Revenue for the year ended 31 December 2024 rose by 11% to £226.3 million, up from £204 million in 2023. Like-for-like revenue increased by 7% year-on-year.

Average membership grew by 4% to 906,000, with average revenue per member per month increasing by 7% to £20.81. By the year’s end, total membership reached 891,000, up 5% from 850,000 as of 31 December 2023.

Net debt as of 31 December 2024 stood at £61.3 million, compared to £66.4 million at the same point in 2023.

CEO Will Orr stated: 'We have delivered strong progress and momentum in our Next Chapter growth plan, that will result in FY24 profits ahead of the top end of previous guidance. There is plenty more still to come as we execute our plan and we look to 2025 with confidence.

'We're well prepared for our key member recruitment period in the current quarter and beyond, with our strengthening new site pipeline and our flexible, high-value, low-cost offer making gym membership more accessible for all.

'We expect to accelerate new site openings to 14-16 sites in 2025 and remain on track to deliver the target of around 50 sites over three years funded from free cash flow, in line with our Next Chapter growth plan,' Orr added.

The Gym Group achieved the upper end of its growth plans for 2024, opening 12 new sites without closing any, bringing the total estate to 245 locations. The company aims for a 30% return on invested capital (ROIC) with its new sites.

As part of portfolio adjustments, the Birmingham City site will close on 7 February, with members offered relocation opportunities at one of five nearby locations. The city has 11 Gym Group sites in total.

Despite additional costs of approximately £1.3 million due to the rise in National Insurance Contributions, the FY25 group adjusted EBITDA, less normalised rent, is expected to be at the top end of the current market forecast range of £47.2 million to £49.7 million.