Gym Group PLC - Croydon, England-based chain operator of 230 low-cost gyms - Confirms Richard Darwin will step down as chief executive officer at the close of business on Friday. Darwin's departure was announced in January, when Gym Group said it had begun the process to find a successor. Until then, Founder & Chair John Treharne will be executive chair.

Last week, Gym Group warned it will take longer than first thought for conditions in the gym industry to normalise after the Covid-19 pandemic, noting an "uneven start" to 2023. Membership numbers improved 8.4% from year-end to 890,000 at the end of February, but Gym Group said this growth slowed from 15% in the same time last year. Earnings improved in 2022, with revenue 63% higher at GBP172.9 million from GBP106.0 million, while pretax loss narrowed to GBP19.4 million from GBP44.2 million.

Current stock price: 92.90 pence, down 5.2%

12-month change: down 52%

By Greg Rosenvinge, Alliance News reporter

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