Powerleague, the Paisley-based five-a-side football operator, is in a sound financial position and is stepping up its expansion programme with the planned opening of more sites in England, the company's chairman said yesterday.
Claude Littner told the firm's annual general meeting that Powerleague is on track to grow sales and profits.
"We are satisfied with the performance of the group in the first 21 weeks of our financial year," he stated. "Sales and profits have continued to grow, our cash position remains strong and since the year end, we have successfully opened three new centres in Cardiff, Milton Keynes and Old Street in the City of London."
He went on to say that the company continues to upgrade its facilities and has recently completed the refurbishment of seven centres. This includes installing new playing surfaces.
Powerleagues new centre in Shrewsbury should be opened in January, added Littner.
The company is confident it can find more sites for expansion. "The pipeline for potential new sites remains strong and future prospects for growth remain positive," he said.
Earlier this year, Powerleague's chief executive Sean Tracey said the firm would spend £1.4m to upgrade many centres, replacing old-sandfilled pitches with "next generation" surfaces which are kinder on the knees.
Sites where these surfaces have already been installed, including Paisley and Hamilton, have attracted more customers despite price rises, Tracey said. The cost of replacing a single pitch surface is just £14,000 and this expenditure will not inhibit the company's growth plans, he added.
In March the company reported a 15% rise in revenues for the six months ended December 30, to £10.9m, while like-for-like sales climbed 5%, excluding sponsorship and events. Pre-tax profits climbed 21% to £1.7m.
Shares in Powerleague shed half a penny to 89.5p.
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