The Gym Group saw revenues for the past six months cut by almost half and swung to a loss after it was forced to close branches amid the pandemic.
The company, which operates 183 gyms across the country, said it made “virtually no revenue” after shutting sites at the end of March.
It reported that revenues fell by 49.6% to £37.2 million for the six months to July 30.
The firm swung to a pre-tax loss of £26.9 million for the period, dropping from £5.5 million profit from the same period in 2019.
Chief executive Richard Darwin said member numbers and gym usage have grown since reopening “as member confidence increases” following the introduction of new safety measures and technology.
All the company’s gyms have reopened. It welcomed customers back to English sites on July 25 before its Welsh and Scottish sites received the green light.
In the first five weeks of trading since reopening, the number of people joining as members was up 30% year-on-year while cancellations were up 6% against the previous year.
Mr Darwin said: “Following our decisive actions during lockdown to minimise costs and secure additional liquidity, we have reopened as the strongest capitalised company in the sector.
“We anticipate the long-term structural growth of low-cost gyms will continue to be driven by the underlying interest in health and fitness, which is accelerating as a result of Covid-19 and the Government’s initiative to reduce obesity.
“With the likelihood of a challenging economic environment in the coming months, gym-goers will increasingly look for great value and as the lowest-priced high-quality gym operator we are well placed to meet this demand.”