Gymshark, the sportswear brand co-founded by self-made billionaire Ben Francis, has seen its revenue exceed £600m for the first time.
The Solihull-based firm reported sales of £607.3m for the year ending 31 July 2024, according to newly filed accounts at Companies House, as reported by .
This figure represents an increase from the previous year's revenue of £556.2m, marking the company's 12th consecutive year of sales growth.
However, despite the rising sales, Gymshark's pre-tax profit has declined for the third successive year.
After experiencing its first-ever drop in pre-tax profit in the year ending July 2022, the figure fell from £27.8m to £13m in the year to July 2023. The latest accounts reveal a further decrease in pre-tax profit to £11.8m.
In a statement, Gymshark said it continues to "strategically invest in its well-documented omnichannel expansion, with stores confirmed in London, New York, Dubai, Amsterdam, Manchester, Bicester, and a New York City headquarters to drive its US business alongside continued investment into the digital technology stack which underpins Gymshark's e-commerce business."
The company's adjusted EBITDA rose by 14% to £51.7m.
Additionally, Gymshark reported a 14.1% increase in orders, a 13.6% rise in units sold, and a 5.9% growth in international sales.
Gymshark has reported a slight increase in its US revenue, from £250.4m to £251m over the year, while its º£½ÇÊÓƵ sales have jumped from £111.7m to £136.4m.
The company's European sales, excluding the º£½ÇÊÓƵ, have also seen a significant rise, from £129.4m to £145.7m, and its revenue in other global markets has grown from £64.5m to £74m.
Over the same period, Gymshark's workforce has expanded from 853 to 881 employees.
The fitness brand was established by Ben Francis and Lewis Morgan in 2012 and achieved a valuation of over £1bn in 2020 when US private equity firm General Atlantic purchased a 21% stake.
CEO Ben Francis commented: "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."
He added: "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."
Ben Francis quits sports talent agency
This news follows reports last week by City AM that Ben Francis had stepped down from the sports talent agency he co-founded, The Members Agency, which was established in 2018, is based in Wolverhampton and also handles sports sponsorship deals.
A recent filing with Companies House reveals that Francis has resigned as a director and is no longer recognised as a person with significant control over the business.
He was initially appointed as a director on 1 August, 2018, and held more than a 25 per cent stake in the company.
Paul Richardson, former Gymshark chairman and co-owner of AllSaints, has also resigned, along with Noel Mack, Gymshark's chief brand officer.
In December 2024, City AM reported the sudden departure of Gymshark's chief financial officer after a two-year tenure.
Gymshark announced bodybuilder Chris Bumstead as a new shareholder in September last year.
