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Pure Gym losses deepen to £215m in 'awful' result

By BFN News | 07:56 AM | Wednesday 21 April, 2021


Fitness centre operator Pure Gym booked a deeper annual loss after the after Covid-19 lockdowns crimped footfall. Pre-tax losses for the year through December amounted to £214.6 million, compared to year-on-year pro-forma losses of £39.5 million. Revenue slumped 39% to £269.9 million and adjusted earnings before interest, tax, depreciation and amortisation tumbled 92% to £11 million. Covid-19 lockdowns had 'severely' limited the business's ability to trade with gym closures resulting in 37% fewer trading days compared to 2019. 'Whilst the financial trading performance was, frankly, awful that was out of our hands,' chief executive Humphrey Cobbold said. Pure Gym said it had seen an 'excellent' member reaction to gym openings in England, with over 1 million member workouts for the first week back, similar levels to the equivalent week in 2019. 'As health and wellness move further up the public agenda there will be strong demand for affordable, flexible fitness where people can use tens of thousands of pounds of equipment over the course of a workout and increasingly use technology to assist with their fitness goals,' Cobbold said. 'We want to be Europe's leading fitness provider and are well placed and capitalised to continue to expand to reach this goal.' Story provided by StockMarketWire.com

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