3rd Jul 2009 07:00
Goals Soccer Centres Plc
("Goals" or "the Company")
Update
Goals Soccer Centres Plc, the premier operator of next generation outdoor 5-a-side soccer centres in the UK announces a trading update for the 6 months ended 30 June 2009 ahead of the release of its interim results on 7 September 2009.
The Company continues to trade in line with the Board's expectations, despite the severe snow during early February 2009 which reduced sales and profits by approximately £0.3m in the 6 months ended 30 June 2009.
Our core football product has remained resilient. Bar spend is showing early signs of improvement following the decline in the second half of 2008. Other ancillary income (children's birthday parties and corporate events) continues to be slightly impacted by the downturn. Our new centres have continued to experience a slower rate of initial growth than in previous years resulting in maturity in both sales and profitability taking a few months longer to achieve.
In order to enable the Company to both accelerate the rate of openings of new soccer centres and to give the Company additional financial flexibility it raised £11m (£10.6m net of expenses) from shareholders during the period. Our rollout programme continues to plan with one centre (Coventry) added in the half year ended 30 June 2009, a further two under construction (Liverpool and Reading) and another (Portsmouth) about to commence construction. Our pipeline of sites continues to strengthen and the Board remains confident that a minimum of six centres will be added during 2010, two of which (Eltham, London and Gillette Corner, London) will begin construction in quarter 3 of this year. The Placing proceeds, together with internally generated cash and the Company's existing five year committed bank facility will fully fund the rollout of at least six centres each year from 2010.
3 July 2009
Enquiries:
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Goals Soccer Centres Plc |
01355 234 800 |
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Keith Rogers |
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Bill Gow |
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College Hill |
0207 457 2020 |
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Matthew Smallwood Jamie Ramsay |
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KBC Peel Hunt |
020 7418 8900 |
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David Davies Matt Goode |
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