Gymshark achieves record revenue, surpassing £600m for first time
British activewear powerhouse Gymshark has posted yet another year of growth, with newly released figures from Companies House revealing that revenue surged past the £600 million mark for the first time in the brand’s 12-year history.
For the financial year ending 31 July 2024, the Solihull-based business reported turnover of £607.3 million, up from £556.2 million in FY23. Gross profit margin also saw a notable lift, up by 63%.
Adjusted EBITDA rose by 14% to £51.7 million, up by £6.4 million compared to the year prior.
Despite ongoing investment in bricks-and-mortar retail and digital infrastructure, Gymshark remained profitable with a profit before tax of £11.9 million. This is a slight dip from £13.1 million in FY23. The brand said this was due to its push to become an omnichannel business.
This includes a growing global footprint, with stores planned or opened in key cities including London, Manchester, Bicester, New York, Dubai and Amsterdam, alongside the opening of a New York headquarters to anchor its US operations.
KPIs include:
- Orders up 14.1% (FY23: 13.1%)
- Units sold up 13.6% (FY23: 8.7%)
- International sales up 5.9% (FY23: 12.5%)
Ben Francis, Founder and CEO of Gymshark, said: "Despite well-reported economic turbulence, FY24 represented another strong year of growth for Gymshark. We broke the £600m barrier for the first time, and Adjusted EBITDA rose by double-digit numbers.
"Looking to the future, it’s no secret that the retail sector is feeling the strain from macro-economic pressures. As such, we are ensuring we have a heightened focus on controlling our expenditure, so we are best set up to become a fully omnichannel business and realise our dream of becoming a 100-year brand, continuing to make the best gym products for our consumers."
