The Gym Group posted a solid set of maiden preliminary financial results this morning (15 March), hitting market expectations for 2015 – the year when it became the first UK gym operator to go public in more than a decade.

The chain founded by John Treharne in 2008 announced that revenue increased by 31.9 per cent during 2015 to reach £60m. Adjusted profits before tax exceeded market consensus to hit £5.3m, while reported losses before tax were £12.4m, which the company attributed to financing costs for its listing and exceptional costs.

“2015 was a landmark year for The Gym Group with an acceleration in roll out and strong results, culminating in a successful IPO,” said company CEO Treharne.

“Our low cost, affordable and disruptive model, which we relentlessly strive to improve, resonates with consumers as demonstrated by the near 30 per cent increase in membership in 2015.”

As reported by Health Club Management in January, The Gym Group confirmed it expects to add 15-20 gyms to its 74-strong portfolio during 2016 as it seeks to build on 2015’s momentum. The chain has enjoyed an encouraging start to the year, with membership increasing 11.2 per cent in the traditionally busy first two months of the calendar.

The company also said that it expects to benefit from the maturation of more sites in 2016. Currently, 34 of the chain’s 74 sites have been open for less than two years and profitability will increase as more locations reach full capacity.

Shares in The Gym Group have increased by more than 20 per cent since the IPO in November and have regularly been touted by analysts and tipsters. But despite meeting forecasts this morning, the gym chain's results failed to impress investors, as shares fell 5 per cent in early trading.