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15 Jan 2014 07:00
Goals Soccer Centres PLC
("Goals" or the "Company")
Post Close Trading Update
Goals Soccer Centres PLC, the UK's premier operator of next generation outdoor 5-a-side soccer centres with 43 centres in the UK and one in Los Angeles, USA, is pleased to announce a trading update for the year ended 31 December 2013, in advance of the release of the Company's Final Results on 10 March 2014.
Trading for the year was in line with market expectations with overall sales increasing by 3% to £33.5m (2012: £32.5m) and like for like sales increasing by 2%. The US has continued to perform strongly.
In order to focus on strong cash generation and enhance return on capital from recently opened centres, the Board decided in 2012 to postpone further new centre openings. This strategic move has enabled the Board to reduce net bank debt from £54m at 30 June 2012 to £46m (December 2012: £50.3m).
The Company has made significant progress during the year and has focused on building the foundations needed to accelerate future growth. The implementation of the recommendations from the Organisational Review are well progressed including the successful recruitment of a number of senior appointments to support the enlarged scale of the business. The Operational Excellence strategy is well developed and is already driving improvement in processes and consistency across the business, supporting improved sales performance.
The Goals operating model is highly resilient, profitable and cash generative. The Board believes that there is a significant opportunity to further develop the business by increasing brand awareness, through a greater use of digital technology and social media and by opening new centres. The development of our new app and website are well advanced and we expect to launch these during the second quarter of the year.
Accordingly, subject to satisfactory prevailing economic conditions, the Board intends to commence a controlled rollout of additional centres from later this year.
Goals operates in a resilient market place with a favourable price point and a market leading position and the Board remains confident of continued progress in 2014 and beyond.
All figures quoted above are unaudited.
15 January 2014
Enquiries:
Goals Soccer Centres plc | 01355 234 800 |
Keith Rogers, Chief Executive | |
Bill Gow, Finance Director | |
Canaccord Genuity Limited (Nominated Adviser and Broker) Bruce Garrow Joe Weaving | 020 7523 8350 |
College Hill | 020 7457 2020 |
Matthew Smallwood | |
Jamie Ramsay |
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