28 Apr 2011 07:00
Goals Soccer Centres plc
AGM Statement
The Annual General Meeting of Goals Soccer Centres plc ("Goals" or "the Company"), the premier operator of 'next generation' 5-a-side soccer with 41 centres across the UK and one in the USA, will be held at 12.00 noon today, 28 April 2011.
At the meeting Sir Rodney Walker, Chairman, will make the following statement:
"Goals continues to trade in line with the Board's expectations, with a good trading performance from the core football product and continued improvement in corporate events and children's parties.
As indicated at the preliminary results, HRMC issued a Business Brief in February 2011 which was relevant to the five-a-side soccer industry, indicating that all income relating to commercially operated sports leagues should be standard rated for VAT purposes. We are challenging this claim and remain confident of our position. In the meantime we have decided that it is prudent to comply with the Business Brief and, until our position is confirmed, our sales and profits will be reduced by approximately £0.65m per annum. As was stated in our preliminary results, the impact on cash flow of an adverse ruling either retrospectively or in the future is not expected to be material. We will update the market of any progress at the appropriate time.
We remain on schedule to open four new centres during this year bringing the total number of centres operated by Goals to 46 by December 2011. Our centre in Hull is on schedule to open during May and planning permission has already been secured on one site and is expected shortly on two further sites.
The Board remains confident of Goals' continued progress in 2011 and beyond."
28 April 2011
Enquiries:
Goals Soccer Centres plc | Today: 020 7457 2020 Thereafter: 01355 234 800 |
Keith Rogers, Managing Director | |
Bill Gow, Finance Director | |
Peel Hunt | Tel: 020 7418 8900 |
Dan Webster | |
College Hill | Tel: 020 7457 2020 |
Jamie Ramsay |