Goals Soccer Centres – 66.5p

13 March 2018 – final results

Results for 2017 have been released.  Although statutory figures were more flattering, underlying results are more relevant and we concentrate on these.  Underlying Sales were £33.1m (2016: £33.0m).  The closure of clubhouses at Ruislip, Beckenham, Glasgow South, Leeds and Wembley during refurbishment impacted like-for-like sales by 0.4% and underlying like-for-like sales adjusted for closures were up 0.1%.  Underlying profit before tax was £6.2m (2016: £7.7m) and underlying diluted earnings per share were 6.3p (2016: 9.7p).  No final dividend was declared.  In the first 8 weeks of 2018 like-for-like sales were up 4% but poor weather hit trading in weeks 9 and 10.  At the current level we feel that the shares offer very good value and rate them as a BUY.

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