Slimmed down LA Fitness cuts its losses by £10 million

The accounts filed with Government business records agency Companies House show that LA Fitness managed to reduce its losses by £10 million over the 12 months to October 31, 2012, due to cost cutting and lower debt repayment charges.

However, the private equity owned group did see its turnover tumble 22.8 per cent to £86.6 million.

LA Fitness, which has 80 health and fitness clubs across the country, says its 2013 financial year has got off to a good start.

It says that its membership numbers have risen from 187,879 to 190,967 over the three month period to January 31.

It said: “The group performed credibly in the year despite significant inflationary pressures. The strong performance in January 2013 represents a solid start to the new financial year and augurs well for the rest of it.”

LA Fitness trimmed its overall wage and staff costs by nearly a quarter to £23.6 million.

The firm’s five directors, including founder and chairman Fred Turok, who was among those who carried the Olympic flame last year, saw the combined value of their pay packets fall 24.3 per cent to £633,000.

Source: Sunday Express