Earnings release
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RNS Number : 1410T Gym Group PLC (The) 14 January 2025 14 January 2025 The Gym Group plc("The Gym Group" or "the Group") Pre-close trading update Leading low cost gym operator, The Gym Group plc, is pleased to announce that positive trading momentum has continuedthrough the second half of the year, driving strong like-for-like revenue growth. Revenue for the year ended 31 December 2024 increased by 11% to £226.3m (2023: £204.0m), with like-for-like revenuegrowing 7% year on year . Average members grew 4% to 906,000 (2023: 872,000), and average revenue per member permonth ('ARPMM') was up 7% to £20.81 (2023: £19.50). We closed the year with 891,000 members compared with 850,000at 31 December 2023, an increase of 5%. We opened 12 new sites in the year, at the top end of the projected range of 10-12,taking the total to 245. Net debt as at 31 December 2024 was £61.3m, compared with £66.4m at 31 December 2023. Guidance and Outlook As a result of the strong delivery of like-for-like growth and new site performance, Group Adjusted EBITDA Less NormalisedRent for FY24 is expected to be slightly above the top end of the current market forecast range of £43.5-45.5m. We expect to accelerate new site openings to 14-16 sites in 2025 and remain on track to deliver the target of around 50 sitesover three years funded from free cashflow, in line with our Next Chapter growth plan. We also continue to reinvest in ourexisting estate and our major technology platforms. The changes to Employers' National Insurance in the Autumn Budget willresult in additional costs in FY25 of c.£1.3m. Taking this as well as the momentum in the business into account, we nowexpect that FY25 Group Adjusted EBITDA Less Normalised Rent will be at the top end of the current market forecast rangeof £47.2-49.7m. The Group will publish audited FY24 results on 12 March 2025. Will Orr, CEO of The Gym Group, commented: "We have delivered strong progress and momentum in our Next Chapter growth plan, that will result in FY24 profits ahead ofthe top end of previous guidance. There is plenty more still to come as we execute our plan and we look to 2025 withconfidence. We are well prepared for our key member recruitment period in the current quarter and beyond, with ourstrengthening new site pipeline and our flexible, high value, low cost offer making gym membership more accessible for all." Like-for-like Revenue vs 2023 includes all sites open as at 31 December 2021 Consensus forecasts are published on The Gym Group corporate website and may be found at https://www.tggplc.com For further information, please contact: The Gym Group plcWill Orr, CEOLuke Tait, CFOKatharine Wynne, IR via Instinctif Instinctif Partners (Financial PR)Justine WarrenMatthew Smallwood +44 (0)20 7457 2020 1 2 1 2 2025-01-14 08:06 Pre-close trading update https://tools.eurolandir.com/tools/Pressreleases/GetPressRelease/?ID=7331074&lang=en-GB&companycode=uk-gym&v= 1/2
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Notes for editors:The Gym Group was a pioneer of the low cost gym model and now operates 245 high quality sites across the UK. These gymsoffer 24/7 opening and flexible, no contract membership. As at 31 December 2024 there were 891,000 members nationwide.Our gyms have over 65 million visits per annum, score highly on member satisfaction and are consistently rated "excellent"on Trustpilot. The Gym Group is the UK's first carbon neutral chain of gyms. Sites opened in 2024 are: Orpington, London Euston Road, Manchester Oxford Road, Welwyn Garden City, London Plaistow,Dudley, London East Ham, London Bromley by Bow, Surbiton, Gillingham, London Shepherds Bush and London Elephantand Castle. LEI Number: 213800VCU9TBANZIN455 This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy. END TSTSFSFMDEISEIF 2025-01-14 08:06 Pre-close trading update https://tools.eurolandir.com/tools/Pressreleases/GetPressRelease/?ID=7331074&lang=en-GB&companycode=uk-gym&v= 2/2