Revenues up at Fitness First as it restructures

Fitness First has benefited from a post-pandemic bounce, as it saw revenues increase by 12% to £38.4m during the year to 31 March 2024 – up from £34.2m the previous year.

Pre-tax profits for the 12 months were £2.9 million – down from £5.2m in 2023. The fall in profits is due to the company settling its CLBILS debts (incurred during the COVID-19 pandemic), which resulted in an exceptional credit of £12.8m.

Fitness First is currently implementing a restructuring programme, as part of a long-term strategy drawn up following the pandemic.

The restructuring has seen 11 loss-making sites being closed, alongside rent reductions, as part of the strategy’s focus on “ensuring quality across the remaining sites”.

The group also recently launched its enhanced ‘Fitness First Premium’ membership option. At a cost of £10 per month, it provides members with a range of health services – including access to GPs, physios, dietitians and mental health counsellors.

Commenting on the results, Fitness First CEO, Justin Musgrove, said: “FY24 was a period of strong financial and strategic progress for Fitness First. Membership volumes increased on a like-for-like basis, reflecting the ongoing recovery from the impact of COVID-19 and following the important actions taken in FY24 to position the business for sustainable, long-term growth. We’re encouraged to continue to deliver strong improvements in profitability as we return the business to a growth mindset.”