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22 Jan 2018 07:00
Goals Soccer Centres PLC
("Goals" or the "Company")
Post Close Trading Update
INVESTMENT DELIVERING IMPROVEMENT
Goals Soccer Centres PLC, a leading operator of outdoor small-sided soccer centres with forty-nine sites, including three in North America announces a trading update for the year ended 31 December 2017 in advance of the release of the Company's final results on 13 March 2018.
Goals is continuing to show progress from its strategic recovery plan with 2017 proving a period of significant investment in the UK and strategic progress in the US.
Total sales increased by 0.5% to £33.7m (2016: £33.5m). Like for like sales declined by 0.5% (2016: +0.5%), the decline was exacerbated by the disruption of closure due to investment in upgrades (0.4%).
In the UK, the specific trading patterns outlined in the summer have broadly continued in H2: major Arena investment is delivering good sales growth in a large group of sites, whilst minor refurbishment has reduced the rate of sales decline. Sites that have yet to receive investment have continued to perform poorly. Just over half of our estate has benefited from investment. A further £3m of capital will be selectively targeted to further modernise the estate during 2018 to deliver the compelling proposition which customers clearly seek.
The Joint Venture in North America with City Football Group, formed in July 2017, is performing and progressing well. Our third club in North America opened last week at Rancho Cucamonga in Los Angeles and we expect to commence construction of our fourth club during Q2 2018.
Overall, the Board anticipates profits for 2017 will be broadly in line with the lower end of market expectations.
Further to the announcement of 12 October 2017 Mark Jones, will step down from the Board and leaves the business on 26 January. The search for a new CEO is at an advanced stage and we hope to be able to update on this shortly, however in the meantime Bill Gow will assume Mark's responsibilities as Interim CEO.
Nick Basing, Chairman commented:
"Our recovery plan remains "work in progress" with 2017 being a period of substantial investment in the UK and significant improvement achieved where major investments have been made.
We are excited by the progress and the future of our strategic joint venture with City Football Group in North America.
With our new developments in North America and further investment in our UK business, we are confident that we can deliver improved returns, over time, for Goals shareholders."
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
22 January 2018
Enquiries:
Goals Soccer Centres plc Nick Basing, Chairman Bill Gow, Chief Financial Officer | 01355 234 800 |
Canaccord Genuity Limited (Nominated Adviser and Broker) Chris Connors Henry Fitzgerald-O'Connor Richard Andrews | 020 7523 8350 |
Instinctif Partners Matthew Smallwood | 020 7457 2020 |
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