This embattled women-only fitness club venture appears to be in a desperate state following restructuring several years ago. Chief executive Graham Forrest explained that the group switched from charging £400 upfront for a year's membership to a £165 payment, followed by £17 monthly installments. 'You just can't get £400 upfront anymore', he reasoned. The restructuring continued to damage Lady in Leisure's income. For the year ended 31 July, pre-tax losses came in at £895,000 (profit £180,000) on reduced sales of £6.3m (£7.5m). Perhaps more worryingly, the group has continued to seek further funding in order to pay off creditors and raise working capital. In an alarming caveat, the board revealed that the company's 'future working capital requirements are dependent upon the outcome of discussions currently taking place'. Forrest was upbeat regarding the securing of that funding and was confident that the group's position as a niche operator was the right one to take. The market was unimpressed, sending the shares down by a penny to 14.5p, just 1p off last year's low of 13.5p. The 2000 high was 65p.