Goals Soccer Centre fails to find the back of the net as profits dive
Five-a-side pitch provider Goals Soccer Centres was dealt a blow as analysts trimmed their forecasts after a disappointing start to 2015 weighed on its annual results.
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The group reported a 3% year-on-year increase in annual sales to £37.4m, though growth declined 1.1% on a like-for-like basis.
Profit before tax sank 30% to £6.8m, while earnings before interest, tax, depreciation and amortisation were flat but in line with expectations at £14.8m and underlying pre-tax profit grew by 10% to £10.6m, resulting in a 1% increase to 14.5p in earnings per share.
After a difficult start to the year due to bad weather, the group said like-for-like sales had improved over the last three weeks, leading broker N+1 Singer to pull its 2015 profit expectations back by 4% to expect growth of 3%.
The company added it has improved its bank facilities with a new £42.5m five year non-amortising loan agreed at "significantly improved" rates.
Goals' shares were down 3.21% to 226.00p at 14:43 on Tuesday.