Yes great result, one of my smaller holdings but one I'd considering adding to. Economics of Gyms are actually comparable to a fund manager. The gym costs are the same whether there is 100 members or 1000 members, therefore incremental members leads to almost 100% free cash flow similar to how the cost of running a fund is almost the same with 10b as it is with 100b FUM any incremental fund fee income is 100% free cash flow. The member growth is still strong as well as opening many new facilities, however gym memberships are one of the first things cut in a recession so bear that in mind if household budgets get tighter especially considering rate rises for those with high debt to income.
