By Iain Gilbert
Date: Wednesday 02 Sep 2020
LONDON (ShareCast) - (Sharecast News) - The Gym Group swung to an interim loss this year after the budge workout centres operator was forced to shutter all of its locations in late March as a result of the Covid-19 pandemic.
The London-listed group posted an adjusted pre-tax loss of £26.3m on Thursday, a marked turnaround when compared to the profit of £7.1m recorded in the first half of last year, as revenues tumbled nearly 50% year-on-year to £37.3m
Losses per share came to 14.9p, another big swing when compared to the earnings per shares of 4.0p seen in 2019.
The Gym Group, which narrowed non-property net debt from £47.2m to £29.2m during the half, also implemented cost reduction plans aimed at stemming outflows, raised roughly £40.0m through an equity placing and locked in a £30.0m extension to its existing £70.0m revolving credit facility
However, despite having reopened on 25 July, the Gym Group said total membership numbers had fallen to 658,000 from 796,000.
Chief executive Richard Darwin said: "Following our decisive actions during lockdown to minimise costs and secure additional liquidity, we have reopened as the strongest capitalised company in the sector.
"With the likelihood of a challenging economic environment in the coming months, gym-goers will increasingly look for great value and as the lowest-priced high-quality gym operator we are well placed to meet this demand."
As of 0910 BST, Gym Group shares were down1.15% at 155.0p.
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Currency | UK Pounds |
Share Price | 115.20p |
Change Today | 0.000p |
% Change | 0.00 % |
52 Week High | 120.60p |
52 Week Low | 89.00p |
Volume | 0 |
Shares Issued | 179.15m |
Market Cap | £206.38m |
RiskGrade | 80 |
Value |
---|
Price Trend |
---|
Income |
---|
Growth |
---|
Strong Buy | 6 |
Buy | 0 |
Neutral | 2 |
Sell | 0 |
Strong Sell | 0 |
Total | 8 |
Latest | Previous | |
---|---|---|
Interim | Final | |
Ex-Div | 05-Sep-19 | 23-May-19 |
Paid | 11-Oct-19 | 14-Jun-19 |
Amount | 0.45p | 0.95p |
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