28 Jun 2019 14:59
Goals Soccer Centres PLC
("Goals" or the "Company")
Trading Update
In advance of today's AGM, the Company announces an update on trading for the 25-week period ended 22 June 2019.
As stated previously the Company is performing well and is cash generative. Goals operates a total of 49 small-sided soccer centres, 45 in the UK and four in the USA. Across the 45 sites in the UK gross like for like sales* were up +10.8% and the game count had increased +12.8% year on year. The Company's US sites are trading strongly.
Net Debt levels remain around £29m. As reported on 8 March 2019, whilst Goals has exceeded one of its covenant thresholds, the company continues to work positively with the bank within its existing facilities.
We can confirm that standstill agreements have been issued to the Company's previous auditors KPMG and the Company's previous CFO William Gow. And for the avoidance of doubt, nothing in these agreements constitutes any admission by the parties of any facts, liabilities, wrongdoing and/or responsibility.
*Gross like for like sales (i.e. inclusive of any VAT that may be applicable) on the basis that this avoids any debate about whether income is exempt or standard rate for VAT purposes excluding the Beckenham North site which has now been disposed of.
28 June 2019
Enquiries
Goals Soccer Centres plc Michael Bolingbroke, Chairman Andy Anson, Chief Executive Officer | 01355 234 800 |
Canaccord Genuity Limited (Nominated Adviser and Broker) Chris Connors Bobbie Hilliam Richard Andrews | 020 7523 8350 |
Instinctif Partners Matthew Smallwood Andy Low | 020 7457 2020 |