Gym Group PLC - Croydon, England-based operator of low-cost gyms - Richard Darwin will step down as chief executive after seven years as CEO and chief financial officer. Founder & Chair John Treharne will be executive chair until a new CEO is found. During Darwin's time in charge, chain grows from 63 to 229 gyms. Membership numbers climb again in 2022, though Gym Group is taking a "more measured" approach to site openings this year amid tough economic conditions. Total year-end membership is up 14% to 821,000.
Gym Groups says revenue rises 63% to GBP172.9 million in 2022 from GBP106.0 million in 2021. "Total like-for-like revenue for the whole year in the pre-Covid mature estate (sites open up to end of 2018) was 90% compared to 2019. The membership profile during the year reflected a more normal seasonal pattern for low cost gyms without further post-Covid membership recovery in the second half as macro-economic challenges act as a headwind to underlying demand," Gym Group says.
Current stock price: 128.40 pence, up 1.3% in London on Thursday
12-month change: down 49%
By Tom Waite, Alliance News editor
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Gym Grp (GYM)