Gym : swings to loss despite uptick in membership volumes
09/02/2021 | 02:40am EDT
The Gym Group swung to a loss in the first six month of this year despite a sharp uptick in membership volumes, according to results published today.
The private gym operator posted a £28.5m loss before tax for the six months to June 30, down just £100k from the same period last year, which was marred by the early stages of the Covid crisis.
The losses come despite the company registering a marked increase in the subscription sales triggered by the the lifting of Covid prevention measures.
Membership numbers hit 730,000 at the end of June, up nearly 200,000 from 547,000 at the end of February this year.
Richard Darwin, CEO of The Gym Group, said: “Since the re-opening of gyms in April, The Gym Group has performed strongly with excellent member feedback, a higher rate of visits per member and a rapid recovery in overall membership levels.”
Darwin also announced the company plans to open 40 new sites by the end of 2022 in a bid to “make fitness accessible for all and deliver further social value to communities around the country.”