Fitness First’s turnaround is off to an encouraging start, with like-for-like revenues to 31 March up by 12 per cent to £38.4 million and the forward momentum continuing.

Yield also increased by 10 per cent and adjusted EBITDA was up to £5.5 million, from a loss of £1.5 million in 2023.

At £2.9 million, profit before tax was down from £5.2m in 2023, but this was a result of an exceptional credit of £12.8m last year from the settlement of CLBILS debts, incurred during the pandemic.

Justin Musgrove, who was appointed CEO in October 2023, says: “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 are very encouraged to continue to deliver strong improvements in profitability as we return the business to a growth mind-set.”

The results come hot on the heels of the acquisition of the chain’s 28th club, at Marylebone in central London. Previously operated by PureGym, the site closes today (18 October) for a £1 million refurbishment and will reopen in January. The 12,800sq ft gym will offer strength and conditioning zones, spacious studios, an array of exercise classes, Hyrox sessions and cold plunges in the changing rooms.

Changes during the last financial year included the closure of 11 loss-making sites and rent reductions to focus on ensuring quality across remaining sites. Four refurbishments have been completed to date and the Fitness First Premium proposition has been launched. For an additional £10 per month, customers can get access to virtual appointments with GPs, physiotherapists, dietitians and registered mental health counsellors.

As well as Musgrove’s appointment, the senior team was strengthened with Lee Pinnington as marketing and communications director (formerly Matalan, Intersport and The Football Pools) and Lois Woods as operations director (Boots and WH Smith.)

Musgrove will be among the line-up of keynote speakers at the HCM Summit next Thursday, 24 October, alongside The Gym Group CEO, Will Orr; Armah Sports’ CEO, Fahad Alhagbani and many more.

There will be food tasting from Dean Kowarski’s Kauai, book signings with Elaine Jobson and Baz Moffat, a fireside chat with rugby legend, Jonny Wilkinson, who will be bringing samples of his kombucha, networking opportunities with delegates and speakers from all over the world, a pre-event dinner on Wednesday 23rd and an after event party.

Don’t miss out! There are still a few tickets available book here now