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(Alliance News) - The Gym Group PLC on Thursday said its earnings jumped in the first half of 2019 on new site openings and growing membership numbers.
The low-cost, no-contract gyms operator reported pretax profit of GBP5.6 million for the six months to the end of June, up 80% compared to GBP3.1 million a year earlier, as revenue jumped 27% to GBP74.0 million from GBP58.3 million.
Gym Group said it opened eight new gyms in the first half of 2019, bringing the total estate to 165 gyms. In addition, the company said its membership numbers increased by 11% to 796,000 from 720,000 year-on-year.
The company declared an interim payout of 0.45 pence a share, up 29% on the prior year's 0.35p.
"Our rapid and profitable growth has been achieved through operating high quality great value gyms that offer affordable fitness for all," said Chief Executive Richard Darwin.
"We are confident that we can deliver further profitable growth both this year and in the years to come," added Darwin.
Gym Group shares were trading 2.9% higher in London on Thursday at 245.44 pence each.
