The Gym Group unveiled a solid set of H1 2016 results this morning (5 July), with analysts expecting the listed gym chain to meet full-year expectations and record adjusted pre-tax profits of up to £9m.
The budget operator launched six gyms in the first half of 2016 – with a further eight sites currently in fit-out – and says it is on course to achieve its growth target of 15 to 20 openings for 2016 and 2017.
Membership across the chain’s 80 sites is up to 424,000, reflecting a 19.4 per cent increase on H1 2015. Meanwhile, strong cash generation enabling the firm to reduce net debt to £2.5m at 30 June 2016, down from £7.1m in December 2015.
“The membership uplift has been significant – it’s in line with expectations, but nevertheless it’s good to deliver what we’ve forecasted,” The Gym Group CEO John Treharne told
Health Club Management.
“Looking to the future, our pipeline for 2017 is stronger than it was last year, so we’re still seeing an improving pipeline position.”
The Gym Group will release its full first-half results at the end of August.
