Health club operator Bannatyne Group has posted a 57 per cent increase in profits, thanks to a record turnover of £117.6m.

Announcing its results for the year up to 31 December 2017, the group reported overall profits of £14.3m.

It acquired four new sites during the year and spent £14m modernising its portfolio of 71 premium health clubs.

Following customer demand for a more holistic approach to wellness, Bannatyne also opened nine new spas during the year, taking the total number of spas in its portfolio to 46.

As a result, spa revenue reached £16.5m for the year – an increase of more than 13 per cent on the year before.

According to CEO Justin Musgrove, the group is operating in a marketplace “that has strong fundamental growth drivers” and said that there will be “significant further growth” during 2018.

“We are seeking to expand further through both organic growth – as our current reinvested estate potential is realised – and by careful acquisition,” Musgrove said.

“We are excited about prospects for 2018, a year which has started well with more than 19,000 new members, another record, signed up to date."

He added that during the year the company successfully absorbed a number of “cost headwinds”, such as the increases in national and living wage and the apprenticeship levy.

At the end of December 2017, Bannatyne employed more than 3,000 people, up 10 per cent on 2016 figures.