Five-a-side football company Powerleague Group has climbed back into underlying profit in its most recent financial year.
The firm, controlled by Patron Capital, was helped by an increase in turnover from £29.8 million to £32.5m in the 12 months to December 27, 2014.
Annual accounts recently filed at Companies House show the business recorded underlying pre-tax profit of £505,000 in the year, compared to a £520,000 loss in the previous period.
However £619,000 of exceptional charges, including legal expenses for a long-running VAT case and writedowns on some assets, saw Powerleague report a total pre-tax loss of £114,000.
There had been £141,000 of charges in the 2013 financial year for an overall loss of £661,000.
Writing in the accounts the directors said it had been a positive overall performance citing increases in operating profit and cash generation.
The said: “[This] has supported increased investment in our estate, both through refurbishment of centres and in opening new centres.”
In November last year Powerleague, which employs around 740, opened its first centre in mainland Europe in Amsterdam. The only other site launched in the financial year was at Vauxhall in central London, which opened its doors in December.
It now operates from 48 centres with the bulk in the UK and one in Dublin, Ireland.
Long serving chief executive Sean Tracey, who started as a site manager in Glasgow in 1994, stepped down at the start of this year and was replaced by Adidas executive Rupert Campbell.
The accounts also state Powerleague has refinanced with HSBC, increasing its loan facilities to £25m as well as “improving both repayment and interest terms”.
Patron Capital paid £42.5m in 2009 to take Powerleague off AIM and back into private hands.
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