Full Year Results 2023 13 March 2024

2023 Full Year Results

Leading low cost gym operator, The Gym Group, announces its full year results for the year ended 31 December 2023.


  Year ended 31 December 2023 Year Ended 31 December 2022 Movement
Revenue (£m) 204.0 172.9 +18%
Group Adjusted EBITDA (£m) 75.5 71.3 +6%
Group Adjusted EBITDA Less Normalised Rent (£m) 38.5 38.0 +1%
Adjusted Loss before tax (£m) (5.5) (5.5)   0%
Statutory Loss before tax (£m) (8.3) (19.4) +57%
Statutory Loss after tax (£m) (8.4) (19.3) +56%
Adjusted Basic and Diluted Loss per share (p) (3.4) (3.9) +13%
Statutory Basic and Diluted Loss per share (p) (4.7) (10.97) +57%
Free cash flow (£m)  27.0  16.7 +62%
Non-Property Net Debt (£m)  (66.4) (76.0)  +13%



  • Revenue for the year increased by 18%, with average members up 8% and average revenue per member per month (‘ARPMM’) up 9%; like-for-like2  revenue grew 8%

  • EBITDA Less Normalised Rent at £38.5m was slightly ahead of 2022 as the increased revenue offset cost inflation, particularly utilities and staff costs

  • Free cash flow generated in the year increased to £27.0m (2022: £16.7m) funding six new sites, enhancements to existing sites and technology projects. Non-Property Net Debt down by £9.6m to £66.4m (Dec 2022: £76.0m), resulting in reduced leverage3  of 1.72x (within the range previously guided)

  • Revolving Credit Facility (‘RCF’) extended to October 2025, syndicate strengthened and Covid-related covenants removed


  • Next Chapter three-fold growth plan for the next stage of The Gym Group’s development announced – ’Strengthen the core’ to increase returns from the existing estate, funding ‘Accelerate rollout of quality sites’, in turn enabling optionality to ‘Broaden our growth’ by finding additional revenue streams

  • Board strengthened in the year with the appointment of Will Orr as CEO and Simon Jones, former MD of Premier Inn and current CEO of Away Resorts, as Non-Executive Director; Alison Sagar to join the Company in March 2024 as Chief Commercial Officer, further strengthening the Executive Committee

  • High levels of member engagement and satisfaction levels sustained throughout the year. Average visits per member up 10%, with 92% of our members rating The Gym Group 4 or 5 out of 5 for overall satisfaction (57% 5/5)

  • Six new sites opened in 2023, enhancements made in over 100 sites and launch of HYROX fitness programme collaboration

  • Proposition developed with successful implementation of a three-tier price product architecture, rolling out Off-peak membership throughout the entire estate and supporting both volume and yield optimisation strategies 


  • Good start to trading in 2024; revenue after two months has grown by 16% year on year, reflecting a 3% increase in average members and 13% growth in yield, benefitting from price taken earlier in the year. Like-for-like revenue up 12%

  • Like-for-like revenue in 2024 to increase by 4-5% overall as the impact of the early price increases normalises later in the year

  • Plan to open 10-12 new sites in FY24; leverage expected to remain within the range of 1.5 to 2.0x. Next Chapter growth plan aims to deliver c.50 site openings with average ROIC of 30% over three years, funded from free cashflow

Will Orr, CEO of The Gym Group, commented:

“We have maintained positive momentum in revenue through the second half to deliver results that have offset cost inflation, in line with our guidance. With a strong start to 2024, and clear signs that demand for health and fitness has never been stronger, these are solid foundations on which to build our Next Chapter growth plan. Over the next three years, we aim to strengthen the performance of our core business and accelerate The Gym Group site rollout. There continues to be substantial headroom for low cost gyms in the UK and we are fully focused on our aim of making high value, low cost fitness even more accessible for all.”


A live audio webcast of the analyst presentation will be available at 11:00 a.m. today via the following link:




The Gym Group
Will Orr, CEO
Luke Tait, CFO
Katharine Wynne, Investor Relations

via Instinctif Partners

Instinctif Partners
Justine Warren
Mathhew Smallwood
Joe Quinlan
0207 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.

3Leverage calculated as Non-Property Net Debt divided by Group Adjusted EBITDA Less Normalised Rent.


Download the full announcement