Health club operator Springhealth Leisure has issued a second profits warning since launching a strategic review in May. The incoming chief executive, John Lowther, began the review after poor interim results in May, and although trading in the second half is up on the first six months, figures are 'very substantially below market expectations'. Despite completing the majority of planned refurbishments in the southern area, memberships have not grown as much as anticipated. In the northern area, increased competition and the impact of refurbishments also failed to boost memberships as planned. The board is now evaluating a range of options for the future to 'maximise potential value to shareholders'. Shares fell 29 per cent to 43.5p.
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