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Profit and revenues up at Pure Gym

The opening of 20 new sites and membership growth in its existing clubs has helped Pure Gym record a 24 per cent increase in revenue.

Reporting its results for the year ending 31 December 2017, the budget club operator announced revenues of £198m, following a £32m investment in new sites and upgrading existing clubs.

Membership numbers increased by 13 per cent to 927,000 – a third of whom have no previous gym membership.

The group has also now converted all 31 gyms that it acquired from LA Fitness in 2015 to the Pure Gym format.

As well as the new sites, there has also been growth in its mature estate.

In a statement, the group said: "As well as strong growth in revenues and profits, we delivered an 8 per cent point improvement in EBITDA margin from 25 per cent to 33 per cent, a result of the maturity of new site openings from 2015 and 2016 – especially former LA Fitness gyms.

"At the end of 2017, 69 per cent of the gym portfolio was mature compared to 49 per cent in 2016. The 63 per cent increase in Group EBITDA was, in large part, due to the strong performance from the maturing sites and the successful launch of new commercial products such as multi-gym membership and off-peak membership."

Humphrey Cobbold, CEO, revealed that more than £7m was invested in refurbishing existing gyms.

"We delivered on the full promise of the sites acquired or opened in 2015-16 and continued to invest in technology that drives both better experiences for our members and delivers higher revenues and great profit growth to the business," Cobbold said.

"We believe firmly that the positive structural trends in our market will continue to intensify and we’re confident that we have the right processes, systems, and capabilities in place, to remain at the forefront of our industry in the years to come.”

PureGym was acquired by private equity firm Leonard Green & Partners in November 2017 and in January refinanced its debt, placing £360m of bonds in an offer that Cobbold described as "heavily over-subscribed".

Earlier this year, Pure Gym opened its 200th location.

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The opening of 20 new sites and membership growth in its existing clubs has helped Pure Gym record a 24 per cent increase in revenue.
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