Interim Results for the six month period ended 30th June 2023 12 September 2023

2023 Interim Results
Leading low cost gym operator, The Gym Group, announces its interim results for the six month period ended 30 June 2023.

Key FINANCIAL metrics1

  Six months ended 30 June 2023 Six months ended 30 June 2022
Revenue (£m) 99.8 84.2 18.5%
Group Adjusted EBITDA (£m) 35.1 33.5 4.8%
Group Adjusted EBITDA Less Normalised Rent (£m)


17.0 1.2%
Adjusted Loss before tax (£m)  (5.2) (4.7) (10.6)%
Statutory Loss before tax (£m) (6.1) (7.2) 15.3%
Statutory Loss after tax (£m) (6.1) (3.4) (79.4)%
Basic and Diluted Adjusted Loss per share (p) (2.9) (0.8) (262.5)%
Basic and Diluted Statutory Loss per share (p) (3.4) (2.0) (70.0)%
Free Cash Flow (£m) 14.2  7.5  89.3% 
Non-Property Net Debt (£m)(as period end) (69.7) (57.6) (21.0)%

* Refer to note 3 of the Unaudited Condensed Consolidated Financial Information for details of the restatement of Finance costs (no impact at Group Adjusted EBITDA level).


  • Revenue grew 18.5% year on year, reflecting growth in average membership of 9.3% and yield (‘ARPMM’) of 8.4%; like-for-like revenue grew 6.9% year on year2 
  • Membership at 30 June 2023 was 867,000, up 9.7% year on year (Jun 2022: 790,000) and up 5.6% since the end of 2022 (Dec 2022: 821,000)
  • Yield continued to strengthen due to both the average price of a standard DO IT3 membership increasing by 5.4% to £22.02 at 30 June 2023 and LIVE IT4 penetration growing to 30.7% of total membership (Jun 2022: 28.7%)
  • EBITDA Less Normalised Rent broadly flat, in line with guidance, with revenue growth offsetting inflationary cost increases 
  • Free cash flow generation of £14.2m resulted in £6.4m reduction in Non-Property Net Debt to £69.7m at 30 June 2023 (Dec 2022: £76.1m); leverage improved to 1.82x

Business and operational highlights

  • Board and management team strengthened: Will Orr appointed as Group CEO and joined the business on 1 September; Simon Jones, of Whitbread, appointed as Non-Executive Director on 6 February 2023
  • Two new gyms opened in the first half at Edinburgh and Accrington and anticipate opening up to a further five sites in the second half; sites opened in 2021 and 2022 maturing in line with expectations
  • High levels of member engagement with increasing visit frequency (up 9.0% year on year in H1) and continuing strong customer satisfaction scores; increased maintenance capital expenditure to support member experience
  • Trial of three-tier price product architecture in 64 sites showing early encouraging results
  • Bank facilities secured until October 2025 with supportive syndicate; Covid-related covenants removed

Outlook and current trading

  • Trading in July and August continued in line with expectations; on track to deliver our plans for the year as a whole
  • We are maintaining our guidance for FY 2023, provided in March, that revenue growth will broadly be offset by cost inflation; leverage5 expected to remain within the range of 1.5 to 2.0x

John Treharne, Chair of The Gym Group, commented:

“The Gym Group has delivered a solid first half, driving growth in both membership and yield, and remains on track for the full year. I am delighted to welcome Will Orr on board. The actions we have taken to strengthen management, our financial position and the Group’s customer proposition will enable us to continue to take advantage of the many growth opportunities in our market under his leadership.”

Will Orr, CEO of The Gym Group, commented:

“Our ‘high value, low cost’ proposition meets a clear customer need in a growing market. I am excited to join a passionate, expert team who are committed to lowering barriers to fitness across the UK. As well as getting to understand all aspects of the business I’m already starting work with the team to deliver the next phase of The Gym Group’s development and capturing our share of the undoubted market potential.”

A live audio webcast of the analyst presentation will be available at 9:00 a.m. today via the following link:


The Gym Group
John Treharne, Chair of the Board
Will Orr, CEO
Luke Tait, CFO
Katharine Wynne, Investor Relations
via Instinctif Partners

Instinctif Partners (Financial PR)
Justine Warren
Matthew Smallwood
Joe Quinlan
+44 (0)20 7457 2020

1For a summary of KPI definitions used in the table see the ‘Definition of non-statutory measures’ section
2Like-for-like revenue vs 2022 includes all sites open as at 31 December 2020
3Includes Standard product in sites where three-tier price product architecture is being trialled
4Includes Ultimate product in sites where three-tier price product architecture is being trialled
5Calculated as Non-Property Net Debt : Group Adjusted EBITDA Less Normalised Rent

Download the full announcement