Gymshark FY revenue up 54 percent as profits widen

Gymshark Group has reported a 54 percent increase in revenue in the year to July 31 2021.

The sportswear giant made net revenue of 401.9 million pounds, up from 260.7 million pounds a year earlier, according to filings at Companies House.

The Solihull-based group’s profit before tax increased to 45.4 million pounds from 30.4 million pounds a year earlier.

The group said its number of orders increased by 53 percent in the year.

Global expansion

As part of its ongoing international expansion, Gymshark confirmed plans to cut 120 jobs before July as part of a restructuring.

But the company said more than 100 new jobs will be created.

The fast-growing brand is focusing on expanding in the US, which has recently become its biggest market.

International sales were up 47 percent in the year to July.

When originally announcing the restructuring plans in April, founder and CEO Ben Francis said the “incredibly difficult decision” was driven by the company’s “ambitious growth plans” as well “the need to create commercial accountability within the regions and ensure customer strategies are driven by local lenses, specific knowledge and data, not just by those of us here in Solihull”.

Francis founded Gymshark in his parents’ garage in Birmingham in 2012. Since then, the company has grown rapidly at the forefront of the burgeoning activewear market.

In 2020, it became just the second British company since 2001 to achieve a valuation of over 1 billion pounds without any prior investment.