The Gym Group has reported an adjusted pre-tax loss of £26.3m for the six months to the end of June.
As all sites were forced to close over the pandemic, profits for the first half of the year fell from £7.1m in 2019.
Revenue was £37.3m for the first half of the year, which is compared to the £73.9m revenue posted last year.
The Gym Group shut all sites on 20 March this year as the country went into lockdown and did not open until 25 July.
The group has suffered over lockdown and has put various cost-cutting measures into place as well as raise £40m through an equity placing.
“Following our decisive actions during lockdown to minimise costs and secure additional liquidity, we have reopened as the strongest capitalised company in the sector,” said Chief executive Richard Darwin.
“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,: he added.
The Gym Group shares (LON: GYM) are trading at 155.51 (0853GMT)