StockMarketWire.com - Goals Soccer Centres warned on profits again as its ongoing probe into its accounts revealed yet more errors.

The company, which had already warned that 2018 results would be materially below expectations, said it also expected results for the financial year ending 31 December 2019 also to be 'materially below prior expectations and historically reported financial performance.'

The comes after extensive forecasting work on the financial year ending 31 December 2019, in which a number of new accounting policies, corrected accounting treatments and revised VAT assumptions had been adopted.

Due to the nature of the historical accounting errors uncovered, the board had appointed forensic accountants, alongside its auditors, to investigate and report on historic accounting policies and practices used by the company in the recognition of revenue and the preparation of financial statements, the company added.

On a more sanguine note, the company confirmed that trading since 26 March 2019 had continued to be 'strong' in both the UK and US, over the comparable period in 2018.

Trading in the shares of the company were expected to remain suspended until there was clarity on the financial position of the company, specifically any potential liability associated with the company's misdeclaration of VAT, and the audit of the 2018 financial results is completed and published, Goals Soccer Centres said.



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