Golf Club's shares soared 11p, or 40%, as shareholders applauded the group's recent restructurings. Managing director Martin Knight seems to have extracted the company from the financial bunker it was in last year. He has sold off one club, bolstering last year's profits, and bought three other smaller operations, which appear to be performing profitably. In the year to December 27th 1998 sales rose £1.13m to £2.42m. Pre-tax profits went from £301,000 to £481,000. Both these figures were inflated by exceptional credit though. Consequently earnings per share figures don't offer much comparison, particularly as the shares were consolidated when the new acquisitions were made. The new EPS is 0.2p, making the shares now seem incredibly overvalued.