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(Sharecast News) - Low-cost fitness operator the Gym Group reported substantial growth in membership and revenue in a first-half trading update on Thursday.
The London-listed firm reported a year-on-year revenue increase of 18.5% to £99.8m for the six months ended 30 June, compared to £84.2m in the same period last year.
It put the growth down to a rise in membership, with a total of 867,000 members recorded on 30 June, up from 790,000 members a year earlier, and 821,000 members at the end of December.
The Gym Group said it also achieved an 8% increase in average revenue per member per month (ARPMM), reaching £18.81 for the first half.
Its like-for-like revenue grew by 7% year-on-year, and comparable sites were currently operating at 97% capacity, surpassing pre-pandemic levels in 2019.
During the first half, the Gym Group opened two new sites while closing one existing location.
Net debt at period end on 30 June stood at £69.7m, narrowing from £76.1m at the end of the prior financial year.
In an earlier announcement on 31 May, the company announced that Will Orr would join the Gym Group as chief executive officer on 1 September.
"After a positive first half, we remain on track with our plans and are well set to meet full year market expectations," said chairman John Treharne.
"We have continued to grow our membership and yield, whilst controlling our costs and generating cash.
"We are delighted that Will Orr will join us as CEO in September."
Treharne said the company had put in place a new management team with "the right blend" of skills and experience over the last nine months, as well as further strengthening its board.
"The Gym Group is therefore well placed for the next stage of its development, bringing a high quality health and fitness proposition at an affordable price point to the communities in which we operate."
The Gym Group said it would announce its interim results for the six months ended 30 June on 12 September.
At 0801 BST, shares in the Gym Group were up 2.36% at 92.12p.
Reporting by Josh White for Sharecast.com.