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GYM The Gym Group Plc

1.60 (1.46%)
Last Updated: 12:36:56
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
The Gym Group Plc LSE:GYM London Ordinary Share GB00BZBX0P70 ORD 0.01P
  Price Change % Change Share Price Shares Traded Last Trade
  1.60 1.46% 111.00 48,663 12:36:56
Bid Price Offer Price High Price Low Price Open Price
110.60 111.00 111.40 109.00 109.20
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Physical Fitness Facilities 204M -8.4M -0.0471 -23.57 198.03M
Last Trade Time Trade Type Trade Size Trade Price Currency
13:17:42 AT 42 111.00 GBX

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Date Time Title Posts
15/3/202421:43GYM Group - get your daily workout and pump up715
01/12/200010:18Gympie Gold lunch2
01/11/200008:51Gympie grows on gold and coal1
01/11/200008:41Gympie grows on gold and coal1

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Posted at 24/4/2024 09:20 by The Gym Daily Update
The Gym Group Plc is listed in the Physical Fitness Facilities sector of the London Stock Exchange with ticker GYM. The last closing price for The Gym was 109.40p.
The Gym currently has 178,401,999 shares in issue. The market capitalisation of The Gym is £198,026,219.
The Gym has a price to earnings ratio (PE ratio) of -23.57.
This morning GYM shares opened at 109.20p
Posted at 15/3/2024 21:43 by coinkeeper
Yep, agree, hard to define the future of GYM. Are they looking at growth or dividend for share holder.. I Need to see them grow assets and pay down debt with a small dividend to keep my shares.
Posted at 12/9/2023 14:34 by kalai1
The Gym Group plc posted interims for the HY ended 30th June this morning. Revenue grew 18.5% year-on-year to £99.8m, membership at 30 June 2023 was 867,000, up 9.7% year on year. Group adjusted EBITDA was up 4.8% to £35.1m, statutory loss after tax was a little wider at £6.1m. The business is not yet back to profitability or positive EPS following the Pandemic, but it is moving in the right direction. Net Debt lowered to £69.7m while guidance for FY 2023 was reiterated, namely that revenue growth will broadly be offset by cost inflation, while leverage is expected to remain within the range of 1.5 to 2.0x. Valuation looks average with PS ratio at 1.16x, the share price also lacks positive momentum. GYM is moving back in the right direction but remains a share to monitor for the time being...

...from WealthOracle
Posted at 17/7/2023 12:36 by johndoe23
Revenue increase still less than inflation, shows no pricing power. Gym occupation still below pre covid too
Posted at 17/5/2023 09:39 by 1cripes
JP Morgan increase short 12th May.
Interesting synergy between high street coffee brands and Pure and Gym Group locations. The new non exec appointment at Gym Group speaks to this strategy. A latte with your sit up?
Posted at 28/3/2023 11:51 by cr1pes
Half price membership for an already budget priced gym operator could, as you say, appear desperate. More so in this case if the price discount is on an easy in - easy out membership arrangement. Many might consider taking up the half price membership and then simply leave next month. If the half price membership is linked to a longer term contract then that could be a sensible incentive but would be against the Groups expressed no contract proposition, which is a dated concept IMHO and a bit of realness is needed here. Either way the market and momentum is now against them with visible shorts increasing since January. Could be many that are holding short positions below the 0.50% reportable threshold.
There are arguments for long term value here on an if if if if if if if basis, but for now expect new lows and pressure on the Board to take this private. All in my humble opinion.
Posted at 16/3/2023 16:24 by pugugly
But I thought you went to a Gym to exercise and sweat - So why such a need to keep the places so hot?

The Gym Group shares tumbled over 16 per cent on Thursday after warning of rising costs and surging energy bills.

London-listed Gym Group expects rapidly rising costs to offset improvements in full-year revenues, with its energy bills set to be around £10million higher in 2023 than last year.

But the company narrowed its statutory loss from £35.4million to £19.3million in 2022, as revenue jumped by 63 per cent to £172.9million, results published today revealed.

But still very loss making - Mr Market does not forgive loss makers in the current climate.
Posted at 12/1/2023 08:09 by spob
Financial highlights

-- Total year-end Membership was 821,000, an increase of 14.3% from
the end of last year (Dec 2021: 718,000); Average Members during
the year were 808,000
-- Revenue for the year amounted to GBP172.9m, up 63.1% versus the
prior year (2021: GBP106.0m) and up 12.9% vs 2019 (2019: GBP153.1m)
-- 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
-- Year-end Non-Property Net Debt was GBP76.1m (Dec 2021: GBP44.1m)
including GBP11.5m of finance leases. The Company intends to
remain within its stated guidance of 1.5-2.0x Non-Property Net
Debt : Group Adjusted EBITDA Less Normalised Rent

Operational highlights

-- Site numbers increased to 229 (1) (Dec 2021: 202) with 28 new
openings in the year, marking the highest level of new openings
in a single year. Performance of new site openings remains in
line with expectations.
-- Average revenue per member per month for the year (ARPMM) was
GBP17.82. The ARPMM for the second half of the year was GBP18.30,
up 4.8% on the first half of the year (H1 2022: GBP17.46) and
up 4.5% on the second half of the prior year (H2: 2021 GBP17.51).
LIVE IT, the premium price product, ended the year at 29.6% of
total membership (Dec 2021: 27.1%).
-- Visit frequency and satisfaction scores remain materially higher
than pre-Covid scores


-- We expect the current difficult macro-economic environment and
consumer behaviour to continue and, as a result, intend to take
a more measured approach to our new site openings in 2023
-- The pipeline of new site opportunities remains promising, but
we are planning for all new site growth to be self-financed in
2023; as a result, we currently expect up to 20 new openings
in the year with a strong second half weighting
-- Energy costs are 96% hedged until the end of 2023. Our current
expectation is that utility costs will increase by c.GBP10m in
2023 compared to 2022
-- January Membership acquisition has started in line with expectations
with a similar profile of demand to previous early January trading

Board Changes

-- Richard Darwin and the Board have agreed that Richard will step
down as Chief Executive following more than seven years leading
the Company as CEO and as CFO. During that period the Company
has grown significantly from 63 to 229 gyms nationwide today.
The Board has already initiated the process to find a new Chief
Executive. Richard will step down from the Board in due course
and he will remain available to support the Company until July
-- To assist with the transition, John Treharne, the founder and
Chair of TGG, will now act as Executive Chair, working closely
with the Executive Directors until the new CEO is appointed.

John Treharne, Chair of the Gym Group, commented:

"We are in one of the busiest times of the year for our sector. It is clear that even with cost-of-living pressures, many consumers regard gym membership as essential, and they are ever more focussed on receiving value for money. This plays to our strengths. We will continue to grow carefully and fulfil the Company's significant potential to the benefit of all of our stakeholders.

On behalf of the Board, I would like to thank Richard for his commitment and significant contribution to TGG over many years. He has overseen significant growth in the estate during his period as CEO. As we move forward, I am confident that we can build on the strong foundations he has put in place to capture the significant opportunities ahead."

Richard Darwin, Chief Executive Officer commented:

" It has been an honour to help The Gym Group grow into a nationally recognised presence in affordable fitness over the last 7 years, first as CFO and then as CEO. I am extremely proud to have navigated the business through the pandemic, developed the brand and put in place a first-class management team with the capability to take on this next phase of growth. For me this is the right time to step down; TGG is a great business with enormous potential. I wish John and everyone at TGG ongoing success. "
Posted at 09/11/2022 14:50 by kalai1
Gym Group plc issued an encouraging trading update for the four months ended 31st October 2022 this morning. Membership increased through the period, reaching 838,000 at31st October 2022, an increase of 16.7% from the end of last year (Dec 2021: 718,000). Revenue for the ten months ended 31st October 2022 was £143.2m, up 78% versus the COVID-affected prior year (10 months October 2021: £80.5m). Performance in 16 workforce-dependent sites continues to be significantly impacted by changes in working practices. Expansion is ongoing, the Company remains on track to achieve its target of 28 new openings in 2022 and 25-30 new openings in 2023. Share price remains in a correction and valuation is still not particularly helpful with forward PE ratio still over 20x. GYM is a share to monitor for now ... from WealthOracle

Posted at 27/10/2022 14:27 by mount teide
'The Gym Group Plc published FY22 results last week. The business enjoyed a solid recovery in 2021 with total members at 31 December 2021 up to 718,000. Revenue was up 31.7% to £106.0m, adjusted EBITDA was up 110.7% to £35.4m, statutory loss for the year was a little lower at -£35.4m. The business was growing briskly pre-Pandemic and is rebounding solidly post-Pandemic. But there is a long way to go to return to pre-Pandemic levels of business, FY19 revenue was £153m.

Valuation is also something of a cloud, PS ratio at 3.3 is third quartile for the sector, PE ratio even less attractive. Share price is also in a 9-month correction and still testing the downside. Balance sheet looks a little fragile with net debt of £373m. GYM is a decent and growing business, but it is a share to monitor for the time being...

...from WealthOracleAM'

Would agree with that - particularly now we're entering the four months of the year Nov - Feb, when gyms are frequented mostly by regular trainers, before the numbers swell again, as people start booking their summer holidays and watching the latest series of 'Love Island'.

Modern gyms are mostly frequented Mar-Oct by people who are largely wasting their time, as a result of training at a level of intensity that is far too low to deliver results much different to regular walking, particularly up hills.

Our local Virgin gym has over 8,500 members and I can count on one hand the number that look any different from one year to the next, apart from having £700 less in their bank account each year. Largely because most have a body fat level greater than 20% and train at a very low level of intensity.
Posted at 20/3/2022 20:11 by spob
PureGym chief: keeping faith in the business model

Despite pandemic closures and failed IPOs, Humphrey Cobbold remains confident in the no-frills approach

Ian Johnston 15 hours ago

Like any modern gym goer, Humphrey Cobbold, chief executive of PureGym, keeps a close eye on the numbers.

When gyms were shuttered at the beginning of the UK’s first lockdown in March 2020, many perceived them as virus-friendly places. But the boss of the UK’s largest gym chain decided to take the lead on developing industry protocols for gyms to open safely.

Cobbold says business leaders should speak out on issues where they have expertise. He began to lobby for support for the sector, appearing regularly in the media. “I think there’s a bit of a tendency for business to shrink into the background,” he says. “There are concerns as to how supportive of business the government is . . . but in this case, I felt we had to stand up and be visible.”

He had his work cut out. Cobbold presented the sector protocols to deputy chief medical officer Sir Jonathan Van-Tam and other SAGE scientists on a visit to Park Royal PureGym in west London. When Van-Tam saw the slick fitness studio, he suspected a smokescreen by being shown PureGym’s smartest site. But 57-year-old Cobbold told him: “This is £23 a month . . . This is what a modern gym looks like.”
News in-depthTravel & leisure industry
Re-energised gyms to muscle in on hybrid post-pandemic fitness sector

Fearing a government blind spot over the UK gym sector, which the consultants Deloitte valued at about £5.5bn in 2019, he wanted to build an evidence base about the industry’s Covid-19 infectiousness. “You can take the man out of McKinsey, but you can’t take McKinsey out of the man,” he quips, having spent his early career with the management consultancy.

PureGym led on developing data on infectiousness at gyms with industry association ukactive. An initial study found a total of 78 coronavirus cases in 22mn gym visits. Repeated lobbying, backed up by this data and other studies, helped to convince policymakers that gyms were relatively safe. They would open indoors in the UK before pubs after the 2021 lockdown.

While Cobbold had one eye on reopening, he also needed to lead through the pandemic’s “immediate crises”. This included discussing rent deferrals with the company’s 250 landlords and taking the decision to cover the furlough wages of PureGym’s 2,000 personal trainers who missed out on government payments. In early 2020, the company had also bought Danish operator Fitness World for £350mn. The company lost almost £200mn, up from £39.6mn in 2019, a hit Cobbold described at the time as “frankly, awful”.

And the heavy losses continued into last year. PureGym had net debt of more than £800mn, compared with just £70.9mn in earnings, over the nine months to September 2021. On top of this, an attempt to go public failed. Cobbold and chief financial officer Alex Wood “didn’t really have a day off between May and December”, he says, as they prepared to list — something Cobbold had tried previously at the company in 2016.

But PureGym had to “raise quite a lot of capital to pay down debt and raise sufficient cash”. As public offerings slowed towards the end of 2021, investor confidence waned and PureGym pulled back. Cobbold says he was “frustrated rather than disappointed” that “the markets weren’t as responsive as we needed them to be”.

Despite the high debt levels, Cobbold’s confidence comes from the business’s record. In 2016, PureGym was worth about £550mn — it is now valued at more than £1.5bn, he says. “It frustrates me that the public market investors weren’t able to see through some of the short-term wobbles in the market.”

As a chief executive, you have to be clear and forthright . . . but it’s not just my way or the highway

Indeed, getting through the pandemic has required confidence in the model, as well as an “act of faith” that attendance would bounce back, he says. Now, PureGym expects to benefit from gym goers who want to trade down their memberships to manage the cost of living crisis.

And its offer remains decidedly no-frills: the Oval venue in south London where we meet is not glamorous. But, like its 300 sites in the UK, the space is airy and perfectly functional for the 20-somethings who are spending their Wednesday morning there at a cost of about £25 a month.

Cobbold is proud of PureGym’s “budget status” and accessibility. “I think this is the standard gym product that people look for. Of course, there are people who are happy paying £100 or £150 to go somewhere with a bit more granite and a bit more glass and a bit more chrome,” Cobbold says, but it is not PureGym’s model.

The company offers contract-free membership and there is a variable pricing model, with costs ranging from £46.99 a month for a standard membership in Clapham, south London, to £17.99 a month for the same package in Grimsby, north-east England. It is a sign, he says, of how to run a simple business in a “sophisticated way”.
Three questions for Humphrey Cobbold

Who is your leadership hero?

The late Andrew Grove, former chief executive of Intel. He wasn’t a big, showy leader or anything but he had a couple of key principles. He said the problem with most businesses that become successful is that they become proud of that success. That success leads to complacency and complacency is almost always a prelude to failure. You’ve got to have this ethos of healthy paranoia.

What was the first leadership lesson you learnt?

The importance of authenticity. If you’re leading, people are looking to you and you can only reasonably expect them to follow if they believe that the individual you’re presenting is for real.

What would you do if you weren’t a chief executive?

A scientist. I read sciences at Cambridge, I wanted to be a nuclear physicist. I did a couple of research science internships but it was not quite as exciting as reading about Einstein made it all sound and I got seduced by an interest in business.

Undeterred by the failed initial public offering, Cobbold has pursued funding elsewhere and is undertaking a small-scale expansion in the US. “We stopped the IPO process at the end of one week and moved into discussions with private capital providers the next.” KKR would eventually invest £300mn to fund PureGym’s international expansion plans. It is a familiar path: in 2017, US private equity group Leonard Green & Partners bought a majority stake in PureGym from CCMP Capital Advisors.

Cobbold rejects any notion that, under private equity ownership, he lacks control of PureGym’s direction. Decisions such as expanding into the US or launching a Peloton-style bike are taken in consultation with PureGym’s private equity owners.

“As a chief executive, you have to be clear and forthright,” he says, “but it’s not just my way or the highway.” His collaborative approach leads to “robust debates”, he says, but also fosters trust in his leadership. “Leonard Green are 11,000 miles and eight time zones away,” he says. “They know they’re reliant on us and my feel for the market.”

We speak in the week after John Foley stepped back as chief executive of Peloton. A “nerdy” cyclist and former chief executive of online sports retailer Wiggle, Cobbold says he uses the Zwift bike platform, rather than Peloton. And while he admires the business, he says it “probably got a bit carried away with things”. PureGym’s US investment will be small, opening three sites will risk about $20mn, he says. “If we build even a modestly sized business in America, it might be 100 or 200 sites that might be worth $300mn to $500mn.”

The cautious optimism of not “betting the company” on expansion recalls Van-Tam’s warnings to avoid “tearing the pants out of” pandemic restrictions. With an eye trained on the data, Cobbold says: “If it works, great, if it doesn’t, we’ll have learned why it doesn’t work.”
The Gym share price data is direct from the London Stock Exchange

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