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Soho House has reported that total revenues rose by 7% year-over-year to $1.2bn (£910m) year to 29 December 2024, as membership revenues surged 17.2% to $418m (£316m) year-over-year.
It comes as, during the fourth quarter, total revenues rose 5.4% to $305.6m (£231.7m) with the help of membership revenues jumping 15.6% to $109.3m (£82.8m) year-over-year.
While in-house revenues fell 1.5% year-over-year to $123.4m (£93.5m) in Q4, RevPAR was 1% higher year-over-year on a like-for-like basis during the period.
Other revenues of $72.8m (£55.2m) – which increased by 3.8% year-over-year in Q4 – were supported by “strong” growth in Soho Home.
The group’s adjusted EBITDA was $32.3m (£24.4m) at the end of Q4, and included $3.5m (£2.6m) out of period expenses related to retail inventory and freight & duty from 2022 and prior; $1.4m (£1.06m) out of period expense related to pre-paid rent from 2021; and $4.1m (£3.1m) expenses related to historical tax matters.
For the whole year, in-house revenues grew to $481.6m (£365m) despite remaining flat year-over-year, while RevPAR was 1% higher year-over-year on a like-for-like basis.
Other revenues, amounting to $304.2m (£230m), rose 6.2% year-over-year by the end of 2024 with the support of “strong” growth in Soho Home and Scorpios.
In addition, adjusted EBITDA rose 14.1% to $131.9m (£100m) in the financial year, inclusive of the Q4 expenses related to retail inventory, freight & duty, pre-paid rent, and historic tax matters.
Andrew Carnie, chief executive of Soho House, said: “The strong results we delivered in 2024 demonstrate our unrelenting focus on delivering the best member experience and operational excellence across 45 Houses around the world. We continued to improve the value of Every House membership, introducing a stunning House in Sao Paulo, Brazil, opening our 16th House in North America with Soho House Portland, and Soho Mews House in Mayfair, London.
“Looking ahead, I’m excited by the potential our operational and finance systems transformation will unlock, fundamentally changing the way we operate. These improvements will make us a more efficient, resilient and profitable business, giving us the confidence to drive long-term growth while staying true to what makes Soho House special.”
He added: “I would like to thank our teams for their passion and hard work, and members around the world for their continued loyalty.”
