14 Jun 2017
Gym Group membership breaks 500,000 mark
BY Deven Pamben
Membership at The Gym Group has broken the 500,000 mark, according to the low-cost brand's latest trading update for the first five months of the year.
Total members at 31 May 2017 stood at 507,000, up 19.6 per cent against the first half of 2016, when it was 424,000 (30 June 2016). Average membership for the five months of this year was 498,000, up 18.6 per cent versus 420,000 in the six months to June 2016.
Six new gyms will have opened by the end of the first half of 2017, increasing the total estate to 95 sites. Two of the sites at Holborn Circus and Bloomsbury were bought from Fitness First UK in August 2016 and subject to a full refurbishment. The other sites are at Edinburgh Murrayfield, High Wycombe, Altrincham and Rotherham.
According to the update, the group has a further 20 sites exchanged for 2017 and 2018.
Profit for the full year is anticipated to be in line with market expectations.
John Treharne, The Gym Group chief executive, said: “The group continues to trade strongly with membership increasing by nearly a fifth year on year to over 500,000. Six new gyms will have opened in the first half of the year and we are on track to meet our guidance which is towards the top end of our 15-20 range. There remains a substantial opportunity with strong fundamentals underpinning our growth and we are confident in delivering continued profitable progress."
The company announced the trading update ahead of its Capital Markets Day for institutional investors and analysts, which is being held today (Wednesday 14 June).
The group expects to announce its interim results at the end of August.
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