1 Jul 2011 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 42 centres in the UK and one in Los Angeles, USA, announces a trading update for the six months ended 30 June 2011, in advance of the release of the Company's interim results on 5 September 2011.
Underlying trading for the first six months has been in line with management expectations with like for like sales up 3%. The impact of the contested VAT on block bookings by teams to fulfil their league fixtures has resulted in overall like for like sales being flat.
The Company remains on track and within budget to open four new centres during the year. Goals Hull opened successfully in May and initial trading is satisfactory.
Since the update at our AGM on 28 April 2011, HMRC have confirmed their view that block bookings of pitches made by teams to fulfil their league fixtures should be treated as standard rated for VAT. Our advisors do not agree with HMRC and we are appealing this decision. This process is expected to take approximately nine months. Until our position is confirmed, our sales and profits will continue to be reduced by approximately £0.65m per annum. As was stated previously, 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.
1 July 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 |
Matthew Smallwood | |
Jamie Ramsay |