Power Probe Regulatory News (PWR)

20 Nov 2006 07:01

Powerleague Group plc20 November 2006 For immediate release: 20 November 2006 POWERLEAGUE GROUP PLC AGM STATEMENT At the Company's AGM, Claude Littner, Chairman of Powerleague Group plc("Powerleague" or "the Group"), the leading commercial operator of 5-a-sidefootball centres in the UK, will make the following comments with regard totrading: "We are very pleased with the performance of the Group in the first 20 weeks ofour financial year. Sales have continued to grow in line with expectations, ourcash position remains strong and, since the year end, we have continued toinvest both in our existing estate and the addition of new 5-a-side footballcentres. We have fully refurbished with the latest fifth generation pitch surface ourcentres at Paisley, Friern Barnet, Mill Hill, Birmingham and Hamilton and addedan additional 7-a-side pitch at our Kilmarnock centre in order to meet thedemand. Our core revenue generator remains pitch income and pleasingly the most recentadditions to our estate, Coventry, Bolton and London City have all shown goodutilisation rates with all three making positive contributions in this financialyear, their first full year of trading. In terms of estate expansion we are pleased to announce that we are on track toopen a further two centres in the second half of the financial year, which is inline with market expectations. The pipeline for potential new sites hasincreased. We have three sites with planning permission already granted, afurther four currently in the planning process and over thirty other sites atvarious stages of negotiations. With this in mind the future prospects forgrowth within the Group remain strong and we are well on track to achievecurrent market forecasts. Finally, our revenues from sponsorships and corporate and events managementcontinue to flourish." - ends - For further information please visit www.powerleague.co.uk or contact: Claude Littner / Sean Tracey John West / Lulu Bridges Powerleague Group plc Tavistock Communications Tel: 0141 887 7758 Tel: 020 7920 3150 This information is provided by RNS The company news service from the London Stock Exchange