FIVE-a-side football centres group Goals Soccer Centres drove revenues and profits in the year to December 31, it revealed today.
The group, which operates 43 centres in the UK, including Speke, Netherton and Chester, and one in Los Angeles in the US, announced a 7% increase in turnover to £32.5m.
Pre-tax profits were £9.48m compared with £9.19m, but after exceptional costs of £6.87m they came in at £2.6m.
Exceptional costs comprised £1.5m of professional fees relating to a bid approach, an appeal against VAT, and banking fees; a £2.1m write off of development costs on its building costs after a switch to modular development pioneered at Chester; £2m from a reduction in net present value of Goals US; and £1.8m linked to changes in its IT system to exploit social media. The business received a one-off £500,000 payment relating to VAT on league bookings in 2011.
Trading in the first eight weeks of the new financial year has seen total sales increase by 5% and like-for-like sales by 3%. The group said it is confident of making further progress.
Managing director Keith Rogers said: “2013 has started well and we are confident that this will be another year of significant development for Goals and the Goals brand.”
Analysts Simon French and Lindsey Kerrigan at Liverpool stockbroker Panmure Gordon said today: “Goals Soccer has announced 2012 results in line with consensus expectations reporting £9.5m profit before tax.
“2013 is reported to have started well, with like-for-like sales up 3%, excluding the impact of adverse weather, although actual like-for-like sales growth is not disclosed.
“However, we do not expect any change to 2013 estimated consensus expectations of £9.8m profit before tax at this stage.
“We reiterate our Hold recommendation and 120p target price.”