LONDON (ShareCast) - Goals Soccer Centres, the five-a-side football pitches operator, saw sales rise 3% on a like-for-like basis in the first half of 2011.
The impact of the contested value added tax (VAT) on block bookings by teams to fulfil their league fixtures has resulted in overall like-for-like sales being flat.
The company is embroiled in a disagreement with Her Majesty's Revenue and Customs (HMRC) office over whether commercially operated sports leagues should be standard rated for VAT purposes. The legal challenge to HMRC's is expected to take around nine months. "Until our position is confirmed, our sales and profits will continue to be reduced by approximately £0.65m per annum," the company said.
The company has targeted the opening of four new centres this year and is on track to achieve this, within budget. The most recent opening, in Hull, kicked off in May and initial trading is said to be satisfactory.
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