Revenue rockets 27 per cent at The Gym Group
The Gym Group has posted a 27 per cent leap in revenue to £74m for the first six months of 2019.
Read more: The Gym Group gets in shape with revenue and profit boost
The contract-free low-cost gym operator also grew membership numbers by 10.6 per cent to 796,000 up to 30 June.
Eight new gyms opened in the first half of the year, to hit a total of 165 gyms, compared to 147 it operated in June last year.
Meanwhile non-property net debt stood at £47.2m, slightly up on December’s £46m.
It remains “on track” to deliver on its operational and financial plans for 2019, it said today.
“The Gym Group has performed well in the first half of 2019,” said chief executive Richard Darwin.
“I am pleased with the pace of growth and the delivery of our rollout which builds on the strong platform and systems put in place to expand the business in 2018.
“Our aim is to provide affordable fitness to a growing and more diverse membership. We have made significant progress in that goal in the first half with 10 per cent growth in the number of members.
“The platform we have created means we can continue to expand rapidly and we expect to meet our rollout target of 15-20 gyms for 2019 with one small box gym to open later in the year.
“I am excited about the potential of the company and look forward to delivering another year of strong profitable growth for shareholders.”
Read more: The Gym Group shares fall on increased debt predictions
Gym Group will reveal its interim results on 29 August.
Main image: Getty