The Gym Group shares rise after revealing bumper membership numbers following the tip of lockdown restrictions
- The Gym Group noticed its membership numbers rise sharply earlier within the 12 months
- However, prior to now month or so, membership levels have eased barely
The Gym Group noticed a powerful restoration in membership numbers after re-opening after the ending of lockdown restrictions earlier this 12 months.
The group’s whole member numbers swelled from 547,000 in February to 753,000 by the tip of October, however fell to 735,000 by 30 November ‘consistent with seasonal norms’.
Shares within the firm have carried out strongly right this moment and are presently up 4 per cent or 9p to 234p. A 12 months in the past the group’s share value was 212.00p, that means it has risen by over 10 per cent prior to now 12 months.
Getting fitter: The Gym Group mentioned it noticed a powerful restoration in membership numbers after re-opening following the ending of lockdown restrictions
Headline costs continued to extend by the second half and take-up of the group’s premium multi-site membership, ‘LIVE IT’, rose to 27.1 per cent by the tip of November.
The firm mentioned it was buying and selling consistent with market expectations for the 12 months by way of its key revenue measure of group adjusted EBITDA.
It stays on observe to ship its natural rollout plan, focusing on 40 web site openings within the 18 months to December 2022.
Richard Darwin, chief government of The Gym Group, mentioned: ‘The restoration in our membership following the reopening demonstrates the important function gyms play in folks’s lives.
‘The market alternative and progress potential for The Gym Group could be very thrilling. Whilst we’re conscious of the near-term unsure outlook as a results of the brand new Covid variant, we have now the expansion technique, monetary sources and experience required to capitalise on these alternatives, widening entry to inclusive and reasonably priced gyms for everywhere in the long run.’
As at 30 November, the group had internet money owed excluding property of £35.9million and £73.6million ‘liquidity headroom.’