'Affordable' fitness chain The Gym Group, with venues in Norfolk and Waveney, saw revenues nosedive by 47.4pc in 2020.
This came after a £6.2m profit in 2019.
Bosses said they remained focused on reopening sites from April 12.
The group has gyms in Hall Road and Little London Street, in Norwich and Tower Road, in Lowestoft. The Lowestoft venue opened just before Covid struck.
They added that 97pc of current members said they expected to return to the gyms as soon as lockdown lifts.
Chief executive Richard Darwin said: "We are ready to start rebuilding our membership levels and growing our estate from April 12, extending affordable fitness at a time when health and fitness has never been more important."
Revenues fell due to 45pc of trading days in the year lost due to closures. But the company plans to open three new gyms in April and one in May.
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