12 September 2017 – interim results
The group has released its interim results for the six months to 30 June which show the turnaround at the group is progressing albeit at a slightly lower rate than expected. Revenue for the period increased to £17.4m (H1 2016: £17.0m) although underlying pre-tax profit declined to £2.8m (H1 2016: £3.8m) with diluted earnings per share on the same basis falling to 2.9p (H1 2016: 5.0p). The company is continuing to upgrade its facilities in the UK whilst it also opened its second club in the US in February. No interim dividend is proposed and the company ended the period with net debt of £28.6m. The group expects revenues to increase in the second half of the year, albeit at a slower pace than originally hoped for but remains confident of longer term prospects. The 50:50 joint venture with City Football Group, which owns Manchester City and New York City football clubs should also help in rolling out the group’s brand in North America. The decline in the share price following the announcement presents readers with an opportunity to BUY.