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Net profits, but they’re lower than was expected

Goals Soccer Centres Plc report their maiden results for the year to 31 December 2004, following flotation on AIM in December 2004
Goals Soccer Centres Plc report their maiden results for the year to 31 December 2004, following flotation on AIM in December 2004

Shares in Goals Soccer Centres fell more than 5% after the company said it was expecting 2017 profits to come in “at the lower end of market expectations”.

In its latest trading update, the Scottish five-a-side football firm said like-for-like sales for the year to December 31 dropped by 0.5%. The decline was made worse by upgrade investments which led to disruptions at the firm’s venues, while UK sites that have yet to be refurbished continued to perform “poorly”.

Total sales for the period were up just 0.5% to £33.7million, with Goals assuring that it is continuing to see progress from its strategic recovery plan. The company expects to spend a further £3million towards modernising its facilities in 2018.

East Kilbride-based Goals said it was making good progress with expansion in North America, where it has formed a joint venture. A new venue, the firm’s third across the Atlantic, opened in Los Angeles last week and another is expected to open during the second quarter of 2018.

Chairman Nick Basing said: “Our recovery plan remains work in progress, with 2017 being a period of substantial investment in the UK and significant improvement achieved where major investments have been made.”

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