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Gym Group reports stronger-than-expected reopening; seasonal norms to return | 26 May 2021


26 May 2021 | 09:22am
StockMarketWire.com - Low cost gyms operator The Gym Group said performance since reopening had been than expected, and estimated that trading would return to seasonal norms over the quieter summer months.
Since reopening gyms, total membership has increased from 547,000 at the end of February 2021 to 729,000 by 24 May 2021 versus 794,000 in December 2019.
Our expectation is that over the next three months we will trade more in line with seasonal norms, the company said.
The summer months are historically quieter times for gyms and as a result we tend to see limited net gains in overall membership levels during this period, it added. ....

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Gym Group revenue slumps on impact from shuttered gyms during pandemic | 15 January 2021


15 January 2021 | 09:01am
StockMarketWire.com - The Gym Group reported a slump in annual revenue after the lockdown restrictions forced to the low-cost gym operator to shutter its gyms for about 45% of the trading days in the year.
For the year ended 31 December 2020, revenue fell to £80.5 million from £153.1 million and gym membership slipped to 578,000 from 794,000 last year.
Monthly cash burn during the current closure period would be about £5 million, lower than the monthly cash burn of £6 million in the November lockdown as a result of recently announced Government grant support, the company said.
The company said it had started discussions with its lending banks, to review the future covenant tests relating to its $100 million credit facility, amid the ongoing impact from the latest lockdown and its implications for the operational reopening of its gyms. ....

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