Business
2023 Interim Results
2023 Interim Results.
About this update from Gym Group Plc
[{"type":"text","content":"\n\n12 September 2023\nThe Gym Group plc\n('The Gym Group', 'the Group' or 'the Company')\n2023 Interim Results\nLeading low cost gym operator, The Gym Group, announces its interim results for the six month period ended 30 June 2023.\n \nKey financial metrics[1]\n\n\n\n\n\n\n\nSix months ended 30 June 2023\n\n\nSix months ended\n30 June 2022\nRestated*\n\n\nMovement\n\n\n\n\nRevenue (£m)\n\n\n99.8\n\n\n84.2\n\n\n18.5%\n\n\n\n\nGroup Adjusted EBITDA (£m)\n\n\n35.1\n\n\n33.5\n\n\n4.8%\n\n\n\n\nGroup Adjusted EBITDA Less Normalised Rent (£m)\n\n\n17.2\n\n\n17.0\n\n\n1.2%\n\n\n\n\nAdjusted Loss before tax (£m)\n\n\n(5.2)\n\n\n(4.7)\n\n\n(10.6)%\n\n\n\n\nStatutory Loss before tax (£m)\n\n\n(6.1)\n\n\n(7.2)\n\n\n15.3%\n\n\n\n\nStatutory Loss after tax (£m)\n\n\n(6.1)\n\n\n(3.4)\n\n\n(79.4)%\n\n\n\n\nBasic and Diluted Adjusted Loss per share (p)\n\n\n(2.9)\n\n\n(0.8)\n\n\n(262.5)%\n\n\n\n\nBasic and Diluted Statutory Loss per share (p)\n\n\n(3.4)\n\n\n(2.0)\n\n\n(70.0)%\n\n\n\n\nFree cash flow (£m)\n\n\n14.2\n\n\n7.5\n\n\n89.3%\n\n\n\n\nNon-Property Net Debt (£m) (as at period end)\n\n\n(69.7)\n\n\n(57.6)\n\n\n(21.0)%\n\n\n\n\n* 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).\nFinancial highlights\n\n\n\n\n•\n\n\nRevenue 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 year[2]\n\n\n\n\n•\n\n\nMembership 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)\n\n\n\n\n•\n\n\nYield continued to strengthen due to both the average price of a standard DO IT[3] membership increasing by 5.4% to £22.02 at 30 June 2023 and LIVE IT[4] penetration growing to 30.7% of total membership (Jun 2022: 28.7%)\n\n\n\n\n•\n\n\nEBITDA Less Normalised Rent broadly flat, in line with guidance, with revenue growth offsetting inflationary cost increases\n\n\n\n\n•\n\n\nFree 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\n\n\n\n\nBusiness and operational highlights\n\n\n\n\n•\n\n\nBoard and management team strengthened: Will Orr appointed as Group CEO and joined the busin...