Group making progress
Goals ‘at advanced stage’ on new CEO
Nick Basing (left): ‘excited by progress’
Goals Soccer Centres says its search for a new chief executive is at an advanced stage as its recovery plan makes good progress.
In an update, the outdoor five-a-side football company, with 49 sites, including three in North America said total sales last year increased by 0.5% to £33.7m (2016: £33.5m).
Like for like sales declined by 0.5% (2016: +0.5%), the decline was exacerbated by the disruption of closure due to investment in upgrades (0.4%).
It said major arena investment is delivering good sales growth in a large group of sites, whilst minor refurbishment has reduced the rate of sales decline. Sites that have yet to receive investment have continued to perform poorly. Just over half of the estate has benefited from investment.
A further £3m of capital will be selectively targeted to further modernise the estate during 2018.
The Joint Venture in North America with City Football Group, formed in July last year, is performing and progressing well. The company’s third club in North America opened last week at Rancho Cucamonga in Los Angeles and construction of a fourth club should begin during the second half of this year.
Overall, the board anticipates profits for 2017 will be broadly in line with the lower end of market expectations.
Further to the announcement of 12 October Mark Jones, will step down from the board and leaves the business on 26 January. The search for a new CEO is at an advanced stage and the company said it hopes to be able to update on this shortly. In the meantime, Bill Gow will assume Mr Jones’s responsibilities as interim CEO.
Nick Basing, chairma, 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.
‘We are excited by the progress and the future of our strategic joint venture with City Football Group in North America.
‘With our new developments in North America and further investment in our UK business, we are confident that we can deliver improved returns, over time, for Goals shareholders.”