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.
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Revenue (£m)
2022 172.92021 106.02020 80.52019 153.121 / 22+63.1%Definition
Revenue is generated from membership fees and ancillary services such as rental income from personal trainers and vending income.
Link to strategic goals
High quality estate
Compelling member experience
Innovative technology and marketing
2022 performance
Revenue in the year increased by 63.1% reflecting a full year of open trading days (compared with 72% in the prior year) as well as increased prices and Ultimate take-up. See the Financial Review on page [xx] for further details.
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Return on Invested Capital of Mature Sites (%)
2022 18%2021 18%2020 18%2019 31%21 / 2218%Definition
Mature Gym Site EBITDA (excluding acquired sites) divided by total capital initially invested in the mature sites.
Link to strategic goals
High quality estate
Compelling member experience
Innovative technology and marketing
2022 performance
Return on Invested Capital of mature sites increased to [25]% in 2022 reflecting the continued revenue recovery. However, as like-for-like revenue in the mature gyms only reached [90]% of 2019 levels and the macro-economic and geopolitical environment led to increases in the cost base (especially in utilities and staff costs), we were not able to return to pre-pandemic levels of return.
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Group Operating Cash Flow (£m)
2022 23.12021 6.32020 -16.32019 39.221 / 22+£16.8mDefinition
Group Adjusted EBITDA plus the movement in working capital less maintenance capital expenditure. Maintenance capital expenditure comprises the replacement of gym equipment and premises refurbishment.
Link to strategic goals
High quality estate
Compelling member experience
Innovative technology and marketing
2022 performance
Group Operating Cash Flow increased by £16.8m as the improved EBITDA Less Normalised Rent was partially offset by working capital outflows and higher maintenance capex spend. See the Financial Review on page [X] for further details.
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Group Adjusted EBITDA less normalised rent (£m)
2022 38.12021 5.72020 -10.22019 48.521 / 22+£32.3mDefinition
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.
Link to strategic goals
High quality estate
Compelling member experience
Innovative technology and marketing
2022 performance
Group Adjusted EBITDA less Normalised Rent increased by £32.3m in the year reflecting increased site profitability as a result of revenue recovery and the higher proportion of open trading days. See the Financial Review on page [X] for further details.
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Non-property Net Debt to Group Adjusted EBITDA
2022 2.0x2021 7.74x2020 -4.64x2019 0.98x21 / 225.74xDefinition
Non-Property Net Debt as a proportion of Group Adjusted EBITDA. Non-property net debt comprises bank and non-property lease debt less cash and cash equivalents.
Link to strategic goals
High quality estate
Compelling member experience
Innovative technology and marketing
2022 performance
Non-Property Net Debt to Group Adjusted EBITDA has improved significantly in the year and now lies within the Group’s target range for leverage of 1.5x-2.0x.
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Total Number of Gyms
2022 2292021 2022020 1832019 17521 / 22+13.4%Definition
Number of gyms open at the end of the year.
Link to strategic goals
High quality estate.
2022 performance
The total number of gyms grew by 13.4% during 2022 as the Group opened 25 new organic sites and acquired three sites that previously operated under the Fitness First brand. One gym was closed during 2022.
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Total Number of Members ('000)
2022 8212021 7182020 5782019 79421 / 22+14.3%Definition
Total gym memberships at the end of the year.
Link to strategic goals
Compelling member experience
Growing sustainably
2022 performance
Total Number of Members has increased year on year reflecting post-Covid recovery and new site openings. City Centre workforce dependent sites are recovering at a slower pace than the rest of
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Average Revenue per Member per Month (£)
2022 17.822021 17.602020 17.202019 16.0221 / 22+1.3%Definition
Revenue divided by the average number of members divided by the number of months in the period.
Link to strategic goals
High quality estate
Compelling member experience
Innovative technology and marketing
2022 performance
ARPMM increased by 1.3% in 2022, driven by an increase in the average headline price of around £2 and an increase in the take-up of our premium product, Ultimate (from 27.1% of total members in 2021 to 29.6% in 2022). ARPMM for the second half of the year was £18.30, up 4.5% on 2021.
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Members that visit 4+ Times in a Month %
2022 47.2ppts2021 32.6ppts2020 23.9ppts2019 44.0ppts21 / 22+14.6%Definition
The percentage of total members that have visited the gym 4+ times in a month, calculated as a rolling 12 month average.
Link to strategic goals
Compelling member experience
Growing sustainably
2022 performance
The percentage of members visiting the gym 4+ times per month has increased significantly in 2022 and is now exceeding levels achieved pre-Covid. Research shows that people who visit the gym 4+ times per month are more likely to continue their membership and gain significant health benefits from it which drives increased social value.
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Employee Engagement Score
2022 67ppts2021 61ppts2020 51ppts2019 021 / 22+6.0%Definition
The proportion of employees that responded “Strongly Agree” to the engagement survey questions.
Link to strategic goals
Unique team and culture
2022 performance
Our employee engagement continues to strengthen, increasing a further 6 ppts in 2022. This reflects our continued focus on building an inclusive work environment that has strong relationships within teams who recognise each other for their commitment to The Gym Group.