Gym Group PLC (The) Trading Update (8190V)
December 16 2021 - 2:00AM
UK Regulatory
TIDMGYM
RNS Number : 8190V
Gym Group PLC (The)
16 December 2021
16 December 2021
The Gym Group plc
("The Gym Group" or the "Company")
Trading Update
Resilient membership numbers and robust balance sheet
The Gym Group plc, the nationwide operator of 198 low cost 24/7,
no contract gyms, announces a trading update ahead of New Year
trading.
Current trading
-- Strong recovery in membership numbers following re-opening.
Total member numbers grew from 547,000 in February 2021 to 753,000
at the end of October 2021. In line with seasonal norms, membership
has since declined to 735,000 as at 30 November 2021
-- Headline prices have continued to increase through H2 2021
with the average monthly price of a standard DO IT membership
increasing to GBP19.23 in November 2021 (vs GBP19.11 in June 2021
and GBP18.81 in December 2020)
-- Take-up of the premium multi-site membership, LIVE IT,
increased to 27.1% by the end of November (vs 24.7% in June 2021
and 22.5% in December 2020) as the continued growth in number of
gyms in the estate adds to the appeal of multi-site access
-- The Company is trading in-line with market expectations for
FY2021 for its key profit measure of Group Adjusted EBITDA Less
Normalised Rent
Roll-out strategy
-- The Company remains on track to deliver its organic rollout
plan targeting 40 new openings in the 18 months to December
2022
-- By the end of December 2021 the Company will have opened 19
sites in the year of which 15 will have opened in H2
-- The current cohort of year-to-date organic sites are
performing well and in-line with the mature estate average in terms
of membership levels
Balance sheet
-- As at 30 November 2021, the Group had Non-Property Net Debt
of GBP35.9m and GBP73.6m of liquidity headroom (calculated off bank
debt, plus finance lease outstanding, less cash)
Richard Darwin, Chief Executive Officer of The Gym Group,
commented:
"The recovery in our membership following the reopening
demonstrates the essential role gyms play in people's lives. The
market opportunity and growth potential for The Gym Group is very
exciting. Whilst we are mindful of the near-term uncertain outlook
as a result of the new Covid variant, we have the growth strategy,
financial resources and expertise required to capitalise on those
opportunities, widening access to inclusive and affordable gyms for
all over the long term ."
Enquiries
The Gym Group: via Tulchan
Richard Darwin, CEO
Mark George, CFO
Tulchan
James Macey-White
Elizabeth Snow
Laura Marshall 0207 353 4200
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END
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