Backed by rugby legend Brian O’Driscoll and singer-songwriter Niall Horan, athleisure brand Gym+Coffee returned to a pre-tax profit of €749,468 last year, according to newly lodged consolidated accounts for Gym Plus Coffee Ltd. The financial turnaround followed a 27 per cent revenue increase from €14.76 million to €18.69 milllion in the 12 months leading up to the end of June 2025.
Financial Recovery and Multi-Year Transformation
The return to profitability marks a sharp contrast to prior years. According to overdue accounts filed alongside the 2025 figures, the group recorded losses of €3.04 million in the 12 months to the end of June 2024 and losses of €11.99m in the 18 months to the end of June 2023.
Directors noted in the report that the results represent a “very satisfactory outturn for the year ended June 30th 2025 reflecting the culmination of the company’s multi-year transformation strategy and a very welcome return to profitability.” The business engineered a €3.8 million turnaround through cost discipline, margin improvements, a redefined product offering, and a stronger focus on the UK market, particularly online and through wholesale channels.
UK Market Expansion and Revenue Breakdown
Geographic expansion played a central role in the shifting balance sheet. Irish revenues grew by 9 per cent, moving from €11.9 million to €12.95 million. Meanwhile, UK revenues doubled, climbing from €2.86 million to €5.73 million.
The rapid expansion into the UK market initially contributed to heavy losses. The directors’ report for the 18 months ending June 2023 explained that “the main reasons for the loss were due to the large expansion costs as the company accelerated its efforts in the UK with a number of store openings and a large marketing spend.” They also noted that the 2023 figures covered an extended 18-month period encompassing four quarters of seasonal lower trading activity.
Staffing, Director Pay, and Tax Repayments
As the company restructured, workforce figures adjusted. Employee numbers peaked at 180 at the end of June 2023 before dropping by 40 per cent to 107 by the end of June 2025. Last year, staff numbers decreased slightly from 112 to 107, while total staff costs rose from €3.6 million to €4.08 million.
Director remuneration increased by 57 per cent last year, moving from €305,916 to €481,479, according to the accounts. On the liability front, a note in the filings states that the company agreed to a repayment plan with Revenue for warehoused taxes beginning May 1, 2024. The firm is clearing these VAT liabilities via equal monthly repayments of €16,347 over an eight-year period at 0.0 per cent interest, totaling approximately €1.56m.
At the close of June 2025, the group held shareholder funds of €94,959, balancing accumulated losses of €13.93 million against a share premium account of €14.03m. Cash funds improved from €5.06 million to €5.4 million. Backed by investments including €12.8 million raised from CastleGate Investments and €500,000 from West Ventures in 2022, directors maintain that the company “is well funded” and anticipate further revenue and profit growth in the upcoming financial year.
Frequently Asked Questions
Who backs the Gym+Coffee brand?
Rugby legend Brian O’Driscoll and singer-songwriter Niall Horan are among the high-profile backers of the athleisure brand.
What were the financial results for Gym+Coffee last year?
According to consolidated accounts for the 12 months to the end of June 2025, the group recorded a pre-tax profit of €749,468 on revenues of €18.69 milllion.
How is the company handling its tax liabilities?
The company agreed to an eight-year repayment plan with Revenue for warehoused taxes, paying €16,347 monthly at 0.0 per cent interest.
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