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Best of the Best's revenues and profits slightly ahead of expectations

“The transformation to become a pure online business is largely complete and has been a success, giving us more flexibility and focus, as well as efficiency and cost savings,” said CEO William Hindmarch

Luxury car
Revenue for the year ended 30 April 2019 increased by 14.4% to £14.81mln from £12.95mln the year before

Best of the Best PLC (LON:BOTB), the glorified luxury car raffle operator, said revenues and profits were slightly ahead of management’s expectations in fiscal 2018/19.

The group’s transition to an online-only model is almost complete, with roughly 97% of its turnover coming from online services; the company used to be best-known for its stands at airports and shopping centres but these have now largely become a thing of the past.

Revenue for the year ended 30 April 2019 increased by 14.4% to £14.81mln from £12.95mln the year before.

Profit before tax including exceptional items was £4.70mln, up from £1.60mln the year before, although almost all of the profit in the year just ended came from exceptional income of £4.60mln, most of which was accounted for by a VAT refund from the tax-man in respect of the company’s “Spot the Ball” game.

The final dividend has been lifted to 2.0p from 1.5p the year before.

"I am pleased to report continued solid progress with an encouraging set of final results showing both increased revenues and profits before tax, both of which are slightly ahead of management's expectations,” said William Hindmarch, the chief executive officer of Best of the Best.

“The transformation to become a pure online business is largely complete and has been a success, giving us more flexibility and focus, as well as efficiency and cost savings,” he added.

Shares in Best of the Best were up 1% at 314p in morning deals.

 

Quick facts: BEST OF THE BEST

Price: 290 GBX

AIM:BOTB
Market: AIM
Market Cap: £27.19 m
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