BLK BOX Reports Record Results as Global Growth Accelerates

We’re pleased to share our financial results for 2025, a record year for BLK BOX.

Revenue increased 36% to £26.7 million, up from £19.6 million in 2024, while adjusted EBITDA rose to £2.7 million from £1.9 million, an increase of 42%. These are the highest levels of revenue and profitability in our history.

The results reflect the continued development of our business, from our manufacturing headquarters in Belfast to the training environments we deliver for clients around the world.

Our work now spans elite sport, commercial fitness, education, hospitality and corporate wellness, with clients including the Ryder Cup, the British & Irish Lions, Manchester United, PureGym and Fitness Park.

Three Years of Consistent Revenue and Margin Growth

Our 2025 results mark three years of consistent growth, with revenue more than doubling from £11.9 million in 2022 to £26.7 million in 2025. Over the same period, we improved gross margin from 19% to 33%.

That progress has been supported by continued momentum in our B2B channel and key accounts, strong client retention and a significant improvement in operational performance following the operational excellence programme of recent years.

We’ve worked hard to build a business that can deliver at scale without losing the quality, customisation and attention to detail that our clients expect. Our investment in people, processes and manufacturing capability has been central to that, allowing us to improve efficiency while continuing to develop our product range and the services we offer.

At the same time, the fitness industry continues to move towards strength and functional training. We’re seeing that shift across commercial gyms, education, hospitality and other sectors, where clients are increasingly looking for complete training environments rather than individual pieces of equipment.

Client Retention and Commercial Gym Contracts

More than 70% of our FY2025 sales came from existing relationships. For us, that is one of the most important indicators of the progress we’re making.

We’ve built our business around long-term partnerships, working closely with clients to understand what they need and supporting them as those requirements develop. In many cases, a relationship begins with a single training zone and grows into a larger facility project or multi-site agreement.

Our long-standing strategic relationship with PureGym is a good example of this approach. BLK BOX equipment now features across more than 600 PureGym sites worldwide, and we continue to support the development of their training environments as the estate grows.

During 2025, we also secured significant new account wins and several further multi-site framework agreements. These relationships are expected to contribute further to our growth as they mature.

As commercial gym operators respond to changing member demand, we’re increasingly being asked to support complete strength and functional training spaces. Our expanding product range, combined with our design, manufacturing and installation capabilities, allows us to take on more of that work and deliver consistent solutions across individual facilities and larger estates.

More Than 1,000 Projects Delivered Globally in 2025

We completed more than 1,000 projects globally during 2025, spanning concept, design, manufacturing, installation and service.

Our work covered elite sport, commercial fitness, education, hospitality and corporate wellness, including marquee installations for the Ryder Cup, the British & Irish Lions, Manchester United and ATHX.

Our heritage in elite sport remains central to who we are. Working with leading teams and performance organisations has shaped our understanding of durability, functionality and the importance of getting the details right.

We now apply that experience across a much broader range of training environments. Whether we’re supporting an elite athlete, a commercial gym operator, a university or a workplace, our objective is the same: to understand how the space will be used and deliver equipment and environments that work for the people training there.

Increasingly, that means taking responsibility for the complete project, from the initial concept and space planning through to manufacturing, installation and aftercare. It’s an approach that allows us to build stronger relationships with our clients and support them well beyond the delivery of individual products.

Investment in R&D, Manufacturing and Global Operations

We continued to invest in our in-house R&D capability during 2025, alongside the formalisation of a new product development process. This gives us a stronger foundation for developing new equipment, improving existing products and responding to the changing needs of our clients.

Our hybrid manufacturing model combines in-house design, engineering and manufacturing at our Belfast facility with a diversified supplier network. This approach gives us control over the quality and development of our products while providing the flexibility to deliver customised solutions at scale.

The improvements we’ve made to our operations have contributed significantly to margin growth, while allowing us to maintain short lead times and the standards our clients expect.

Our 130,000 sq. ft manufacturing headquarters in Belfast remains central to that capability. With significant capacity still available, we believe the facility provides a strong platform for further growth without a proportional increase in capital investment.

Beyond Belfast, we now have operations established in North America and China, supporting a more unified global delivery model and our continued expansion into international markets.

“These results reflect the discipline and ambition of the whole BLK BOX team. We’ve built this business by doing the hard things well; designing, engineering and delivering complete training environments across elite sport, commercial gyms, universities, hotels and workplaces. A record year, with more than 70% of sales coming from clients who choose to work with us again, tells us the model is working. Our promise is simple: each facility we deliver is Built Better, and we intend to keep proving it as we grow.”

Greg Bradley, Founder, BLK BOX

Building on Our Progress in 2026

Our growth has been supported by continued investment in the business, including expanding our team to around 170 people. The majority are based in Northern Ireland, where we’re proud to be part of the region’s advanced-manufacturing sector.

As we’ve grown, we’ve continued to invest in the people, skills and processes needed to support our clients and deliver increasingly complex projects. That investment remains an important part of our plans for the years ahead.

Trading in 2026 has continued strongly, with a number of key strategic accounts secured during the first half of the year. Order intake in our core B2B channels for H1 2026 was up 60% on the same period last year.

With a strong order pipeline, significant remaining capacity at Belfast and established operations in North America and China, we’re on track to deliver a further year of record growth and profitability.

We also see significant opportunities to expand further across North America and Europe in 2026 and beyond, building on our existing client relationships and the growing demand for strength and functional training environments.

“The growth in profitability this year is the product of a deliberate transformation of how we design, source and manufacture. We’ve invested in our people, our facility and our processes, and we’ve done it while keeping lead times short and without compromising quality. That gives us a platform to keep scaling from Belfast without a proportional rise in cost. We are already seeing it come through: order intake in our core B2B channels for the first half of 2026 is up 60% on the same period last year, and we go into the second half with the strongest pipeline the business has had.”

Ben Stocks, Managing Director, BLK BOX