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Best of the Best trading solid as it transitions to online

Best of the Best, which runs competitions to win luxury cars, is increasingly becoming an online business, it said..
Best of the Best trading solid as it transitions to online
Winners were presented with 26 cars compared to 12 in the comparable period, which while adding significantly to costs, reinforced enthusiasm for the weekly format..

Best of the Best (LON:BOTB), which runs competitions to win luxury cars, is increasingly becoming an online business, it said, revealing solid trading in its latest half year.

Revenues in the six months to October 31 last year was up 30% at  £4.98 million compared to the same time in 2014, while pre- tax profit was lifted 10.9% to £0.48mln.

Meanwhile, online revenues nearly doubled to  £3.26 million (2014: £1.73 million), which represented 66.5% of total revenue, it added.

Investment in online marketing has been marked, the firm said, and it continues to test multiple marketing channels to recruit online players to help scale the business.

Winners were presented with 26 cars compared to 12 in the comparable period, which while adding significantly to costs, reinforced enthusiasm for the weekly format.

"Our weekly car competition (previously twice a month) with a guaranteed winner, continues to be well received by existing customers as well as aiding the acquisition and conversion of new customers, both at airports and online," said chief executive William Hindmarch.

The business is well placed for future growth, he added.

Shares were unchanged at 173.5p.

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November 04 2016

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