SHARES in Goal Soccer Centres dropped by more than six per cent after it said like for like sales had been hit by the closure of pitches for refurbishment in the year ended December 31.
And the company said trading conditions it reported last summer, when it highlighted the effects of weak consumer sentiment, were “broadly unchanged” in the second half. It now expects profits for the year to be at the lower end of market expectations.
Goals, whose current chief executive Mark Jones will depart on January 26, reported a 0.5 per cent fall in like for like sales, stating the “decline was exacerbated by the disruption of closure due to investment in upgrades (0.4 per cent).” Total sales climbed 0.5 per cent to £33.7 million.
The company said it is seeing “good sales growth” in sites which have received major investment, and a slowing of sales decline in arenas where there has been minor refurbishment. But it noted: “Sites that have yet to receive investment have continued to perform poorly. Just over half of our estate has benefited from investment.”
Goals said it will invest a further £3m to continue modernisation its estate this year. Last year it formed a joint venture with City Football Group, which saw the Manchester City owner pump $16m in Goals to drive its expansion in the US. It currently operates 49 sites, three of which are in the US, and opened its third in the US, at Rancho Cucamonga in Los Angeles, last week. Construction on a fourth is expected to start in the second quarter.
Goals said its search for a successor to Mr Jones was an “advanced stage”
Shares closed down 5p, or 6.4 per cent, at 73p.
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