increases, with the whole of 2022 hedged and 70 per cent of 2023 covered, making it "very well positioned to withstand whatever the economy throws at it". The cost of living crisis is not expected to have an impact, given the value-for-money proposition and consumers' commitment to their health and fitness.

He said the company expects to have an exceptionally strong H3, given how many gym locations are near universities and colleges, where students are now returning to face-to-face lectures.

The positive results come ahead of a new brand identity being launched later this month (August 2022), which will see the rebranding of The Gym Group's estate and website, while a new tech platform has also launched.

“We're pleased with our financial and operational performance during the first half of 2022, demonstrating the resilience of our business," Darwin said.

"People across the country rely on our gyms for their physical and mental health, and demand for our affordable fitness experience is recovering well.

"As we expand, we welcome more members in communities across the UK, and we are making further progress with our ambitious growth plan.

"Our new technology platform, combined with our brand relaunch later this month, positions us well to capture the demand for affordable fitness and take advantage of this once-in-a-generation opportunity for growth,” he said.
PRODUCT NEWS
Trainerize partners with Garmin to bring deeper insights to personal coaches
Trainerize, the fitness business software making wellness accessible by empowering businesses to better engage with their members, announces its latest integration with Garmin®, a leading global provider of smartwatches, fitness trackers and digital health solutions.
Reaxing has launched all-in-one training station the Reax 1001
Reaxing has launched Reax 1001, a training station that integrates four of the company’s products into one.
British boxer Anthony Joshua and Pulseroll introduce new massage gun AJ Ignite
British boxer Anthony Joshua and Pulseroll have joined forces to launch a new limited-edition massage gun collection called AJ Ignite.
Core Health & Fitness has released the StairMaster 8Gx
Core Health & Fitness has announced the launch of the StairMaster 8Gx. Features include a new drivetrain; a deeper, wider step surface; rust-free polypropylene construction; and ergonomic handrails which support multiple climbing positions.
i-Tech Industries creates new i-Boost concept
i-Tech Industries has created the i-Boost concept after blending two of its patented device technologies – icoone and icoone Booster.
Lifting communities can connect and compete using Brawn’s AI-driven InGym
Brawn has launched InGym, a connected strength-training visual display solution for the free weights lifting community. The technology was recently revealed to the public at the Ministry of Sound, in London, when a floor full of lifters gathered with the goal of reaching a collective 350,000kg.
Keiser UK introduces pneumatic resistance to Circle Health Group
Simon Roberts, lead physio for the brand-new Circle Health rehabilitation centre in Birmingham, was recently joined by Keiser UK consultant physio, Manoj Patel, to discuss and demonstrate the benefits of utilising pneumatic resistance within patient treatment to Circle Health’s MSK and Neuro rehab teams.
ServiceSport UK invests in 3D printers to meet the demand for gym equipment parts
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Parkwood Leisure celebrates four award wins and named Outstanding Organisation of the Year at the 2022 ukactive Awards
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COMPANY PROFILES
Orbit4

Orbit4 is the umbrella brand for FitnessCompared, FitnessFinance, WeServiceGymEquipment and WeBuyGym [more...]
+ More profiles  
CATALOGUE GALLERY
+ More catalogues  

VIDEO GALLERY

Technogym Ride
Technogym is proud to unveil the new Technogym Ride. Born from Technogym’s long standing experience in cycling field and as official supplier to the best cyclists and teams around the world, Technogym Ride is the first all-in-one bike that connects all your favorite apps in just one click. Find out more...
+ More videos  

DIRECTORY
+ More directory  
DIARY

 

03-04 Sep 2022

HEALING SUMMIT 2022 - The Healing of Everything

Pine Cliff Resort, Portugal
12-13 Sep 2022

2022 Salt Therapy Association Conference

Wyndham Lake Buena Vista Disney Springs® Resort, Lake Buena Vista, United States
+ More diary  
 


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