First quarter revenues at the 11-club Netherlands-based sport and leisure group (S) rose 77 per cent to E2,268,858, while pre-tax earnings rose 283 per cent to E497,859.

S, headed by Theo Hendriks, has a further club under construction, with two more in the early stages of development. Additionally, the company has signed management contracts to operate two civic leisure centres and family fitness clubs.

The company sold their one loss-making site in Belgium. The new Belgian site, Capital Sports, in Bergen op Zoom, opened in January and has recruited 1900 members to date.

S is talking with banks and investors about further expansion at the rate of two to three sites per year.