FTF Foresight Enterprise Vct Plc

RNS Number:0301E
Fitness First Plc
20 November 2002

20 November 2002


Fitness First plc

Pre-close period statement and review of shareholder value

Pre-close period statement for year ended 31 October 2002

The Board of Fitness First plc ("Fitness First" or the "Company") intends to
make its preliminary results announcement for the year ended 31 October 2002 at
the end of January 2003.  These results are expected to be in line with the
Board's revised profit expectations, as set out in the Company's announcement on
3 October 2002.

At 31 October 2002:

*   Membership totalled 720,000 (2001: 440,000)
*   311 clubs were operating in 14 countries - 167 clubs overseas

Outlook

The proposed actions which the Board announced on 3 October 2002, in view of its
caution about trading prospects, have now been substantially implemented: head
office and club operating costs have been cut and the number of planned new
clubs opening in the financial year to 31 October 2003 has been reduced to
approximately 50 (2002: 111). The Board is confident that the prospects for
Fitness First for 2003 remain good.

Review of shareholder value

The Board has noted developments in the quoted health club sector and the
Company's share price performance.  In view of these factors and preliminary
expressions of interest recently received from private equity houses, the Board
has instructed its financial advisers, Investec and Dresdner Kleinwort
Wasserstein, to initiate a formal process to investigate options to maximise
shareholder value which could include an offer for Fitness First.  Shareholders
should note, however, that no indicative offer for the Company has been
received.

Enquiries:

Fitness First plc                                          Tel: 01202 845 000
Christopher Pearce, Chairman
Mike Balfour, Chief Executive

Investec Investment Banking                                Tel:  020 7597 5970
David Currie

Dresdner Kleinwort Wasserstein                             Tel:  020 7623 8000
Charlie Batten

Gavin Anderson & Company                                   Tel:  020 7554 1400
Rebecca Penney




                      This information is provided by RNS
            The company news service from the London Stock Exchange
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