Six-a-side football pitches operator Goals Soccer Centres has won an appeal against a ruling made by HMRC, resulting in a boost to full year profits. Earlier in the year HMRC issued a business brief relating to the five-a-side soccer industry, indicating that all income relating to commercially operated sports leagues should be standard rated for VAT. HMRC then confirmed that Goals should treat pitch block bookings by league customers as being standard rated, a decision the firm successfully appealed. As a result pre-tax profit is expected to increase by at least £0.5m per year in the current year and beyond.
Manroy, a UK defence contractor, has placed 850,000 shares at 57p per share to raise £484,500. The placing will enable the group to provide Manroy USA with sufficient funds which are expected to allow it to finalise the remaining requirements of the First Article Acceptance approval process on the novated contracts. The firm also said it expects revenues for the full year to be in-line with previous stated guidance. Manroy has won £9.2m in new contracts so far this year, in addition to the £6.6m of new contract novated to the firm in April. The order book for the financial year ending September 30th 2013 stands for £6.3m, equal to 41% of the group forecast revenue for the year.
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