The Gym Group PLC (LSE:GYM) is to ramp up expansion plans over the coming years as it said the appetite for health and fitness “has never been stronger”.
Having opened six sites in 2023, the low-cost gym operator said plans were in the works for 10 to 12 new locations this year.
“With a strong start to 2024, and clear signs that demand for health and fitness has never been stronger, these are solid foundations on which to build our next chapter growth plan,” chief executive Will Orr commented alongside full-year results.
“Over the next three years, we aim to strengthen the performance of our core business and accelerate The Gym Group site rollout.”
In the year to December, the group reported a slimmer pre-tax loss of £8.3 million compared to £19.4 million in 2022.
Revenue climbed 18% to £204 million with free cash flow increasing 62% to £27 million.
“There continues to be substantial headroom for low-cost gyms in the UK and we are fully focused on our aim of making high-value, low-cost fitness even more accessible for all,” Orr added.
Shares rose 3% to 112.80p.