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Post Close Trading Update

1st Jul 2011 07:00

RNS Number : 5329J
Goals Soccer Centres PLC
01 July 2011
 



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

 

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
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