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 year ended 31 December 2011, in
advance of the release of the Company's preliminary
results on 28 February 2012.
Trading for the year was in line with market expectations
with overall sales increasing by 9% to
£30.3m (2010: £27.8m). This has been driven by a resilient
performance with like for like sales
rising 1%. 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 down 2%.
The Company opened centres in Sunderland, Liverpool South,
Norwich and Hull during 2011. Our first modular build centre
in Chester will open in March 2012 within the target budget
of
£1.5m which compares favorably to our historic build cost per
centre of £2.3m.
In order to focus on strong cash generation and allow
adequate time to evaluate all aspects of the new modular
build the Board have decided to postpone further new centre
openings in 2012. Subject to a satisfactory evaluation and
prevailing economic conditions, we intend to return to
opening more centres from 2013.
The postponement of new centre openings in 2012 will also
enable the Board to meet a key objective by using strong cash
flow to further reduce net bank debt which, despite a
normalised capital spend in 2011, has been reduced to £52.4m
from £54.0m at 30 June 2011.
The Company has also entered into a new four year banking
agreement with Bank of Scotland totaling £56m comprising a
revolving credit facility of £38 million, a term loan of £16
million
and an overdraft facility of £2million. These facilities have
been negotiated at competitive market rates and will provide
the Company with the financial flexibility to meet our growth
aspirations.
Whilst 2011 was one of the most challenging years the
consumer has faced, it looks likely that
2012 will continue in much the same vein. However, Goals
operates in a resilient market place with a favourable price
point and our market leading position provides us with the
necessary scale to cope with the challenges ahead.
10 January 2012
Goals Soccer Centres plc Today: 020 7457 2020
Keith Rogers, Managing Director Thereafter: 01355 234 800
Bill Gow, Finance Director
Peel Hunt (Nominated Adviser and Broker) Tel: 020 7418
8900
Dan Webster
Matthew Armitt
College Hill Tel: 020 7457 2020
Matthew Smallwood
Jamie Ramsay
distribué par | Ce noodl a été diffusé par Goals Soccer Centres plc et initialement mise en ligne sur le site http://www.goalsplc.com. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-10 10:14:02 AM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |
Documents associés | |
Trading update |