1 Jul 2010 07:00
Goals Soccer Centres Plc
("Goals" or "the Company")
Pre close update
Goals Soccer Centres Plc, the UK's premier operator of next generation outdoor 5-a-side soccer centres, announces a trading update for the six months ended 30 June 2010, in advance of the release of the Company's interim results on 6 September 2010.
Overall sales for the six months are slightly ahead of 2009. Like for like sales were broadly flat when adjusted for the additional year on year lost revenue of £300k from the period in 2010 when centres were closed due to snow. Bar income continues to show improvement and other ancillary income (children's birthday parties and corporate events) is also showing signs of improvement following a boost in advance of the World Cup.
The 2006 World Cup had a significantly positive effect on trading during the second half of that year. We anticipate that the 2010 World Cup will also have a positive effect during the second half of the year but at this stage it is too early to quantify. Taking a conservative view of the potential uplift following the World Cup the Directors anticipate that the results for the year to 31 December 2010 will show continued growth and will be within the range of current market expectations, albeit towards the lower end.
We are pleased to announce that we are on track to meet our site opening plan for 2010 and 2011. New centres have opened at Liverpool and Eltham in London bringing the total number of centres in the UK to 35. Four new centres are under construction at Portsmouth, Ipswich, Sunderland and Gillette Corner in London, two of which will open this month. The other two centres will commence construction shortly and will open by the year end.
Our pipeline of sites continues to strengthen and the condition of the UK property market continues to present Goals with opportunities. To give the Company further flexibility to take advantage of these opportunities Goals has recently increased its bank facilities with Bank of Scotland from £47m to £55m with terms broadly in line with the existing agreement.
The Company opened its first joint venture centre in Los Angeles, California in early June 2010. Early indications are that this will prove to be very popular.
1 July 2010
| Goals Soccer Centres |
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| William Gow, Finance Director | 01355 234 800 | bill@goalsfootball.co.uk |
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| KBC Peel Hunt (Nominated Adviser and Broker) |
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| Matt Goode | 020 7418 8900 |
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| Dan Webster |
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| College Hill |
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| Matthew Smallwood | 020 7457 2020 | matthew.smallwood@collegehill.com |
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