Shares of East Kilbride-based Goals Soccer Centres fell almost 20% after it said its results for the full year are expected to be “materially below market expectations, due to the impacts of the extreme weather in H1” and that chief financial officer Bill Gow has resigned.
In a trading update for the first half of its financial year, Goals said Gow has resigned to join his family business, Thomas Tunnock Limited, as a director and CFO.
“Bill will step down from the board with immediate effect, whilst continuing in his role as chief financial officer up until his successor is identified and has started,” said
“A search for his successor has begun.”
Goals chairman Michael Bolingbroke said: “Bill was one of the founders of the business in 2000.
“On behalf of the board of directors 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.”
In its trading update, Goals said: “As previously announced, Q1 2018 was impacted by the extreme weather conditions during March and April.
“As a direct result of this, there has been a further substantial knock-on impact on trading throughout Q2 2018.
“This is due to amateur 11-a-side games deferred from Q1 to dates in Q2 when teams would normally be playing 5-a-side.
“This resulted in a decline in underlying sales and underlying like-for-like sales for the period of -3% (H1 2017: +1.6%) to £16.1m (2017: £16.6m) …
“While we expect H2 to benefit from the investment programme that has been undertaken, the results for the full year are expected to be materially below market expectations, due to the impacts of the extreme weather in H1.”
Goals CEO Andy Anson 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.
“With the improving underlying performance, we expect a better second half.”