Goals Soccer Centres PLC AGM Statement (5810N)

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

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May 10, 2018 02:00 ET (06:00 GMT)