25 July 2017 – trading update and joint venture
The company has provided a trading update in advance of interim results, due out on 12 September. Group sales for the period increased by 2% to £17.3m (2016: £17.0m) and like-for-like sales for the period increased by 1.4%. Strategic decisions taken to accelerate recovery will result in full year profit being around £0.8m less than expected. Of this £0.2m is as a direct result of a 50:50 Joint Venture with City Football Group to expand the Goals brand in North America. Goals will contribute its current North American assets and operating business into the Joint Venture and chair its Board. City Football Group will invest $16m and grant a licence to use its brands in the Joint Venture. We have previously noted the potential for the US business to drive additional shareholder value and continue to rate the shares as a BUY.