Goals Soccer Centres shares knocked after Beast from the East hits sales
The leisure firm runs football centres in the UK and the US.
Goals Soccer Centres shares have slumped after the firm said its sales were knocked by the Beast from the East.
The firm, which runs football centres in the UK and the US, said its results would be “materially below” analysts’ expectations or the full year, knocking its shares by more than 20% to 19p.
For the first half of the financial year, sales declined 3% to £16.1 million, due to the impact of “extreme weather conditions” in the first quarter, which the company said had a substantial knock-on effect in the second quarter.
The sales impact was due to amateur 11-a-side games being deferred following the bad weather on to dates when 5-a-side teams were due to be playing.
Andy Anson, Goals Soccer Centres chief executive, said: “The investment strategy that is being executed is improving the underlying performance of the clubs.
“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.”
Goals Soccer Centres continues to refurbish is facilities, having modernised 260 of its 460 sites in the UK.
The company is investing £3 million in upgrades for a further 78 sites in a programme which is due to be complete in the autumn.
The leisure firm has also renegotiated its covenants with its lenders, giving it headroom for covenant tests which are due in September.