Key Performance Indicators

We use a number of financial and non-financial key performance indicators (‘KPIs’) to measure our performance over time. We select KPIs that demonstrate the financial and operational performance underpinning our strategic drivers.

  • Revenue (£m)

    2021 106.0
    2020 80.5
    2019 153.1
    2018 123.9
    20 / 21
    +31.7%

    Definition

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

     

    2021 performance

    Revenue in the year increased by 31.7% reflecting the increased number of open trading days compared to the prior year (72% vs 55%). New gyms opened in the year also contributed to the increase in the Group revenue figure.

  • Group Adjusted EBITDA less normalised rent (£m)

    2021 5.7
    2020 -10.2
    2019 48.5
    2018 39.1
    20 / 21
    +155.9%

    Definition

    Group Adjusted EBITDA Less Normalised Rent is calculated as operating profit before depreciation, amortisation, long-term employee incentive costs and non-underlying items and after deducting normalised rent. Normalised rent is the contractual rent that would have been paid in normal circumstances without any agreed deferments, recognised in the monthly period to which it relates.

     

    2021 performance

    Group Adjusted EBITDA Less Normalised Rent increased by £15.9m in the year reflecting the increased site profitability as a result of the higher proportion of open trading days, and grant income received, partially offset by the investment in support functions.

  • Group Operating Cash Flow (£m)

    2021 6.3
    2020 -16.3
    2019 40.8
    2018 34.0
    20 / 21
    +138.7%

    Definition

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

     

    2021 performance

    Group operating cash flow has increased by £22.5m as a result of the improved profitability and working capital benefits from resumed trading and growth.

  • Non-Property Net Debt (£m)

    2021 44.1
    2020 47.3
    2019 47.4
    2018 46.0
    20 / 21
    -6.8%

    Definition

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

    2021 performance

    Non-property net debt has reduced slightly as capital expenditure was more than offset by the net proceeds of £30.3m from the equity placing and cash inflows from operations.

  • Mature Gym Site EBITDA (£m)

    2021 22.5
    2020 3.9
    2019 48.1
    2018 39.0
    20 / 21
    +576.9%

    Definition

    Mature gym site EBITDA is calculated as Group Adjusted EBITDA Less Normalised Rent contributed by mature sites.



    2021 performance

    Mature gym site EBITDA increased significantly in 2021 as a result of the higher proportion of open trading days. However, it is still below pre-COVID levels as trading has yet to recover fully. We expect to see the figures trending back towards pre-COVID levels in 2022.

  • Return on Invested Capital of Mature Sites (%)

    2021 18%
    2020 18%
    2019 31%
    2018 30%
    20 / 21

    Definition

    Return on invested capital of mature sites is calculated as Mature Gym Site EBITDA divided by total capital initially invested in the mature sites.

    2021 performance

    Return on invested capital of mature sites was 18% in 2021 as trading has yet to recover fully from COVID-19. We expect to see the figure trending back towards pre-COVID levels in 2022.

  • Non-property Net Debt to Group Adjusted EBITDA

    2021 7.74x
    2020 -4.64x
    2019 0.98x
    2018 1.17x
    20 / 21
    +266.8%

    Definition

    Non-Property Net Debt to Group Adjusted EBITDA is defined as Non-Property Net Debt as a proportion of Group Adjusted EBITDA.

    2021 performance

    Non-property net debt to Group Adjusted EBITDA has improved in the year as a result of the return to profitability and the improved net debt position.

  • Total Number of Gyms

    2021 202
    2020 183
    2019 175
    2018 158
    20 / 21
    +10.4%

    2021 performance

    The total number of sites grew by 10.4% during 2021 with 19 organic site openings, one of which was a small box gym.

  • Total Number of Members ('000)

    2021 718
    2020 578
    2019 794
    2018 724
    20 / 21
    +24.2%

    Definition

    Total Number of Members reflects gym memberships at the year end.

     

    2021 performance

    The total number of members has increased year on year partly reflecting the additional sites opened in the year. Our membership number reduced to 547,000 during the lockdown. We then saw a period of exceptional membership acquisition immediately after opening before returning to more normal seasonal patterns in the second half of the year.

  • Number of Mature Gyms

    2021 175
    2020 155
    2019 109
    2018 89
    20 / 21
    +12.9%

    Definition

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

     

    2021 performance

    The number of mature gyms increased to 175 in 2021. However, due to the various COVID-19 lockdowns, many of the gyms that were opened in 2019 and 2020 have yet to reach maturity in terms of financial performance and membership levels.

  • Average Revenue per Member per Month (£)

    2021 17.60
    2020 17.20
    2019 16.02
    2018 14.89
    20 / 21
    +2.3%

    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.

     

     

    2021 performance

    Average revenue per member per month has increased by 2.3%, driven by a £0.46 increase in the average headline price and an increase in the take-up of our premium product, LIVE IT (from 22.5% of total members in 2020 to 27.1% in 2021).

    *Note that in order to provide better year-on-year comparability for yield, the figures presented for 2021 and 2020 have been adjusted to exclude the impact of UK Government enforced closure periods as a result of the COVID-19 pandemic. The 2021 figure is calculated for the period from July 2021 to December 2021 when all gyms were fully open and trading had returned to normal. The 2020 figure is calculated on a site-by-site basis and excludes days where the sites were required to be closed due to Government restrictions

  • Members that visit 4+ Times in a Month %

    2021 32.6ppts
    2020 23.9ppts
    2019 44.0ppts
    2018 41.7ppts
    20 / 21
    +36.4%

    Definition

    This is a new KPI for the Group in 2021 and is defined as the percentage of total members that have visited the gym 4+ times in a month, calculated as a rolling 12 month average.

     

    2021 performance

    The number of members visiting the gym 4+ times per month has increased in 2021 but remains below target due to the COVID-19 disruption. Research shows that people who visit the gyms 4+ times per month are more likely to continue their membership and gain significant health benefits from it.

  • Employee Engagement Score

    2021 61ppts
    2020 51ppts
    2019 0
    2018 0
    20 / 21
    +19.6%

    Definition

    This is a new KPI for the Group in 2021 and is calculated as the proportion of those employees that responded ‘Strongly Agree’ to the engagement survey questions.

     

    2021 performance

    The employee engagement score in 2021 increased by 10 ppts vs 2020 with the completion rate also increasing. This reflects the progress made in the year in building an inclusive work environment that has strong relationships within teams who recognise each other for their commitment to The Gym Group.