The Gym Group Reaches One Million Members as Positive Momentum Continues

The Gym Group H1 2026 trading update shows steady growth with a big one million member milestone

The Gym Group has used this pre-close trading update to tell the market that trading in the first half of 2026 has gone broadly to plan, with positive momentum still in place. A pre-close update is a short trading statement released before full results, so it gives investors a snapshot rather than the full financial picture.

The headline is simple enough: revenue is up, member numbers are up, average revenue per member is up, and the company has now crossed the one million member mark during the period. For a low-cost gym operator, that is a meaningful sign that demand is holding up.

Key H1 2026 numbers	Reported figure	H1 2025 comparison
Revenue	£133.1 million	£121.0 million
Revenue growth	10%	Not disclosed separately
Like-for-like revenue growth	3%	Year on year
Average members	1,002,000	953,000
Average revenue per member per month	£22.14	£21.16
Closing members	991,000	949,000 at 30 June 2025
Net debt	£58.0 million	Not disclosed for H1 2025 here
Gyms open at 30 June 2026	264	260 at start of year

The Gym Group reaching one million members matters more than it might first appear

Crossing one million members is not just a nice round-number headline. It tells investors that The Gym Group is still expanding its customer base in a competitive consumer market where households are having to think carefully about spending.

Average members rose 5% to 1,002,000, while closing members were 991,000 at 30 June 2026. That compares with 923,000 at 31 December 2025 and 949,000 at 30 June 2025. So this was not a one-off spike – the member base has clearly moved higher over both six months and twelve months.

For a gym chain, scale matters. More members spread central costs over a larger base, help support brand visibility, and make each new site opening easier to market. In plain English, a million members gives the business more operating muscle.

Revenue growth, like-for-like sales and ARPMM suggest healthy customer demand

Total revenue for the six months to 30 June 2026 rose 10% to £133.1 million. That is stronger than the 3% like-for-like revenue growth, which is actually what you would expect when a business is also opening new sites.

Like-for-like means comparing revenue from sites that have been open long enough to make the comparison fair. In this case, it includes all sites open as at 31 December 2023. A 3% like-for-like increase is not explosive, but it is solid and management says it was in line with expectations.

Average revenue per member per month, or ARPMM, increased 5% to £22.14 from £21.16. That matters because it shows the company is not relying only on more people walking through the door. Each member, on average, is also generating more revenue.

That combination is a positive one. More members and better revenue per member usually point to decent pricing discipline, product mix, or both. The company does not break down the exact drivers here, so anything beyond that is not disclosed.

The Gym Group expansion plan looks intact with at least 20 gym openings targeted in 2026

Growth is not just coming from existing sites. The Gym Group opened four new gyms in the first half of the year: London Stamford Hill, Lincoln, Leeds Crown Point and London Hackney.

As at 8 July, it was also on site at a further two locations and had exchanged on another eleven. Management says it remains on track to open at least 20 gyms in 2026.

That is important because the investment case here has long been about rolling out more low-cost gyms across the UK, not simply sweating the existing estate. The company had 264 sites at 30 June 2026, up from 260 at the start of the year, so there is still a clear expansion runway in management’s view.

The positive angle is obvious: more sites should support future revenue growth. The caution is that opening gyms takes cash upfront, and the return comes later. Investors need both growth and discipline, not just a race to add square footage.

Net debt, extra bank facilities and the share buyback are the main balance sheet talking points

Net debt stood at £58.0 million at 30 June 2026. Management has already flagged that it expects net debt to increase by the year end because of the second-half weighting to new gym openings, refurbishment spending, and the ongoing share buyback programme.

That is the main note of caution in this update. Rising debt is not automatically a problem, especially if it is funding expansion that delivers good returns. But it does mean investors should keep an eye on how far borrowing climbs relative to future profit and cash generation, neither of which are disclosed in this statement.

There is some reassurance on funding. In June, the group agreed a £15 million increase in available bank facilities, taking total combined facilities to £117 million. That consists of a £60 million term loan and a £57 million revolving credit facility, or RCF. An RCF is a flexible borrowing line that a company can draw down and repay as needed.

Those facilities now run to June 2028, which gives the company a bit more breathing room. That is a helpful move because it supports the expansion plan and reduces the risk of near-term financing pressure.

The other cash item is the buyback. In the first half, The Gym Group purchased 2.2 million shares, spending £3.8 million of the proposed £10 million programme. Buybacks can be positive because they reduce the share count and can signal management confidence. But they also use cash, so some investors may prefer a more cautious approach while debt is expected to rise.

What The Gym Group trading update means for retail investors ahead of September results

My read is that this is a good update, just not a flashy one. The Gym Group is doing the basics right: growing members, growing revenue, improving average revenue per member, and keeping its site rollout on track.

The big positive is that the growth looks balanced. It is not only driven by opening new gyms. Existing sites are also contributing through that 3% like-for-like revenue increase, and the business has shown it can push ARPMM higher to £22.14.

The main watch-out is leverage. Net debt is manageable on the numbers given, but management has openly said it will rise by the year end. That makes the September interim results more important because investors will want to see how profits, cash flow and margins are holding up. None of those are disclosed in this RNS.

Still, if you own the shares, there is little here to spoil the mood. Reaching one million members is a strong operational milestone, and the company sounds confident in the full-year outlook. For now, The Gym Group looks like a business still enjoying healthy demand, with the usual growth-company trade-off of spending more today in the hope of earning more tomorrow.

Key investor takeaways from The Gym Group pre-close trading update

• H1 2026 revenue rose 10% to £133.1 million.
• Like-for-like revenue increased 3%, showing existing sites still grew.
• Average members reached 1,002,000, with the business hitting the one million member milestone during the period.
• ARPMM rose 5% to £22.14, which is a strong supporting sign for revenue quality.
• The company opened four gyms in H1 and remains on track for at least 20 openings in 2026.
• Net debt was £58.0 million and is expected to increase by year end.
• Bank facilities were increased by £15 million to £117 million, providing extra flexibility.
• The next big checkpoint is the interim results on 9 September 2026.