Gym Group PLC shares rose on Wednesday, after it reported an increase in 2023 revenue and a narrowed loss.

Shares in the gym operator were up 6.8% to 117.00 pence each in London on Wednesday morning.

The Croydon, England-based chain of 230 gyms reported that revenue in 2023 rose 18% to £204.0 million from £172.9 million a year earlier, narrowing its pretax loss to £8.3 million from £19.4 million.

Average member numbers were 8% higher throughout the year, the company noted.

Gym Group said it has seen a ‘good start to trading’ in 2024, with revenue up 16% over the first two months.

Looking ahead, like-for-like revenue in 2024 is expected to increase by 4% to 5% overall, and Gym Group plans to open between 10 and 12 new sites this year.

Chief Executive Will Orr said: ‘We have maintained positive momentum in revenue through the second half to deliver results that have offset cost inflation, in line with our guidance. With a strong start to 2024, and clear signs that demand for health and fitness has never been stronger, these are solid foundations on which to build our ’next chapter’ growth plan. Over the next three years, we aim to strengthen the performance of our core business and accelerate the Gym Group site rollout.’

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