KPIs

  • Revenue (£m)

    2017 91.4
    2016 73.5
    2015 60.0
    2014 45.5
    16/17
    + 24.3%

    Definition

    Revenue is generated from membership fees and ancillary services such as vending income.

    2017 performance

    An increase in revenue of 24.3% driven by a 23.4% increase in the average member numbers and a 0.7% increase in the average revenue per member per month to £14.41 (2016: £14.31).

  • Group Adjusted EBITDA (£m)

    2017 28.0
    2016 22.7
    2015 17.0
    2014 14.7
    16/17
    + 23.2%

    Definition

    Group Adjusted EBITDA is calculated as operating profit before depreciation, amortisation, long term employee incentive costs, and exceptional items. This is an important measure used to assess performance of sites which is a proxy for cash and is a measure used internally and externally by investors.

    2017 performance

    Group Adjusted EBITDA growth of 23.2% to £28.0m. EBITDA growth largely driven by the increase in the number of gyms in the mature Cohort reaching maturity in 2017.

  • Group Adjusted EBITDA before Pre-Opening Costs (£m)

    2017 30.6
    2016 24.9
    2015 19.7
    2014 16.7
    16/17
    + 22.9%

    Definition

    Group Adjusted EBITDA before Pre-Opening Costs is defined as Group Adjusted EBITDA excluding the costs associated with new site openings.

    2017 performance

    Group Adjusted EBITDA before Pre-Opening Costs has increased by 22.9% reflecting the increase in the gym estate, offset by a significant increase in pre-opening costs arising from the number of gym openings during the year and Q1 2018.

  • Expansionary Capital Expenditure (£m)

    2017 52.5
    2016 20.9
    2015 28.2
    2014 20.3
    16/17
    + 150.7%

    Definition

    Expansionary Capital Expenditure is the expenditure in relation to the fit-out of new gyms and improvements to the gym layout. Expansionary Capital Expenditure is stated gross of amounts funded by finance leases.

    2017 performance

    Expansionary Capital Expenditure has risen significantly as a result of the organic growth in the estate with the opening 21 gyms in 2017 and the acquisitions of 18 gyms from Lifestyle Fitness.

  • Group Operating Cash Flow (£m)

    2017 24.7
    2016 24.9
    2015 18.6
    2014 16.5
    16/17
    - 1.1%

    Definition

    Group Operating Cash Flow is calculated as Group Adjusted EBITDA less working capital less maintenance capital expenditures. Maintenance capital expenditure comprises the replacement of gym equipment and premises refurbishment.

    2017 performance

    Group Operating Cash Flow has declined marginally despite greater cash generation as a result of the continuation of the site refurbishment programme. In the current year 17 (2016: 8) sites were refurbished.

  • Group Operating Cash Flow Conversion (%)

    2017 88.2
    2016 109.9
    2015 109.4
    2014 112.4
    16/17
    - 19.7%

    Definition

    Group Operating Cash Flow Conversion is calculated as Group Operating Cash Flow as a percentage of Group Adjusted EBITDA.

    2017 performance

    Group Operating Cash Flow conversion fell significantly by 19.7% driven by significant increase in maintenance capital expenditure on refurbishment and rebranding during year.

  • Net Debt (£m)

    2017 37.5
    2016 5.2
    2015 7.1
    2014 49.2
    16/17
    + £32.3m

    Definition

    Net Debt is defined as borrowings from bank facilities and finance leases less cash and cash equivalents.

    2017 performance

    Net debt increased by £32.3 million due to significant increase in Expansionary capital expenditure funding 21 site openings and the acquisition of the Lifestyle portfolio of 18 gyms; offset by Group Operating Cash Flow.

  • Net Debt to Group Adjusted EBITDA

    2017 1.34x
    2016 0.23x
    2015 0.42x
    2014 3.35x
    16/17
    1.34x

    Definition

    Net Debt to Group Adjusted EBITDA is defined as Net Debt as a proportion of Group Adjusted EBITDA. The increase in 2017 reflects the funding of the Lifestyle acquisition through debt.

    2017 performance

    Net Debt to Group Adjusted EBITDA has increased due to the increase in Net Debt.

  • Total Number of Gyms

    2017 128
    2016 89
    2015 74
    2014 55
    16/17
    + 43.8%

    2017 performance
    Total number of sites grew 43.8% during the year with the opening of 21 sites through our organic programme in addition to the acquisition of 18 gyms from Lifestyle Fitness.

  • Total Number of Members ('000)

    2017 607
    2016 448
    2015 376
    2014 293
    16/17
    + 35.5%

    Definition

    Number of members reflects gym memberships at the year end.

    2017 performance

    Total number of members has increased significantly from 448,000 in 2016 to 607,000 resulting from the opening of 21 sites and acquisition of 18 gyms from Lifestyle Fitness.

  • Average Revenue per Member per Month (£)

    2017 14.41
    2016 14.31
    2015 14.08
    2014 13.98
    16/17
    + 0.7%

    Definition

    Average Revenue per Member per Month is calculated as revenue divided by the average number of members divided by the number of months in the period.

    2017 performance

    Average Revenue per Member per Month increased by 0.7% due to the ongoing maturation of pricing in mature sites.

  • Number of Mature Gyms in Operation

    2017 74
    2016 55
    2015 40
    2014 32
    16/17
    + 34.5%

    Definition

    Mature gyms are defined as gyms that have been open for 24 months or more measured at the end of the year.

    2017 performance

    The Group’s progressive rollout strategy means that gyms opened in 2015 are considered to be mature in 2017.

  • Mature Gym Site EBITDA (£m)

    2017 34.1
    2016 26.2
    2015 18.8
    2014 16.2
    16/17
    + 30.3%

    Definition

    Mature Gym Site EBITDA is calculated as Group Adjusted EBITDA contributed by the mature gym portfolio.

    2017 performance

    Mature Gym Site EBITDA has increased by 30.3% due to gyms opened in 2015 reaching maturity in the current year and an increase in the average profitability per site.