Power Probe Regulatory News (PWR)

24 Nov 2008 07:00



For immediate release: 24 November 2008

POWERLEAGUE GROUP PLC ("Powerleague" or "the Company")

AGM STATEMENT

At the Company's Annual General Meeting being held today, Claude Littner, Chairman of Powerleague, the market-leading operator of premium quality, purpose-built 5-a-side football centres in the UK, will make the following comments with regard to current trading:

"I am pleased to report that, in the first 21 weeks of this financial year, total revenues are up significantly on last year and, despite the economic downturn, our margins remain stable. We are also benefiting from the recent reductions in interest rates with a significant element of our debt linked to the base rate.

"The integration of the five SoccerDome centres continues to progress well and they are all making a positive contribution to profits. Each centre has benefited from the introduction of our systems and a more focused and pro-active sales and marketing approach. Our autumn marketing campaign has yielded good returns and we are seeing improved levels of bookings at these centres. 

"I am also pleased to report that the integration of the centre in Stockton-on-Tees that we acquired in August 2008 from Soccer Sensations is progressing well. Last year we invested £1.4 million in upgrading eighty pitches at nine of our centres and it is pleasing to note that we are seeing the benefits of this investment flow through. Our Mill Hill centre is showing further growth following the addition of two extra 5-a-side pitches in September 2008.

"Further progress has been made on our extensive pipeline of new site opportunities and we look forward to updating shareholders on future site development in March when our half year interim results are announced."

"Our focus this year is to grow revenue at the four centres that we opened in the last financial year and rationalise the integration into our core estate of the centres that we acquired over the last twelve months. We believe that 5-a-side football remains a resilient business. Although it will not be immune to the current economic environment, I am pleased that trading has been in line with management expectations and I remain confident that the investments we have made will provide further sales and profit growth in the current year."

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