BLK BOX Delivers Record Year of Growth and Profitability

The Belfast-headquartered designer and manufacturer of strength and conditioning equipment and complete performance training environments grew revenue 36% to a record £26.7 million and lifted adjusted EBITDA 42% to an all-time high of £2.7 million, with trading in 2026 on-track to be another year of significant growth and margin expansion.

BLK BOX, the Belfast-based designer and manufacturer behind training environments for the Ryder Cup, the British & Irish Lions, Manchester United, PureGym and Fitness Park, has reported a record financial year for 2025, with revenue rising 36% to £26.7 million (2024: £19.6 million), and adjusted EBITDA increasing to £2.7 million (2024: £1.9 million) the highest levels of revenue and profitability in the company’s history.

The results, filed this month, mark three years of consistent growth that has seen revenue more than double from £11.9 million in 2022 to £26.7 million in 2025, alongside a material improvement in gross margin from 19% in 2022 to 33% in 2025. Growth was underpinned by continued momentum in the Company's B2B channel and key accounts, strong customer retention, and a marked step-up in operational performance following the operational excellence programme of recent years, as BLK BOX establishes itself as the category-defining brand in a market shifting decisively toward strength and functional training.

More than 70% of FY25 sales were generated from existing customer relationships, with 2025 growth compounding on the efforts of prior years as a growing proportion of customer cohort spend recurs year on year across its B2B and commercial contracts. The business is renowned in the market for its mass customisation, execution capability and high-end performance equipment. BLK BOX continued to expand its relationships with leading commercial gym operators, firstly through its performance and execution and increasingly through its expanding product set, as customers now turn to BLK BOX for end-to-end commercial gym fit-outs, typically entering through a single training zone and growing from there. This is exemplified by the continued maturation of its long-standing, strategic relationship with PureGym, whose estate now features BLK BOX equipment across more than 600 sites worldwide. Significant new account wins and several further multi-site framework agreements were secured during the year, underlining the company’s growing market traction as demand shifts towards the functional and strength-focused training formats that sit at the core of the BLK BOX offer. These agreements are expected to contribute further to growth as they mature.

Across 2025, BLK BOX completed more than 1,000 projects globally spanning concept, design, manufacturing, installation and service, including marquee installations for the Ryder Cup, the British & Irish Lions, Manchester United and ATHX 2025. The performance reflects two things working together; a market that is moving decisively toward strength and functional training, and a business that is winning more than its share of that shift. The company's heritage in elite sport, where its products, layouts and materials are proven under the most demanding conditions, gives the brand a level of authority that continues to win market share well beyond that sector, increasingly through the design and delivery of complete training environments rather than individual products.

The year also saw continued investment in the company’s in-house R&D capability and the formalisation of a new product development process. Operationally, BLK BOX’s hybrid manufacturing model, combining in-house design, engineering and manufacturing at its Belfast facility with a diversified supplier network, delivered significant margin improvement while delivering customised solutions at industry leading lead times. Beyond Belfast, the company now has operations established in North America and China, supporting a more unified global delivery model, with significant remaining capacity at Belfast expected to support future growth without a proportional increase in capital investment.

“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 customers 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

Growth over the period has been consistent, supported by continued investment in the business, including expanding the team to around 170 people, the majority based in Northern Ireland, where BLK BOX has become one of the region’s leading advanced-manufacturing employers. Trading in 2026 has continued strongly, with a number of key strategic accounts secured in the first half of the year. With a strong order pipeline, significant remaining capacity at Belfast and established operations in North America and China, BLK BOX is on track to deliver a further year of record growth and profitability and is positioned to expand further across North America and Europe in 2026 and beyond.

“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

Founded in 2012 and headquartered in Belfast, BLK BOX is a designer and manufacturer of strength and conditioning equipment and complete performance training environments. Operating under its “Built Better” brand promise, the company takes projects from concept and design through in-house manufacturing to installation and service, delivering more than 1,000 projects in 2025 across elite sport, commercial fitness, education, hospitality and corporate wellness. From a 130,000 sq. ft manufacturing headquarters in Belfast, and with around 170 employees and operations established in North America and China, BLK BOX equips some of the world’s most demanding training environments. Learn more at blkboxfitness.com.