The fast growing nationwide operator of 129 low cost gyms.

16-Jan-2018 – 227p – £291.1m – PER 25.0

Trading Update For The 12 Months To End December 2017 – “Accelerated, profitable growth” is the headline. Year end membership numbers up 35.5%, Revenue up 24.3%, Net Debt of £37.5m (2016: £5.2m) following the Lifestyle acquisition and new site openings. Site numbers up 44% to 128 at year end (2016: 89) with 21 organic openings and 18 sites acquired from Lifestyle Fitness. Results to bein-line with market expectations.

Remains interesting and impressive enough but still not enough to get me off the fence.

20-Mar-2018 – 257p – £329.6m – PER 27.6

Results For The 12 Months To End December 2017 – Revenue £91.4m, up 24.3% (2016: £73.5m), Adjusted EPS up to 7.4p (2016: 5.6p), statutory PBT of £9.2m (2016: £6.9m), total Dividend to be 1.20p, 1.05p last time. 2018 started strong.

Not sure this impressive growth can be sustained although that’s the thought that’s kept me on the side-lines watching a 50% rise.

29-Aug-2018 – 325p – £438.0m – PER 27.6

Interim Results For The 6 Months To End June 2018 – Revenue up 36.1% with Adjusted PBT and EPS up about 8% or so, the Interim Dividend is up 16.7%. Expects to meet FY market expectations.

I am still not convinced the impressive growth can be sustained here but that’s (wrongly) already seen me miss out on a 50% rise. I remain Neutral as it looks to me like a lot of catch up is required (by the new CEO, the CFO now takes over) to hit FY EPS growth of 40%.

15-Jan-2019 – 225p – £310.4m – PER 17.7

Trading Update For The 12 Months To End December 2018 – Members up 19.3%, Revenue up 35.6%, Net Debt £46m (£37.5m last time) and some EBITDA figure is included. Confident for continued growth in 2019.

Looking perhaps reasonably priced here.

19-Mar-2019 – 202p – £279m – PER 17.4

Results For The 12 Months To End December 2018 – Revenue up 35.6%, Adjusted PBT up 19.4%, Adjusted EPS up just over 10% with the FY Dividend up just under 10%. The New Year has started in-line.

I think I would have expected more here, I will keep an eye out for Broker notes.

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