The Bannatyne Group is eyeing further expansion of its health club empire after reporting record turnover and a 57% rise in pre-tax profits.
The firm, owned by Dragon’s Den Star Duncan Bannatyne, said a successful two-year investment programme across its 71 sites had helped boost its performance last year.
Figures released by the company, which runs clubs in Aberdeen and Inverness and nine others in Scotland, show turnover of £117.6million for the year to the end of December 2017, compared to £112.2million in the previous 12 months. Profits before tax and exceptional items rose to £14.3million from £9.2million over the same period.
Bannatyne’s, which opened four new clubs during the year, said 99% of its gyms had been refurbished during its £28million modernisation programme.
Chief executive, Justin Musgrove, said: “We are delighted with the 2017 results – 57% increase in profits year on year after a 15% uplift in 2016 and very strong cash generation is clear demonstration that our strategy is delivering and that the investment over the past two years is driving strong returns.”
He added: “The Bannatyne Group is seeking to expand further through both organic growth as our current reinvested estate potential is realised and by careful acquisition.
“We are excited about prospects for 2018 which has started well with over 19,000 new members, another record, signed up to date”.