Future Of British Business
Britons Still Working From Home Spur a Stock Slump in Gym Group
- Stock heads for worst drop in two years after trading update
- Cost-of-living crisis adds to hybrid working woes post-Covid
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Shares of The Gym Group Plc sank as Britons’ hybrid work arrangements hurt sales, casting doubt about the company’s timeline for returning to pre-pandemic revenue levels.
The stock tumbled as much as 13%, on track for its worst decline since the early days of Covid-19 in 2020, as the Guildford, England-based company flagged the underperformance of 16 “workforce-dependent” sites. Like-for-like revenue at those gyms remains significantly below pre-Covid levels, the company said in a statement.