KPIs

  • Revenue (£m)

    2016 73.5
    2015 60.0
    2014 45.5
    2013 35.7
    15/16
    + 22.6%

    Definition

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

    2016 performance

    Revenue increased by 22.6% as a result of a 20.8% increase in average member numbers and a 1.5% increase in Average Revenue per Member per Month.

  • Group Adjusted EBITDA (£m)

    2016 22.7
    2015 17.0
    2014 14.7
    2013 11.8
    15/16
    + 33.4%

    Definition

    Group Adjusted EBITDA is calculated as operating profit before depreciation, amortisation, long term employee incentive costs, exceptional items and other income.

    2016 performance

    Group Adjusted EBITDA increased by 33.4%, largely due to the increase in the number of gyms in operation resulting from the Group’s ongoing rollout strategy.

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

    2016 24.9
    2015 19.7
    2014 16.7
    2013 12.9
    15/16
    + 26.5%

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

    2016 performance

    Group Adjusted EBITDA before Pre-Opening Costs has increased by 26.5% reflecting the increase in the gym estate.

  • Expansionary Capital Expenditure (£m)

    2016 20.9
    2015 28.2
    2014 20.3
    2013 14.1
    15/16
    - 25.9%

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

    2016 performance
    Expansionary Capital Expenditure has decreased by 25.9% due to a lower number of gyms opened in 2016 and an increase in the capex creditor. Expansionary Capital Expenditure includes £3.3 million in relation to enhancements, acquisitions and IT projects (2015: £1.1 million).

  • Group Operating Cash Flow (£m)

    2016 24.9
    2015 18.6
    2014 16.5
    2013 14.8
    15/16
    + 34.0%

    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.

    2016 performance
    Group Operating Cash Flow increased by 34.0% due to an increase in Group Adjusted EBITDA offset by increases in maintenance capital expenditures due to the size of the estate.

  • Group Operating Cash Flow Conversion (%)

    2016 109.9
    2015 109.4
    2014 112.4
    2013 125.5
    15/16
    + 0.5bps

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

    2016 performance
    Group Operating Cash Flow Conversion continues to be over 100% due to the efficient use of working capital.

  • Net Debt (£m)

    2016 5.2
    2015 7.1
    2014 49.2
    2013 36.7
    15/16
    - 27.5%

    Definition
    Net Debt is defined as borrowings from bank facilities and finance leases less cash and cash equivalents.
    2016 performance
    Net Debt has reduced significantly due to the positive cash flow position for the year and the self-financing of gym openings during 2016.

  • Net Debt to Group Adjusted EBITDA

    2016 0.23x
    2015 0.42x
    2014 3.35x
    2013 3.11x
    15/16
    - 45.2%

    Definition
    Net Debt to Group Adjusted EBITDA is defined as Net Debt as a proportion of Group Adjusted EBITDA.
    2016 performance
    Net Debt to Group Adjusted EBITDA has reduced due to the reduction in Net Debt.

  • Total Number of Gyms

    2016 89
    2015 74
    2014 55
    2013 40
    15/16
    + 20.3%

    2016 performance
    The Group opened 15 gyms in 2016 as part of the rollout strategy.

  • Total Number of Members ('000)

    2016 448
    2015 376
    2014 293
    2013 225
    15/16
    + 19.1%

    Definition
    Total Number of Members reflects gym memberships at the year end.
    2016 performance
    The 19.1% increase in member numbers was primarily due to sites reaching maturity and the opening of 15 gyms during 2016.

  • Average Revenue per Member per Month (£)

    2016 14.29
    2015 14.08
    2014 13.98
    2013 14.06
    15/16
    + 1.5%

    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.

    2016 performance
    Average Revenue per Member per Month increased by 1.5% due to the ongoing maturation of pricing in mature sites.

  • Number of Mature Gyms in Operation

    2016 55
    2015 40
    2014 32
    2013 16
    15/16
    + 37.5%

    Definition
    Mature gyms are defined as gyms that have been open for 24 months or more, measured at the end of the year.
    2016 performance
    The Group’s progressive rollout strategy means that gyms opened in 2014 are considered to be mature in 2016.

  • Mature Gym Site EBITDA (£m)

    2016 26.2
    2015 18.8
    2014 16.2
    2013 9.5
    15/16
    + 38.9%

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

    2016 performance
    Mature Gym Site EBITDA has increased by 38.9% due to gyms opened in 2014 reaching maturity in the current year and an increase in the average profitability per site.