Goals Soccer Centres PLC Trading Update (8831D)

TIDMGOAL

RNS Number : 8831D

Goals Soccer Centres PLC

28 June 2019

Goals Soccer Centres PLC

("Goals" or the "Company")

Trading Update

In advance of today's AGM, the Company announces an update on trading for the 25-week period ended 22 June 2019.

As stated previously the Company is performing well and is cash generative. Goals operates a total of 49 small-sided soccer centres, 45 in the UK and four in the USA. Across the 45 sites in the UK gross like for like sales* were up +10.8% and the game count had increased +12.8% year on year. The Company's US sites are trading strongly.

Net Debt levels remain around GBP29m. As reported on 8 March 2019, whilst Goals has exceeded one of its covenant thresholds, the company continues to work positively with the bank within its existing facilities.

We can confirm that standstill agreements have been issued to the Company's previous auditors KPMG and the Company's previous CFO William Gow. And for the avoidance of doubt, nothing in these agreements constitutes any admission by the parties of any facts, liabilities, wrongdoing and/or responsibility.

*Gross like for like sales (i.e. inclusive of any VAT that may be applicable) on the basis that this avoids any debate about whether income is exempt or standard rate for VAT purposes excluding the Beckenham North site which has now been disposed of.

28 June 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 
 Bobbie Hilliam 
 Richard Andrews                                           020 7523 8350 
Instinctif Partners 
 Matthew Smallwood 
 Andy Low                                                  020 7457 2020 
 

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June 28, 2019 09:59 ET (13:59 GMT)