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Goals Soccer takes a kicking as it warns it still hasn’t recovered from ‘Beast from the East’

Published: 18:11 19 Jul 2018 AEST

astro turf football pitch
Full-year sales are expected to be “materially below” forecasts

Goals Soccer Centres PLC (LON:GOAL) took a heavy kicking on Thursday morning after warning that it still hasn’t recovered from the impact of the ‘Beast from the East’ earlier in the year.

Like many UK businesses, the five-a-side football pitches operator was hit hard by the extreme weather conditions earlier in the year and told the market as much in its full-year results in March.

READ: Goals Soccer revenues hit by Beast from the East

Despite the weather picking up not long after, Goals is still feeling a “substantial knock-on effect” with many 11-a-side leagues finishing later than usual as they make up for lost time.

As a result, first-half underlying sales fell 3% to £16.1mln (2017: £16.6mln) and the company has warned investors that full-year results will be “materially below” market expectations, despite forecasting a stronger second half.

“The investment strategy that is being executed is improving the underlying performance of the clubs,” said chief executive Andy Anson.

“However, frustratingly, the first half was impacted by the snow and its significant after-effects, which masks the performance of the business where positive trends are clear. With the improving underlying performance, we expect a better second half.”

Co-founder leaves

In a separate statement, Goals announced the departure of Bill Gow, its chief financial officer and one of the firm’s co-founders back in 2000.

He’s leaving to join his family business, biscuit maker Tunnocks, but will stay on as Goals’ CFO until a successor is found.

“On behalf of the board and the company, I should like to express our sincere gratitude to Bill for his contribution to the business over the years and wish him well in his new role,” said chairman Michael Bolingbroke.

Goals shares plunged by than a quarter to 62.5p in early deals on Thursday.

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