Business
The Gym Group PLC 2023 Full Year Results
The Gym Group PLC 2023 Full Year Results.
About this update from Gym Group Plc
[{"type":"text","content":"\n\n13 March 2024\nThe Gym Group plc\n('The Gym Group', 'the Group' or 'the Company')\n2023 Full Year Results\nPositive momentum continuing\nLeading low cost gym operator, The Gym Group, announces its full year results for the year ended 31 December 2023. \nKey financial metrics1\n\n\n\n\n\n\n\nYear ended 31 December 2023\n\n\nYear ended 31 December 2022\n\n\nMovement\n\n\n\n\nRevenue (£m)\n\n\n204.0\n\n\n172.9\n\n\n+18%\n\n\n\n\nGroup Adjusted EBITDA (£m)\n\n\n75.5\n\n\n71.3\n\n\n+6%\n\n\n\n\nGroup Adjusted EBITDA Less Normalised Rent (£m)\n\n\n38.5\n\n\n38.0\n\n\n+1%\n\n\n\n\nAdjusted Loss before tax (£m)\n\n\n(5.5)\n\n\n(5.5)\n\n\n0%\n\n\n\n\nStatutory Loss before tax (£m)\n\n\n(8.3)\n\n\n(19.4)\n\n\n+57%\n\n\n\n\nStatutory Loss after tax (£m)\n\n\n(8.4)\n\n\n(19.3)\n\n\n+56%\n\n\n\n\nAdjusted Basic and Diluted Loss per share (p)\n\n\n(3.4)\n\n\n(3.9)\n\n\n+13%\n\n\n\n\nStatutory Basic and Diluted Loss per share (p)\n\n\n(4.7)\n\n\n(10.9)\n\n\n+57%\n\n\n\n\nFree cash flow (£m)\n\n\n27.0\n\n\n16.7\n\n\n+62%\n\n\n\n\nNon-Property Net Debt (£m) (as at year end)\n\n\n(66.4)\n\n\n(76.0)\n\n\n+13%\n\n\n\n\n1 For a summary of KPI definitions used in the table see the 'Definition of non-statutory measures' section.\nFinancial highlights\n\n\n\n\n•\n\n\nRevenue 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%\n\n\n\n\n•\n\n\nEBITDA Less Normalised Rent at £38.5m was slightly ahead of 2022 as the increased revenue offset cost inflation, particularly utilities and staff costs\n\n\n\n\n•\n\n\nFree 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)\n\n\n\n\n•\n\n\nRevolving Credit Facility ('RCF') extended to October 2025, syndicate strengthened and Covid-related covenants removed\n\n\n\n\n\n2 Like-for-like revenue vs 2022 includes all sites open as at 31 December 2020.\n\n\n3 Leverage calculated as Non-Property Net Debt divided by Group Adjusted EBITDA Less Normalised Rent.\n\nBusiness and operational highlights\n\n\n\n\n•\n\n\nNext Chapter three-fold growth plan for the next stage of The Gym Group's de...