Goals Soccer Centres PLC AGM Statement (5810N)
10 May 2018 - 4:00PM
UK Regulatory
TIDMGOAL
RNS Number : 5810N
Goals Soccer Centres PLC
10 May 2018
Goals Soccer Centres plc
AGM Statement
The Annual General Meeting of Goals Soccer Centres plc ("Goals"
or "the Company"), a leading operator of outdoor small-sided soccer
centres with 49 sites, including three in California, USA, is being
held at 11.30am today, 10 May 2018 at the offices of Canaccord
Genuity Ltd, 88 Wood Street, London EC2V 7QR.
At the meeting Michael Bolingbroke, Interim Chairman, will make
the following statement:
"2017 was an important year for rebuilding and refocusing the
Company, following the strategy put in place in mid-2016. Our arena
modernisation programme is well advanced with 53% of our estate now
upgraded reducing our average pitch age from 7 years before the
upgrade works commenced to a current average age of 4.1 years and
we continue to develop our business in the US.
This investment strategy remains focused around delivering
better performance with a clear recent positive trend established
in football sales. This momentum has continued with underlying
like-for like sales, excluding the impact of snow, for the first 18
weeks of this year, increasing by 2.3%. However, Goals was impacted
by the challenging UK weather conditions in March, which reduced
sales by GBP0.5 million, resulting in overall like for like sales
of - 1.9% for the period.
During the summer of 2018, we plan to invest a further GBP3
million to refurbish 90 pitches at the 18 clubs that have four or
less upgraded arenas, with the aim of reversing the sales decline
experienced at those clubs. Post this refurbishment,73% of the
Goals estate will have been upgraded reducing the average pitch age
to 3.2 years
In conjunction with our JV partner City Football Group, we
continue to make positive progress in the US. Our third club opened
at Rancho Cucamonga in Los Angeles in January 2018, with
construction of our fourth US club in Covina, Los Angeles,
beginning earlier this week. Further sites continue to be in
negotiation and there remains a strong pipeline of potential future
sites.
Andy Anson, who previously held senior roles at The Walt Disney
Company, Channel 4 in the UK, and at Manchester United plc, joined
the Company as Chief Executive on 23 April 2018. Andy's main focus
will be to continue to implement the strategic plan and unlock the
underlying value within the UK estate."
Enquiries:
Goals Soccer Centres plc
Michael Bolingbroke, Interim Chairman
(should be included as he is leading
comments above)
Andy Anson, CEO
Bill Gow, CFO 01355 234 800
Canaccord Genuity Limited (Nominated
Adviser and Broker)
Chris Connors
Martin Davison
Richard Andrews 020 7523 8350
Instinctif Partners
Matthew Smallwood 020 7457 2020
This information is provided by RNS
The company news service from the London Stock Exchange
END
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