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Goals Soccer Centres warns again as new auditor unearths accounts errors

2018 results are materially below previous expectations
It's been a tough couple of years for Goals

Goals Soccer Centres PLC (LON:GOAL) shed almost a third of its value on Friday as the group again downgraded its earnings expectations for the year just ended.

The five-a-side footie league group has identified errors in its accounts that mean 2018 results are materially below previous expectations.

READ: Goals Soccer Centres sees red as it cuts guidance for 2018 and 2019

In January, Goals cut profit guidance for the full-year 2018 to be between £4.3mln and £4.5mln on an adjusted basis.

Going forward, it will also be more prudent in how it calculates its numbers, said the statement.

Goals appointed BDO as its new auditor in June and the adjustments followed a review of how the accounts are calculated.

The company added it will also breach one of its bank covenants as a result and talks have started with its banks over re-negotiated facilities.

On a brighter note, the group said 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 the US.

But that didn't prevent the shares from plunging 31% in value to 38.50p in late afternoon trading.

 -- Adds share price --

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