Since its listing last November, shares in the Gym Group have resembled a heart rate monitor after a vigorous training session.
The low-cost fitness operator floated at 195p. By April the stock had risen to 274p, only to sink back below the offer price. The heavy breathing has continued since then, leaving investors back where they started nine months ago.
Volatility aside, the Gym Group is fighting fit. It was founded in 2008 and now has 80 sites, with plans to open up to 14 more by the end of next year.
First-half results on Wednesday are expected to be strong, and chief executive John Treharne has already promised that the operator is on track to hit full-year profit forecasts of about £8.8m. That would