Esporta looks to Europe as profits leap 73%
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Your support makes all the difference.Esporta, the fitness clubs company that emerged from the break-up of Michael Grade's First Leisure, yesterday reported a 73 per cent leap in half-year profits and said it was considering expanding into Continental Europe.
Esporta, the fitness clubs company that emerged from the break-up of Michael Grade's First Leisure, yesterday reported a 73 per cent leap in half-year profits and said it was considering expanding into Continental Europe.
The group, which runs 26 clubs in the UK, said pre-tax profits for the six months to 30 June rose from £2.6m to £4.5m on sales up from £30.9m to £38.5m. Membership surged 22 per cent to 126,000.
Graham Coles, chief executive, said: "The market is good at the moment for everyone ... But the customer likes what we have to offer." He said revenues in the first few weeks of the second half had continued to be strong, with like-for-like sales up 5 per cent in clubs open for more than a year.
Esporta is the country's third-biggest "full service" health and fitness group after Whitbread's David Lloyd Leisure and Cannon's. As well as traditional workout facilities, it offers swimming pools, bars, restaurants and beauty salons and caters for the upmarket end of the family fitness sector.
Commenting on the group's expansion plans, Mr Coles said: "There's no doubt that Europe offers an opportunity. Fitness facilities there tend to be behind those in the UK in terms of quality ... But it's too early to make any specific announcements."
Esporta said at the time of its flotation six months ago that it would double its club numbers to 46 by the end of 2002. Six openings are planned in the second half, and seven in 2001.
Shares in the company closed up 4p at 108p. Analysts said the group could become a takeover target for a bigger player such as David Lloyd.
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