Pure Gym: Financial Results for 12 months to 31 December 15
OREANDA-NEWS. Pure Gym, the UK's largest gym operator and pioneer of affordable, flexible and high-quality fitness, today announced its annual results for 2015.
In the 12-months to 31 December 2015, the company generated underlying EBITDA of £28.0m, up from £19.2m in the prior year, on revenues up by 82% to £125.2m.
Pure Gym continued its expansion during the year, achieved through a combination of organic growth and the acquisition of LA Fitness and its 43 fitness clubs. As a result, Pure Gym consolidated its position as the largest UK gym operator by sites and members, particularly increasing its presence in Central London and the South East of England.
Humphrey Cobbold, Chief Executive, said: "Pure Gym has had an exceptional year in which we have seen a significant increase in membership of all ages, reinforcing the demand for access to affordable, flexible and high-quality gyms across the country. The acquisition of LA Fitness, the strengthening of our management team, the investment in rebranding and launching new initiatives has put us on the front foot for another successful year ahead."
During 2015, The company strengthened its management team with the appointment of Dan Glyde as Chief Technology Officer, Stephen Rowe as Chief Marketing Officer, Eve Sukhnandan as HR Director and Francine Davis as Director of Strategic and Commercial Development.
Mr Cobbold commented, "Our strong financial results are built on the drive, commitment and hard work of an extraordinary team of colleagues who I am extremely proud to lead. We have added leadership capacity and new skills right across the organisation and we have done so without compromising the values and entrepreneurial character that have been the foundation of Pure Gym's rise from start-up to market leader in just 6 years."
Pure Gym also signed a three-year partnership with The Great Run Company, the UK's biggest mass participation running series, which will see Pure Gym as a lead sponsor and provider of 'pop-up gyms' at running events across the UK including the Great North Run, Great South Run and the Great Manchester Run. In June 2015, Pure Gym entered into partnership with Sir Chris Hoy, Britain's greatest ever Olympian, who also became an investor in the business.
During 2016, the company has continued to convert the majority of the LA Fitness sites to the Pure Gym format as part of a £30m refurbishment programme. This programme is on track to complete in summer 2016, less than 12 months after the CMA gave clearance for the acquisition.
Since the beginning of 2016, Pure Gym has opened 18 more sites across the UK, including 9 LA Fitness conversions, and now has more than 780,000 members. Pure Gym opened its 150th gym, in Oxford, at the beginning of April.