Goals Soccer Centres PLC Trading Update (0985U)

TIDMGOAL

RNS Number : 0985U

Goals Soccer Centres PLC

27 March 2019

Goals Soccer Centres PLC

("Goals" or the "Company")

Trading update

Following our announcement on Friday 8 March 2019, the Company has continued to work with its auditors to assess historical accounting errors and policies adopted by the Company. The value associated with these errors is still to be finalised but remains significant.

The Company today announces that as part of its assessment the Board has concluded that there has been a substantial misdeclaration of VAT, going back over several years. The final value of the misdeclaration has still to be established, but currently the figure stands at approximately GBP12.0 million. The Company also expects that the VAT accounting policies they intend to adopt may have an impact on profitability going forward.

The Company intends to enter into discussions with HMRC immediately and remains in discussions with our lenders to agree new facilities.

The Company believes the above may lead to a material change in its overall financial position and the Company is currently unable to provide clarity to the extent of that impact without the receipt of further information. As a result the Company has requested that its shares be suspended from trading on AIM.

The Board would also like to confirm that trading since 8 March 2019 has continued to be strong in both the UK and US, over the comparable period in 2018.

The Company will make further announcements in due course as the results of the investigation become known.

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

27 March 2019

Enquiries

 
Goals Soccer Centres plc 
 Michael Bolingbroke, Chairman 
 Andy Anson, Chief Executive Officer                       01355 234 800 
Canaccord Genuity Limited (Nominated Adviser and Broker) 
 Chris Connors 
 Martin Davison 
 Richard Andrews                                           020 7523 8350 
Instinctif Partners 
 Matthew Smallwood 
 Andy Low                                                  020 7457 2020 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

TSTLFFSLVIIRFIA

(END) Dow Jones Newswires

March 27, 2019 03:01 ET (07:01 GMT)