Shares in five-a-side football pitch operator Goals Soccer Centres fell by almost 7% yesterday as management assertions that the company is "recession resilient" were greeted with scepticism by investors.

Shares in five-a-side football pitch operator Goals Soccer Centres fell by almost 7% yesterday as management assertions that the company is "recession resilient" were greeted with scepticism by investors.

Goals produced first-half figures that fell slightly short of expectations, with like-for-like sales up 4% and pre-tax profit rising 20% to £3.7m.

The East Kilbride-based company has seen a decline in revenues from one-off events such as birthday parties, and spending at its bars has remained soft, although its core revenues from pitch charges have remained steady.

Managing director Keith Rogers said: "We are not saying we are recession-proof, but we are more resilient than other leisure companies."

His case is that at £5.50 a go, players will be loth to give up their weekly kick-about with friends, even if they lose their jobs.

Several analysts broadly agreed with him. WH Ireland and Panmure Gordon retained "buy" recommendations on the stock even as they cut their price targets for the company yesterday.

Panmure analyst Dymphna D'Costa wrote in a note: "Goals' first-half results are lower than we anticipated but still robust, and the business is demonstrating growth." But Altium Securities, which has had a "sell" rating on the company since February, retained its scepticism about the prospects for Goals.

This was enough to send its shares down 16p to 222p, half of the peak it reached in July last year.

Altium leisure and consumer analyst Wayne Brown said: "The core of the business is solid and quite stable, but it is hard to see how they will drive profits if people are not spending."

Brown criticised management for its bullish tone, and expressed worries about the company's cash levels during a consumer downturn, even as it revealed it had increased its debt facility with Edinburgh-based HBOS to £47.5m.

Brown added that Goals was finding it increasingly expensive to open sites. The company itself said yesterday that it now costs £2.2m to establish each centre, up from £2.15m last year.

There are further concerns about Goals' expansion plans. Goals, which was formed from a management buy-in in 2000, now has 29 venues across the UK.

It is on course to meet its target of adding six centres to its roster this year, but only thanks to the purchase of rival Pro5.

Management claims to have another 40 centres in the pipeline, with plans to increase the rate of expansion after 2010.

Rogers said: "We have significant funding in place now to take the business forward."

He said the company was considering deals with ailing construction companies which have unused sites at a time when property prices are falling.

"We are speaking to people who have large land banks," he said.