Full Year 2024 GYM Group PLC Earnings Call Transcript

Mar 12, 2025 / 09:00 AM GMT

Release Date Price: $1.81

Transcript

Key Points

Positve

Closing membership increased by 5% and yield by 7%, with revenue up 11% for the period.
EBITDA less normalized rent rose by 24% to 47.7 million.
Free cash flow increased by 39% to 37.5 million, and net debt was reduced by 5.1 million.
Opened 12 new sites in 2024, reaching the top end of their guidance, with strong performance from these new sites.
The company is on track to open approximately 50 new sites over three years, all funded from free cash flow.

Negative

Central costs increased due to a 5% inflationary salary increase and higher variable pay.
Site costs increased by 5 million, reflecting new openings and inflation impacts.
Net financing costs were 20.2 million, with 15.5 million related to property and finance lease interest.
The IFRS 16 property lease charges were 2.4 million higher than cash rent costs, expected to reverse in the coming years.
Despite strong cash flow, the company does not expect further reduction in net debt by the end of 2025 due to accelerated new openings.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

GYM.L - GYM Group PLC
Full Year 2024 GYM Group PLC Earnings Call
Mar 12, 2025 / 09:00AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning and welcome to the 2024 full year results presentation for the gym Group.

Thank you for making the time to join us in the room and on the dial-in. After the presentation, we'll take your questions in the room first and then from the webcast. Our CFO Luke Tate and I will be doing the presenting today.

And here's what we plan to cover. I'll start with an overview before handing over to Luke to share our 2024 full year financial results. I'll then provide a progress report on our next chapter growth plan. I'll then summarize before taking your questions.

So Starting with the overview.

I'm very pleased to report strong performance for full year 2024. Closing membership was up 5% and yield 7%,

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