Pure Gym saw its Q2 revenues jump to £119m, a 9 per cent increase on the pre-pandemic second quarter of 2019
The budget chain opened nine new clubs during Q2 2022, taking the number in its estate to 525
The group said its outlook remains "positive but cautious", as disruptions continue despite the easing of pandemic restrictions
One of Pure Gym's major focuses is to "realise the full potential" of its business in Denmark
Pure Gym saw its Q2 revenues jump to £119m, a 9 per cent increase on the (pre-pandemic) second quarter of 2019.
The figure also marks a 43 per cent increase on Q2 2021.
The budget chain opened nine new clubs during Q2 2022, taking the number in its estate to 525.
Adjusted EBITDA during the period was £26m, up 58 per cent on 2021. EBITDA, however, still trails below the pre-pandemic level of £34m in Q2 2019.
In a statement, Pure Gym said it is "deploying increased effort, resources and focus on cost management", which has led to an "excellent liquidity position" with £285m of cash and £430m of total accessible funds – including £30m cash held by parent company, Pinnacle Topco.
This has allowed the group to lay out its growth plans.
Pure Gym expects to open more than 50 sites this year across the group – both corporate-owned and franchised – and to then double the opening and refurbishment rate for next year (2023).
CEO, Humphrey Cobbold said the company's approach remains "positive but cautious" as disruptions continue, despite the easing of pandemic restrictions.
"Recovery continues, but consumer confidence, hot weather and strike disruptions are not making it easy," he said.
"Notwithstanding the headwinds, overall momentum of strategic execution is building well, enabled by a significant equity capital raise which was completed in Q1.
"We're remaining cautiously positive about the future, despite obvious economic challenges that lie ahead."
One of Pure Gym's major focuses is to "realise the full potential" of its business in Denmark, said Cobbold, where it operates under the Fitness World brand.
The group plans to invest more than £55m over the next two to three years in upgrading its product and member experience in the country.
At the end of 2021, the Fitness World estate consisted of 174 gyms and Pure Gym is actively looking open new sites where "pools of unfulfilled demand exist".
Earlier this year, Pure Gym revealed it's planning to double the number of clubs in its portfolio, with a target of reaching
more than 1,000 clubs by 2030.
