StockMarketWire.com - Goals Soccer Centres warned on profits Friday and admitted it had breached one of its debt covenants after a review of full-year results showed 'certain accounting areas.'

The company said it expected the 2018 full year results would be materially below expectations and confirmed the reporting date - previously 12 March 2019 - would be delayed as it sought to resolve 'certain accounting errors.'

The errors were discovered following review of the results for the financial year ending 31 December 2018, the company said.

Whilst the majority of these accounting adjustments were of a non-cash nature, this 'does nevertheless mean that the Company will have exceeded one of its banking covenants at 31 December 2018. We are in discussions with the bank with a view to agreeing re-negotiated facilities,' the company said.

On less a sombre note, the company said trading in the first two months of the year had been strong with an increase in like-for-like sales, in both the UK and US, over the comparable period in 2018.



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