Goals shares fall 10% as turnaround takes longer

Shares of East Kilbride-based Goals Soccer Centres fell about 10% on Tuesday after it said its “overall turnaround to profitable growth is taking slightly longer than anticipated” and that it is “highly cautious about the pressure on consumer spending.”

For the six months to June 30, Goals reported sales up 2.2% to £17.4 million, but reported profit before tax plunged 25.7% to £2.6 million.

Goals chairman Nick Basing said: “This has been a crucial phase in rebuilding the company to secure a profitable future.

“With our investment in both the Arena upgrade programme and Clubhouse 2020 modernisation, the board is confident that we will deliver improved returns over time for shareholders.

“The joint venture with CFG, the global football group who own Manchester City and New York City Football Clubs amongst others, is a transformational deal.

“It allows Goals to profitably develop the nascent North American market, and at the same time invest the cash generated in the UK on developing our proposition in our domestic market.”

Goals CEO Mark Jones said: “Our initiatives to improve performance have returned like-for-like sales to positive territory with growth of 2.5% in H1.

“The operational actions to improve the customer proposition have been executed well delivering enhanced experience.

“Customers have responded positively by increasing their dwell time, driving ancillary spend in areas such as food and beverage.

“We are pleased to have opened our second US site in Pomona and are progressing well with our third site, Rancho Cucamonga.

“We have a fourth in our pipeline. We are excited about the opportunities to grow our US business with CFG.

“We have begun our journey in turning round the business and there remains considerable opportunity to deliver continued improved performance and returns from the business.” ​