The Gym pulls muscle. The British chain of gyms has closed the first half of 2023 increasing its income by 18.5%, up to 129.3 million eurosas revealed by The Gym in a statement.
The chain alleges that the increase in billing is due to the increase in customerswhich has increased during the first six months by 77,000 users, registering 867,000 members in total, and the increase in ticket average by 8%, up to 24.3 euros.
“After a positive first half, we remain on track with our plans and are well prepared to meet market expectations for the full year,” said John Treharne, Chairman of The Gym Group.
During half of this course, the chain also net debt has decreased to 90.3 million euroswhich represents a reduction in liabilities of 8.4% compared to the same period of the previous year.
The Gym has more than one hundred facilities that are open 24 hours a day
In May, the company appointed Will Orr, previously CEO of The Times and Sunday Times, as CEO. The new CEO of the company will begin his journey at The Gym Group at the end of 2023 and it is expected that he will also be part of the board of directors of the company.
The Gym cut its losses in 2022closing the year ended on December 31 with red numbers of 6.9 million pounds (7.8 million euros), which represents a decrease of 21.6% compared to 2021.
The chain’s revenues increased significantly year-on-year, up 63% between 2021 and 2022. The Gym’s turnover reached 172.9 million pounds (196.6 million euros) in 2022while in the previous year the income rose to 106 million pounds (120.5 million euros).
The increase in the company’s turnover was due, in part, to to the increase in the number of partners, which rose to 821,000 subscribers in 2022, 14.3% more than in the previous year. In addition, the chain opened the doors of 28 new gyms in 2022, the highest number of openings in a single year. The Gym aims to reach 300 gyms before 2025.
The company operates in the segment low cost with more than one hundred facilities open 24 hours a day. The company began trading on the Stock Market to obtain liquidity with which to expand at a rate of between fifteen and twenty openings per year.
