Goals Soccer Centres PLC Trading Update (9818L)
25 July 2017 - 4:01PM
UK Regulatory
TIDMGOAL
RNS Number : 9818L
Goals Soccer Centres PLC
25 July 2017
Goals Soccer Centres plc
("Goals" or the "Company")
Post close trading update
Goals Soccer Centres plc, a leading operator of outdoor
small-sided soccer centres with 48 sites, including two in
California, North America, today reports on its trading for the
first half of the financial year ending 31 December 2017 in advance
of the release of the Company's interim results on 12 September
2017.
Highlights
-- Agreed a contract to form a 50:50 Joint Venture with City
Football Group ("CFG")(1) to expand the Goals brand in North
America.
- Goals will contribute its current North American assets and
operating business into the Joint Venture and chair its Board;
- CFG will invest $16million and grant a licence to use its brands(2) in the Joint Venture;
-- Group sales for the period increased by 2% (H1 2016: -0.5%) to GBP17.3m (2016: GBP17.0m)
-- Like-for-like sales for the period increased by 1.4% (H1 2016: -1.9%);
-- Continued to make good progress in growing and innovating the UK estate;
- 223 of our arenas have been have been fully reinvested. A further 25 are planned for H2;
- The first "Clubhouse 2020" opened at Ruislip in April and
Beckenham and Glasgow South have also been completed. Initial
trading and analysis is encouraging.
- Wembley and Leeds will be completed by the end of August;
- The further rollout of Clubhouse 2020 will recommence
following a full evaluation of the investment returns from the
initial 5 clubs;
-- US operations have been successfully restructured with a
lower cost base; our second club Pomona launched in Q1 and our
third club is under construction and scheduled to open at the year
end;
-- The strategic decisions taken by the Board to accelerate the
recovery will result in the full year outturn being around GBP0.8m
less than expected (GBP0.2m as a direct result of the Joint Venture
with CFG)
-- Preliminary discussions with Powerleague have currently been concluded.
Nick Basing, Chairman said:
"With the necessary overdue investment being made in our UK
estate and a refocus on our consumer proposition, I am pleased to
see some early signs of top line momentum. However, the UK consumer
economic environment remains uncertain in the medium-term
outlook.
I am delighted we have concluded our new partnership with City
Football Group which will transform the prospects to expand our
North American estate."
Mark Jones, Chief Executive said:
"We continue to make progress re-investing in the business to
offer our customers a premium product. We are a substantial way
through the programme to upgrade the pitches and have now embarked
on phase two of giving customers an enhanced clubhouse experience
in which they wish to spend time.
The Company is totally focussed on delivering attractive returns
for shareholders from its assets and the opportunities in the UK
and USA."
25 July 2017
Enquiries:
Goals Soccer Centres plc
Mark Jones, Chief Executive Officer
Bill Gow, Chief Financial Officer 01355 234 800
Canaccord Genuity Limited (Nominated
Adviser and Broker)
Bruce Garrow
Chris Connors
Richard Andrews 020 7523 8350
Instinctif Partners
Matthew Smallwood
Guy Scarborough 020 7457 2020
This information is provided by RNS
The company news service from the London Stock Exchange
END
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