Key Performance Indicators

  • Revenue (£m)

    2018 123.9
    2017 91.4
    2016 73.5
    2015 60.0
    17/18
    +35.6%

    Definition

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

     

    2018 performance

    The 35.6% increase in revenue was driven by a 31.3% increase in average member numbers and a 3.3% increase in Average Revenue per Member per Month.

  • Group Adjusted EBITDA (£m)

    2018 36.8
    2017 28.0
    2016 22.7
    2015 17.0
    17/18
    + 31.6%

    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.

     

    2018 performance

    Group Adjusted EBITDA increased by 31.6%, largely due to sites opened during the last two years becoming increasingly mature.

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

    2018 39.3
    2017 30.6
    2016 24.9
    2015 19.7
    17/18
    + 28.5%

    Definition

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

     

    2018 performance

    Group Adjusted EBITDA before Pre-Opening Costs increased by 28.5%, reflecting the 31.6% increase in Group Adjusted EBITDA offset by a slight decrease in Pre-Opening Costs due to the opening timings of sites.

  • Expansionary Capital Expenditure (£m)

    2018 57.6
    2017 52.5
    2016 20.9
    2015 28.2
    17/18
    + 9.7%

    Definition

    Expansionary Capital Expenditure is expenditure in relation to the fit-out of new gyms, acquisition of gyms and technology projects.

     

    2018 performance

    Expansionary Capital Expenditure has increased by 9.7% largely due to the timing of supplier payments.

  • Group Operating Cash Flow (£m)

    2018 34.0
    2017 24.7
    2016 24.9
    2015 18.6
    17/18
    +37.7%

    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.

     

    2018 performance

    Group Operating Cash Flow has increased by 37.7% as a result of an increase in Group Adjusted EBITDA and efficient use of working capital.

  • Group Operating Cash Flow Conversion (%)

    2018 92.3
    2017 88.2
    2016 109.9
    2015 109.4
    17/18
    +4.6%

    Definition

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

     

    2018 performance

    Group Operating Cash Flow Conversion has increased from 88.2% to 92.3% due to the efficient use of working capital.

  • Net Debt (£m)

    2018 46.0
    2017 37.5
    2016 5.2
    2015 7.1
    17/18
    + £8.5m

    Definition

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

     

    2018 performance

    Net Debt increased by £8.5 million due to the drawdown of £11.0 million of bank loan facilities to fund site openings, offset by operating cash inflows.

  • Net Debt to Group Adjusted EBITDA

    2018 1.25x
    2017 1.34x
    2016 0.23x
    2015 0.42x
    17/18
    1.25x

    Definition

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

     

    2018 performance

    Net Debt to Group Adjusted EBITDA has reduced due to the efficient use of working capital and the financing of the easyGym acquisition through equity.

  • Total Number of Gyms

    2018 158
    2017 128
    2016 89
    2015 74
    17/18
    +23.4%

    2018 performance
    The total number of sites grew by 23.4% during 2018, with 17 new sites opening through our organic programme and 13 sites acquired from easyGym.

  • Total Number of Members ('000)

    2018 724
    2017 607
    2016 448
    2015 376
    17/18
    +19.3%

    Definition

    Total number of members reflects gym memberships at the year end.

     

    2018 performance

    Total number of members has increased from 607,000 at 31 December 2017 to 724,000 in 2018, largely as a result of the opening of 17 sites and the acquisition of 13 sites from easyGym.

  • Average Revenue per Member per Month (£)

    2018 14.89
    2017 14.41
    2016 14.31
    2015 14.08
    17/18
    +3.3%

    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.

     

    2018 performance

    Average Revenue per Member per Month increased by 3.3% due to the maturation of pricing and strategic pricing decisions.

  • Number of Mature Gyms in Operation

    2018 89
    2017 74
    2016 55
    2015 40
    17/18
    +20.3%

    Definition

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

     

    2018 performance

    The Group’s progressive rollout strategy means that gyms opened in 2016 are considered to be mature in 2018.

  • Mature Gym Site EBITDA (£m)

    2018 39.2
    2017 34.1
    2016 26.2
    2015 18.8
    17/18
    + 15.0%

    Definition

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

     

    2018 performance

    Mature Gym Site EBITDA has increased by 15.0% due to gyms opened in 2016 reaching maturity in the current year, offset by a small decrease in the average profitability per site.