Gymshark's chief financial officer, Mat Dunn, has left the company after a two-year tenure. Dunn joined the Solihull-based business in December 2022 from Asos, where he held the dual role of chief operating officer and chief financial officer.
His previous experience includes stints as CFO at Britvic and South African Breweries, as well as roles at Diageo, Sabmiller, and EMI Music, as reported by .
A Gymshark spokesperson stated: "Mat Dunn was employed as chief financial officer from December 2022 to November 2024."
"During that time, Mat was instrumental in evolving our finance and commercial functions, and we thank him for all he contributed."
Dunn's departure follows Gymshark's report of a £13m pre-tax profit for the year ending July 31, 2023, a decrease from £27.8m in the previous 12 months.
However, the company's EBITDA, excluding exceptional costs, rose from £39.9m to £45.3m, with Gymshark focusing on this measure as a proxy for underlying trading performance. Revenue increased from £484.4m to £556.2m over the same period.
The company's latest accounts are due to be filed with Companies House by the end of April 2025. Founded in 2012 by Ben Francis and Lewis Morgan, Gymshark was valued at over £1bn in 2020 when US private equity firm General Atlantic acquired a 21% stake.
Gymshark, in the latest financial update, stated: "During the last financial year, apparel businesses have continued to face rising input costs, including rising raw materials and labour costs."
The company noted, "However, other costs notably freight began to normalise during the financial year."
Discussing their strategic approach amidst economic challenges, they commented, "The board continued to monitor these costs closely as well as changes to the macro environment, from a vernal perspective and with regard to conditions in key geographies."
Addressing consumer trends, Gymshark said, "The consumer has been hit by the general macro-economic climate, with inflation and cost-of-living increases impacting discretionary spending."
Nevertheless, they were positive about their achievements: "Despite these pressures, the board is pleased to report that the group has continued to grow its sales and improve profitability, and is particularly impressed with the business’s performance during the second half of the financial year."
The firm underlined its forward-thinking strategy by adding, "The overall strategy of the group remains to continue increasing revenues in a profitable and sustainable manner and to create and develop desirable products to its growing consumer base."
Additionally, the report shared that the average number of staff at Gymshark had declined from 918 to 853 over the year.
