LA Fitness shaping up nicely

THE boss of LA Fitness, Britain's last remaining quoted health clubs operator, today claimed the market remained far from saturated.

Chief executive Fred Turok had scaled back his plans for new openings to no more than six in 2004, compared with 13 this year, but today hinted he would be putting his foot back on the accelerator after next summer.

'In the West End and the City alone, LA Fitness is capable of a further eight to 10 clubs. It's nonsense to say the market is saturated.'

In the short term, however, higher debt repayments caused by the expansion programme led to an 8% fall in pre-tax profits to £7.2m for the year to 31 July, against £7.8m last time, on turnover of £66.3m, compared with £47.6m a year earlier. The total dividend goes up 20% to 1.44p.