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Fitness First reports £241.6m annual loss
Privately-owned health club operator Fitness First has reported a £241.6m loss for the year ending 31 October 2009 after writing down the value of its European division.
Chief executive Colin Waggett told the Telegraph that the company opted to "write down all the goodwill in the business", amounting to £105m. Revenues, however, increased to £670.3m. Waggett told the newspaper: "Overall we are pleased. We are continuing to generate good cash and invest in our assets. We have seen good growth in both revenue and EBITDA."
Despite the losses, which increased from £124m for the previous year, the operator is still believed to be eyeing up a floatation on the London Stock Exchange.