Pure Gym posted a strong set of financial results today (30 March), revealing that group profits for 2014 leapt 365 per cent to hit £10m.

The financial results for the 12-months to 31 December 2014 were powered by the opening of 24 new gyms, as the low cost chain shook off the disappointment of its failed merger with The Gym Group to lift revenue to £68.6m – an increase of 49 per cent. Meanwhile, member growth of 46 per cent outstripped the 40 per cent increase in venues, helping the chain reach 420,000 members.

“In 2014 we delivered impressive financial performance whilst managing significant expansion,” said Pure Gym executive chair Peter Roberts.

“In just five years Pure Gym has established itself as the leading gym operator in the UK and made gym membership a reality for hundreds of thousands of people. We have further exciting expansion plans for 2015 and look forward to another year of growth.”

The figures are a strong indicator that the march of the UK’s low cost gym sector looks likely to continue, despite increased competition from existing players and new entrants such as Sports Direct.

The new Pure Gym CEO Humphrey Cobbold recently told Health Club Management that the chain aims to expand to around 125 sites by the end of 2015 – a target that would see it outstrip Virgin Active as the UK’s largest gym chain in terms of venues. Pure Gym laid the foundations for this future growth in 2014, boosting capacity by improving both its website platform and back office capability. Other plans for 2015 include further development of the web, mobile and app platforms to allow members to sign up and manage their membership and fitness activities “in a time efficient manner.”

To read an interview with Pure Gym CEO Humphrey Cobbold, check out the April 2015 edition of Health Club Management – out this week.