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Gym Group profits fall as exceptional costs weigh

By BFN News | 08:00 AM | Wednesday 29 August, 2018


The Gym Group said Wednesday first-half profits fell as an increase in exceptional costs relating to the acquisition of easyGym offset a strong jump in revenue. For the six months ended 30 June, statutory profit before tax fell 14.4% to £5.1m from £5.9m a year earlier, and revenue rose 36.1% to £42.8m. Profits were weighed down by an increase in exceptional costs to £1.0m related to the acquisition of easyGym, the company said. The revenue increase, however, was attributed to a sharp 34.1% jump in membership numbers to 664,000, and 1.6% rise in average amount spent by its member a month to £14.65. The interim dividend was raised 16.7% to 0.35p a share. 'After a strong first half we are on track to meet market expectations for the full year and look forward to further progress in the second half of the year,' the company said. 'In addition, we remain well set to achieve our target range of 15 to 20 organic openings for 2018.' At 8:00am: (LON:GYM) The Gym Group Plc share price was -7.75p at 317.25p Story provided by StockMarketWire.com

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