8 March 2018 – trading update
The company has announced a delay to its final results announcement, which was due to be on 12 March, as well as noting that 2018 full year results will be materially below expectations. As part of the review of the results for the financial year ending 31 December 2018, some accounting errors are being looked into and some accounting practices and policies are being reviewed. A more prudent approach is likely both for 2018 full year results and going forward. The majority of these accounting adjustments are of a non-cash nature but Goals will have exceeded one of its banking covenants at 31 December 2018, meaning that it is in discussions with the bank with a view to agreeing re-negotiated facilities. Trading in the first two months of the year has been strong with an increase in like-for-like sales, in both the UK and US. We advise those who have invested to HOLD for now.