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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Best Of The Best Plc | LSE:BOTB | London | Ordinary Share | GB00B16S3505 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 530.00 | 525.00 | 535.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMBEST
RNS Number : 4410X
Best of the Best PLC
13 January 2014
Best of the Best plc
("Best of the Best" or "the Company")
Interim results for the six months ended 31 October 2013.
Best of the Best plc runs competitions to win luxury prizes online and at retail locations.
Key Highlights
-- Revenue up 7.3% to GBP3.46 million (2012: GBP3.22 million) -- Profit before tax increased to GBP0.22 million (2012: GBP0.01 million)
-- Net assets rose to GBP2.81 million, underpinned by cash balances of GBP2.36 million (2012: GBP1.22 million)
-- Online revenues increased by 22.5% to GBP1.49 million (2012: GBP1.21 million) - representing 43.9% of total revenue
-- Like-for-like revenues at physical locations increased by 12.9%
-- 'Win Any Car' format incorporating a broader range of cars and ticket prices has been successful and well received by new and existing players
William Hindmarch, Chief Executive, said:
"I am pleased to announce that Best of the Best continues to make good progress and we remain on track for an improved year-on-year performance.
Results have been underpinned by the continued growth of our online business, which accounted for 43.9 per cent of revenues during the period, as well as solid results from our physical sites. Our website has experienced higher levels of traffic which together with our social media channels has contributed to customer acquisition, improving both revenues and transactions volumes.
The Group generated strong cash flows in the period and our balance sheet remains healthy with cash balances of GBP2.36 million at the end of the first half.
Looking ahead, our focus will be on the acquisition of new players online, as well as on improving the audio visual and experiential nature of our physical sites, to attract new customers. We are optimistic about the future prospects of the Company over the remainder of the financial year and beyond, and I look forward to updating shareholders in due course."
Enquiries:
Hot Features
Premium
Best of the Best plc William Hindmarch, Chief T: 020 7371
Executive 8866
Rupert Garton, Commercial
Director
Biddicks Katie Tzouliadis T: 020 3178
6378
Charles Stanley Securities Mark Taylor T: 020 7149
(Nominated Adviser) Carl Holmes 6000
Please visit www.botb.com for further information
Chief Executive's Statement
I am pleased to announce that Best of the Best continues to make good progress and we remain on track for an improved year-on-year performance.
Both the online and offline businesses have benefited from the move to the 'Win Any Car' format, which incorporates a broader range of cars and ticket prices, as well our decision to increase competition frequency. The greater number of winners has helped us to generate increased levels of positive press publicity, PR and social media opportunities with the winners' videos providing especially rich content.
Half year profits have been underpinned by the continued growth of our online business, which accounted for 43.9 per cent of revenues during the period, as well as solid results from our physical sites. Our website (www.botb.com) has experienced higher levels of traffic which together with social media has contributed to customer acquisition, improving both revenue and transactions volumes.
We continue to explore ways to use innovative technology to improve the visual and experiential impact of our physical sites, including making the sites more eye-catching in the airport terminals and shopping centres where they are located. We will be investing further in this area over the second half of the financial year.
The Group generated strong cash flows in the period and our balance sheet remains healthy, with cash balances of GBP2.36 million at the end of the first half. We are optimistic about the prospects for the Company and look forward to updating shareholders in due course.
Results
Revenue for the six months ended 31 October 2013 increased by 7.3 per cent to GBP3.46 million (2012: GBP3.22 million) and profit before tax rose to GBP0.22 million (2012: GBP0.01 million).
The Company generated GBP0.54 million of operating cash flow and reports a net increase in cash of GBP0.41 million for the period. This has helped increase cash balances to a healthy GBP2.36 million at 31 October 2013 (2012: 1.22 million). Net assets at 31 October 2013 stood at GBP2.81 million (2012: 2.69 million) and principally comprise cash, our stock of cars on display, which are held at net realisable value of GBP0.58 million, and our 997 year leasehold office property valued at GBP0.46 million.
Following a recent VAT decision at the First-tier Tribunal concerning a company with similar activities in our sector, the Company has submitted a protective claim to recover overpaid VAT amounting to GBP2.20 million (exclusive of professional fees and expenses). At present this VAT litigation has not been concluded. It is therefore not certain that the Company will receive any repayment from HM Revenue & Customs. We will update shareholders as this matter progresses.
Dividend
A dividend in respect of the full year ended 30 April 2013 of 1.0 pence per share was paid to shareholders on 18 October 2013. The Board is not recommending the payment of an interim dividend (2012: nil); however, as in prior years, the Directors expect to propose a final dividend for the financial year ending 30 April 2014, subject to the Company's trading performance, and to maintain a progressive dividend policy.
Business at physical locations
The Company is currently trading from 10 airport sites and 2 shopping centre sites. Our airport locations are at Gatwick North, Gatwick South, London City, Stansted, Birmingham, Manchester Terminals 1 and 2, Edinburgh, Copenhagen and Dublin's Terminal 2. Our shopping centre sites are both in London at the Westfield centres in Shepherd's Bush and Stratford.
Our sites at London City Airport and Gatwick's South Terminal were opened recently in September and November 2013 respectively. During the period, we have also renewed contracts at Edinburgh Airport, Westfield Shepherd's Bush and Westfield Stratford.
Our physical locations have traded solidly throughout the year with like-for-like revenues up by 12.9 per cent. It is our intention to invest further in the physical estate to increase their attractiveness to, and interactivity with our customer base. We are currently examining options with a design company to redevelop the audio visual and experiential nature of the sites. We believe that this will improve sales from the sites whilst enhancing their popularity with both passengers and the airport owners.
Online Business
Online sales accounted for 43.9 per cent of total revenue in the period and increased by 22.5 per cent compared to the same period last year. Over the 3 months to 31 December 2013, online sales have accounted for 47.5 per cent of total revenue. The changing sales mix and online gains have resulted from a combination of initiatives that we have implemented during the period.
The 'Win any Car' concept and the shortening of the competition cycle to two weeks has helped drive the rise in online sales. The 'Win any Car' concept now allows customers to choose from over 190 cars from nearly fifty automotive brands including a range of supercars, luxury SUV's, track cars and classic cars. Tickets are priced from GBP2.50 to GBP25.00. This increased diversity of both product and ticket price points is driving a much broader and more engaged player base. The shortening of the competition length from four weeks to two also means we are communicating more regularly with players and the greater frequency has encouraged our online customers to enter more often, which has improved revenues.
We have worked hard at increasing the visual content of the site and we now surprise most winners with the car they have won and film their reactions. This has created some compelling video content, which not only resonates with existing customers, but also helps to attract new ones. We have taken a similar approach to the judging of the competitions, which are now filmed and made available for entrants to view on our website. In this way, we have increased the transparency of the entry process for our customers and encouraged repeat play.
We have launched a monthly free competition in order to help encourage new customers to play for the first time, as well as to give enhanced benefits to our existing loyal players. The competitions prizes are high value, exclusive 'once-in-a-lifetime' motoring related experiences. We have received great feedback on these and they continue to build a sense of community among members, alongside the Supercharged Club that we operate for our most loyal customers.
The sense of community has been reinforced by a growing social media presence using Facebook (62,000 fans), Twitter and YouTube. These are active channels on our site and we are increasingly using them as routes to customer acquisition. We have previously mentioned "Feefo" our online TripAdvisor style review board and our 94 per cent 'positive' rating has been of continued benefit. David Coulthard (13 times F1 winner) also continues to act as a beneficial brand ambassador.
We launched an initiative during the period to personally contact certain segments of our customer base using an in-house outbound calling team. The team targets various different customer segments (e.g. to convert airport players to online, to retain lapsing players) to drive performance from the database. We are pleased to say this trial has been successful and we are expanding the team so we can contact more customers by telephone and online messaging.
The website continues to improve with numerous incremental changes. Our game is now playable using a new interface designed specifically for mobile/tablet and touch screen devices, to improve conversion. This is an area we will be continuing to work on in the coming months. We are also working hard with the latest email technology and deliverability tools. In addition, we have implemented a new technology from Qubit enabling us to fine tune the website journey and content to individuals on a personal basis, based on cookie history, IP address, etc. This tailored experience has improved both conversion and retention.
PR continues to be an important element of our marketing mix. The greater number of winners has led to increased positive press coverage, as well as increased PR and social media opportunities, with the competition winners' videos providing rich content, all helping new player acquisition.
Outlook
Best of the Best has increased profits, is cash generative and is supported by a robust balance sheet, with increased cash balances of GBP2.36 million. I am pleased with the performance of the business over the period and believe we have a good foundation to continue to invest and to grow both revenues and profits.
Our focus will be on the acquisition of new players online, as well as improving the audio visual and experiential nature of our physical sites to attract new customers through physical channels.
We are optimistic about the prospects for the Company over the remainder of the financial year and beyond, and I look forward to updating shareholders on further progress in due course.
William Hindmarch
Chief Executive
13 January 2014
BEST OF THE BEST PLC
Unaudited interim financial statements for the six months ended 31 October 2013
Report of the independent auditors
Independent review report to Best of the Best Plc
Introduction
We have been instructed by the company to review the financial information for the six months ended 31 October 2013 which comprises the consolidated statement of comprehensive income, consolidated statement of financial position as at 31 October 2013, consolidated cash flow statement, consolidated statement of changes in equity, comparative figures and associated notes.
We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information.
This report is made solely to the company in accordance with guidance contained in ISRE (UK and Ireland) 2410, "Review of Interim Financial Information performed by the Independent Auditor of the Entity". Our review work has been undertaken so that we might state to the company those matters we are required to sate to them in a review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our review work, for this report, or for the conclusion we have formed.
Directors' responsibilities
The interim report, including the financial information contained therein, is the responsibility of, and has been approved by the Directors. The Directors are responsible for preparing the interim report in accordance with the rules of the London Stock Exchange for companies trading securities on the Alternative Investment Market which require that the half yearly report be presented and prepared in a form consistent with that which will be adopted in the company's annual accounts having regard to the accounting standards applicable to such annual accounts.
As disclosed in note 1, the annual financial statements of the Group are prepared in accordance with IFRS's as adopted by the European Union. The condensed set of financial statements included in this interim report has been prepared in accordance with the International Accounting Standard 34 "Interim Financial Reporting", as adopted by the European Union.
Our responsibility
Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the interim report based on our review.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the interim report for the six months ended 31 October 2013 is not prepared, in all material, respects, in accordance with International Accounting Standard 34 as adopted the European Union and the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.
Wilkins Kennedy LLP
Chartered Accountants
Statutory Auditors
Bridge House
London Bridge
London, SE1 9QR
13 January 2014
BEST OF THE BEST PLC
Unaudited Consolidated Statement of Comprehensive Income
For The Period Ended 31 October 2013
____________________________________________________________________________________________________
Six Months Six Months Year
Ended Ended Ended 30/04/13
31/10/13 31/10/12 Audited
Unaudited Unaudited
Notes GBP GBP GBP
000's 000's 000's
CONTINUING OPERATIONS
Revenue 1,2 3,455 3,220 6,450
Cost of sales (1,137) (1,349) (2,572)
GROSS PROFIT 2,318 1,871 3,878
Administrative expenses (2,104) (1,863) (3,759)
OPERATING PROFIT 214 8 119
Finance income 1 2 2
PROFIT BEFORE TAX 215 10 121
Tax 6 (25) (8) (44)
PROFIT FOR THE PERIOD FROM
CONTINUING OPERATIONS 190 2 77
PROFIT FOR THE PERIOD 190 2 77
Earnings Per Share expressed
in pence per share:
Basic 3 2.03 0.02 0.82
Diluted 3 1.93 0.02 0.82
BEST OF THE BEST PLC
Unaudited Consolidated Statement of Financial Position
For The Period Ended 31 October 2013
_____________________________________________________________________________________________________
Six Months Six Months Year
Ended Ended Ended 30/04/13
31/10/13 31/10/12 Audited
Unaudited Unaudited
Notes GBP GBP GBP
000's 000's 000's
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 565 847 737
Deferred tax 133 109 94
_
-------------- -------------- ---------------------
698 956 831
CURRENT ASSETS
Inventories 584 703 502
Trade and other receivables 285 259 283
Cash and cash equivalents 2,360 1,215 1,947
3,229 2,177 2,732
TOTAL ASSETS 3,927 3,133 3,563
EQUITY
SHAREHOLDERS' EQUITY
Called up share capital 4 463 468 468
Share premium 1,783 1,783 1,783
Capital redemption reserve 4 188 183 183
Share-based payment reserve 1,4 148 148 148
Retained earnings 227 108 183
TOTAL EQUITY 2,809 2,690 2,765
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 1,010 515 864
Tax payable 108 (72) (66)
1,118 443 798
TOTAL LIABILITIES 1,118 443 798
TOTAL EQUITY AND LIABILITIES 3,927 3,133 3,563
BEST OF THE BEST PLC
Unaudited Consolidated Cash Flow Statement
For The Period Ended 31 October 2013
_____________________________________________________________________________________________________
Six Months Six Months Year
Ended Ended Ended 30/04/13
31/10/13 31/10/12 Audited
Unaudited Unaudited
Notes GBP GBP GBP
000's 000's 000's
Cash flows from operating
activities
Cash generated from operations 425 225 978
Tax paid 111 - (16)
Net cash from operating
activities 536 225 962
Cash flows from investing
activities
Purchase of tangible fixed
assets (4) (40) (57)
Sale of tangible fixed
assets 26 - 12
Interest received 1 2 2
Net cash from investing
activities 23 (38) (43)
Cash flows from financing
activities
Redemption of share capital (5) - -
Capital redemption (47) - -
Equity dividends paid (94) (75) (75)
Net cash from financing
activities (146) (75) (75)
Increase in cash and cash
equivalents 413 112 844
Cash and cash equivalents
at beginning of period 1,947 1,103 1,103
Cash and cash equivalents
at end of period 2,360 1,215 1,947
============== ============== =====================
BEST OF THE BEST PLC
Unaudited Consolidated Interim Statement of Changes in Equity
for the period ended 31 October 2013
Called up Retained
share capital earnings Share premium
GBP'000 GBP'000 GBP'000
Balance at 1 May 2012 468 181 1,783
Changes in equity
Dividends - (75) -
Total comprehensive income - 77 -
Balance at 30 April 2013 468 183 1,783
Changes in equity
Redemption of share capital (5) - -
Dividends - (94) -
Total comprehensive income- - 138 -
Balance at 31 October 2013 463 227 1,783
Capital redemption Share based
reserve payment
reserve Total equity
GBP'000 GBP'000 GBP'000
Balance at 1 May 2012 183 148 2,763
Changes in equity
Dividends - - (75)
Total comprehensive income - - 77
Balance at 30 April 2013 183 148 2,765
Changes in equity
Redemption of share capital - - (5)
Dividends - - (94)
Total comprehensive income 5 - 143
------------------- ------------ --------------
Balance at 31 October 2013 188 148 2,809
------------------- ------------ --------------
BEST OF THE BEST PLC
Notes to the Interim Financial Statements
for the period ended 31 October 2013
1. Basis of preparation
These condensed interim financial statements are for the six
months ended 31 October 2013. They have been prepared with
regard to the requirements of International Financial Reporting
Standards as adopted by the EU. They do not include all of
the information required for full financial statements, and
should be read in conjunction with the financial statements
(under IFRS) of the Group for the year ended 30 April 2013.
The Group is listed on the Alternative Investment Market ("AIM")
of the London Stock Exchange and has prepared the interim financial
statements in accordance with AIM rule 18. The Group has elected
not to adopt the full scope of IAS 34 'Interim Financial Reports',
which is a voluntary requirement.
The financial statements have been prepared under the historical
cost convention. Principal accounting policies adopted are
consistent with those of the annual financial statements for
the year ended 30 April 2013.
Significant accounting policies include;
Revenue recognition
Revenue represents the value of tickets sold in respect of
competitions which have been completed at the accounting date.
A competition is completed when the Group closes entries.
Share based payment
The Company has applied the requirements of IFRS 2 to share
option schemes allowing certain employees within the Company
to acquire shares of the Company. For all grants of share options,
the fair value as at the date of grant, is calculated using
the Black-Scholes options pricing model, taking into account
the terms and conditions upon which the options were granted.
The amount recognised as an expense is adjusted to reflect
the number of share options that are likely to vest, except
where forfeiture is only due to market based conditions not
achieving the threshold for vesting. The expense is recognised
over the expected life of the option.
2. Segment analysis
The Directors consider that the primary reporting format is
by business segment and that there is only one such segment
being that of competition operators. This disclosure has already
been provided in these financial statements.
IFRS8 "Operating Segments", which came into effect not later
than accounting periods beginning on 1 January 2009, requires
identification and reporting of operating segments on the basis
of internal reports that are regularly reviewed by the Board
in order to allocate resources to the segment and assess its
performance. The Company assessed the impact of IFRS8 and concluded
that it would not impact the segments identified in this interim
report.
3. Earnings per share
Basic earnings per share is calculated by dividing the profit
for the relevant financial period attributable to ordinary
equity holders of the entity by the weighted average number
of ordinary shares in issue during the relevant financial periods.
The weighted average number of equity shares in issue is 9,349,972
(31 October 2012: 9,372,100; 30 April 2013: 9,372,100). The
earnings, being the profit after tax, are GBP189,976 (31 October
2012: GBP2,280; 30 April 2013: GBP76,698).
Diluted earnings per share is calculated by adjusting earnings
and weighted average number of ordinary shares outstanding
to assume conversion of dilutive potential ordinary shares.
Potential ordinary shares shall be treated as dilutive when,
and only when, their conversion to ordinary shares would decrease
earnings per share or increase loss per share from continuing
operations. The effect of dilutive securities for the period
is to increase the weighted average number of shares by 490,596
shares (31 October 2012: nil; 30 April 2013: nil).
4. Statement of changes in equity
On the 19 September 2013 and 30 September 2013, the company
purchased 64,237 and 41,454 Ordinary shares at a price of 50
pence and 49 pence per share respectively. The company cancelled
these shares and as a consequence of such cancellation, the
issued share capital of the Company was 9,266,409 Ordinary
Shares at the date of this Interim Statement.
5. Dividends
A final dividend, based on the results for the year ended 30
April 2013 of 1p per share was paid on 11 October 2013 (30
April 2012: 0.8p).
6. Taxation
The current year income tax liability for the six months ended
31 October 2013 is estimated at GBP24,717 (period ended 31
October 2012: GBP8,011).
7. Ultimate controlling party
The ultimate controlling party at the end of this interim period
was Mr W. Hindmarch, the Chief Executive Officer of the company,
who owns 54.2% of the issued share capital at the balance sheet
date.
8. Post Balance Sheet event
On 17 December 2013 the Company exchanged contracts on a commercial
property adjacent to its existing headquarters. A deposit has
been paid and the transaction is expected to be completed in
March 2014. The impact on cash reserves upon successful completion
will be circa GBP400,000.
9. Publication of non-statutory accounts
The financial information contained in this interim statement
does not constitute statutory accounts as defined in sections
434 of the Companies Act 2006. All information is unaudited
apart from that included for the year ended 30 April 2013.
The statutory accounts for the financial year ended 30 April
2013 were prepared under IFRS as adopted by the EU. These accounts,
upon which the auditors issued an unqualified opinion did not
include references to any matters to which the auditors drew
attention by way of emphasis without qualifying their report
and did not contain statements under 498(2) or (3), (accounting
records or returns inadequate, accounts not agreeing with records
and returns or failure to obtain necessary information and
explanations) of the Companies Act 2006, have been delivered
to the Registrar of Companies.
This interim statement will be made available at the Company's
registered office at 2 Plato Place, 72-74 St Dionis Road, London
SW6 4TU, and will be available on the Company's website, www.botb.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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