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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 Apr 2019 to Apr 2024
TIDMBOTB
RNS Number : 3890U
Best of the Best PLC
18 January 2017
Best of the Best plc
("Best of the Best", "the Company" or "the Group")
Interim results for the six months ended 31 October 2016
Best of the Best runs competitions to win cars both online and at retail locations
Key Highlights
-- Revenue up 10.9% to GBP5.52 million (2015: GBP4.98 million) -- Profit before tax increased to GBP0.92 million (2015: GBP0.48 million)
-- Net assets of 2.22 million (2015: GBP2.92 million), with cash balances of GBP2.28 million (2015: GBP2.19 million)
-- Online revenues increased by 24.6% to GBP4.16 million (2015: GBP3.34 million) -- Online revenues represented 75.4% of total revenue in the period -- Earnings per share increased from 3.68 pence per share to 7.50 pence per share -- Special dividend of 10.0 pence per share paid in December 2016 -- Growing investment in online marketing to increase player acquisition
William Hindmarch, Chief Executive, said:
"I am pleased to announce an encouraging set of interim results with increased revenues and profits.
We have continued to grow our investment in all forms of marketing which has helped drive revenues and increase awareness of the BOTB brand and the Dream Car competition. It is our intention to gradually accelerate the rate of this investment to build on these results.
We are placing a strong emphasis on social media to share our winners' experiences and this in turn is proving an effective medium through which to acquire new customers.
The business is well placed for future growth and we look forward to updating shareholders on progress in due course."
Enquiries:
Hot Features
Premium
Best of the Best William Hindmarch, T: 020 7371
plc Chief Executive 8866
Rupert Garton, Commercial
Director
finnCap Matt Goode T: 0207 220
Carl Holmes 0500
Anthony Adams
KTZ Communications Katie Tzouliadis T: 020 3178
6378
Please visit www.botb.com for further information
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
Chief Executive's Statement
We have continued to grow our investment in all forms of marketing which has helped drive revenues and increase awareness of the BOTB brand and the Dream Car competition. It is our intention to gradually accelerate the rate of this investment to build on these results.
We are placing a strong emphasis on social media to share our winners' experiences and this in turn is proving an effective medium through which the Company can acquire new customers.
Results
Revenue for the six months ended 31 October 2016 increased by 10.9 per cent to GBP5.52 million (2015: GBP4.98 million) and profit before tax rose to GBP0.92 million (2015: GBP0.48 million). Operating margins have improved and marketing investment in customer acquisition during the period was marginally lower than originally anticipated. The Company has also benefited from the operational gearing driven by the increased proportion of higher margin online revenues.
The Company generated GBP1.38 million of operating cash flow. Net assets at 31 October 2016 stood at GBP2.22 million (2015: GBP2.92 million) and principally comprise cash of GBP2.28 million, our stock of cars on display which are held at a net realisable value of GBP0.28 million, and our 967 year leasehold office properties valued at GBP0.95 million.
At the period end, cash balances stood at GBP2.28 million (2015: GBP2.19 million). As previously reported, a 10.0 pence special dividend amounting to approximately GBP1.0 million, was paid to shareholders on 2 December 2016. Current cash balances stand at approximately GBP1.6 million.
The Company has noted the recent VAT decision concerning a company with similar activities in our sector. The Company is reviewing this decision and will update shareholders in due course.
Dividend
A dividend in respect of the full year ended 30 April 2016 of 1.3 pence per share was paid to shareholders on 14 October 2016. A special dividend of 10.0 pence per share was paid to shareholders on 2 December 2016 and, as in prior years, the Directors expect to propose a final dividend for the financial year ending 30 April 2017, subject to the Company's trading performance, and to maintain a progressive dividend policy.
New Player Acquisition
The Company acquires new players and services existing players through two principal routes. The first is via traditional physical retail locations in airport terminals and shopping centres. The second is through principally online advertising channels including various digital marketing initiatives, television and radio, as well as more traditional print advertising and PR.
The Company is currently operating from seven airport sites and one shopping centre site. Our airport locations are at Gatwick North, Gatwick South, Birmingham, Manchester Terminal 1, Stansted, Edinburgh, and Dublin's Terminal 2. We also operate from Westfield's Shepherds Bush shopping centre. We continue to focus on acquiring as many new customers as possible at these locations as well as expanding and reinforcing the BOTB brand, and I am pleased to say that recent initiatives have performed well.
Our Indian franchise, which is now trading under the BOTB brand from Hyderabad airport continues to trade well, with further sites under negotiation. The royalty-based agreement allows the franchisee to leverage our systems and software, as well as our marketing and operating experience.
We continue to grow our online marketing spend and it is expected that this investment will continue to scale as we gain confidence and data around the longer-term customer lifecycle returns we are achieving. We have experienced success in many forms of social media marketing, with our Facebook page now having over 175,000 followers. Our weekly videos of winners being surprised with their cars, and showing the cars being collected from dealerships, continue to be very well received and are encouraging both new customer registrations and increasingly regular play.
Our website www.botb.com is in the final phase of testing, following a complete redesign and rebuild, to take advantage of the latest online and database technologies. This will improve the performance of the site for our customers as well as the back-end platform components we use internally. It will also add new functionality for our customers such as enhanced loyalty features, player leagues and other community and content facilities. The updated designs will both refresh the site for existing users and aid the conversion of new customers across multiple device formats. We expect this to be launched in the coming weeks.
We look forward to the continued growth in player acquisition, both through our airport and shopping centre locations, and through our increased focus on online channels and television.
Outlook
It has been a solid first six months, showing encouraging growth in both revenues and profits, together with firm cost control. We hope to build on the solid start to the financial year and I look forward to updating shareholders on further progress in due course.
William Hindmarch
Chief Executive
18 January 2017
BEST OF THE BEST PLC
Unaudited Consolidated Income Statement
For the Period Ended 31(st) October 2016
___________________________________________________________________________________________________
Six Months Six Months Year Ended
Ended Ended 30/04/16
31/10/16 31/10/15 Audited
Unaudited Unaudited
Notes GBP'000 GBP'000 GBP'000
Revenue 2 5,519 4,976 10,104
Cost of sales (1,874) (2,033) (3,969)
----------------- ----------------- -----------------
GROSS PROFIT 3,645 2,943 6,135
Administrative expenses (2,722) (2,466) (5,078)
----------------- ----------------- -----------------
OPERATING PROFIT 923 477 1,057
Finance income 1 1 2
----------------- ----------------- -----------------
PROFIT BEFORE TAX 924 478 1,059
Tax 5 (165) (132) (125)
----------------- ----------------- -----------------
PROFIT FOR THE PERIOD 759 346 934
================= ================= =================
Profit on earnings per
share expressed
in pence per share: 3
Basic from continuing
operations 7.50 3.68 9.75
Diluted from continuing
operations 7.47 3.53 9.70
BEST OF THE BEST PLC
Unaudited Consolidated Statement of Comprehensive
Income
For the Period Ended 31(st) October 2016
___________________________________________________________________________________________________
Six Months Six Months Year Ended
Ended Ended 30/04/16
31/10/16 31/10/15 Audited
Unaudited Unaudited
Notes GBP'000 GBP'000 GBP'000
PROFIT FOR THE FINANCIAL
PERIOD 759 346 934
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD 759 346 934
================ ================ ================
BEST OF THE BEST PLC
Unaudited Consolidated Statement of Financial Position
31(st) October 2016
_________________________________________________________________________________________________
Six Months Six Months Year Ended
Ended Ended 30/04/16
31/10/16 31/10/15 Audited
Unaudited Unaudited
Notes GBP'000 GBP'000 GBP'000
ASSETS
NON-CURRENT ASSETS
Development costs 376 105 267
Property, plant and equipment 1,154 1,125 1,181
Investments 70 70 70
Deferred tax 53 42 41
---------- ---------- ----------
1,653 1,342 1,559
CURRENT ASSETS
Inventories 279 398 316
Trade and other receivables 191 660 169
Tax receivables 5 - 4
Cash and cash equivalents 2,277 2,192 1,202
---------- ---------- ----------
2,752 3,250 1,691
TOTAL ASSETS 4,405 4,592 3,250
========== ========== ==========
EQUITY
SHAREHOLDERS' EQUITY
Called up share capital 506 485 506
Treasury shares - (14) -
Share premium 179 118 176
Capital redemption reserve 198 197 198
Share-based payment reserve - 148 -
Retained earnings 1,338 1,993 711
---------- ---------- ----------
TOTAL EQUITY 2,221 2,927 1,591
---------- ---------- ----------
LIABILITIES
CURRENT LIABILITES
Trade and other payables 1,842 1,500 1,448
Tax payable 342 165 211
TOTAL LIABILITIES 2,184 1,665 1,659
========== ========== ==========
TOTAL EQUITY AND LIABILITIES 4,405 4,592 3,250
========== ========== ==========
BEST OF THE BEST PLC
Unaudited Consolidated Statement of Changes in Equity
For the Period Ended 31(st) October 2016
Called
up
share Retained Share
capital earnings premium
GBP'000 GBP'000 GBP'000
Balance at 1 May 2015 455 1,763 -
Changes in equity
Issue of share capital 51 - 176
Dividends - (2,089) -
Share repurchase - (44) -
Total comprehensive income - 1,081 -
-------- --------- --------
Balance at 30 April 2016 506 711 176
-------- --------- --------
Changes in equity
Issue of share capital - - 3
Dividends - (132) -
Total comprehensive income - 759 -
-------- --------- --------
Balance at 31 October 2016 506 1,338 179
======== ========= ========
Capital
redemption Other Total
reserve reserves equity
GBP'000 GBP'000 GBP'000
Balance at 1 May 2015 197 148 2,563
Changes in equity
Issue of share capital - - 227
Dividends - - (2,089)
Share repurchase - - (44)
Total comprehensive income 1 (148) 934
----------- --------- --------
Balance at 30 April 2016 198 - 1,591
----------- --------- --------
Changes in equity
Issue of share capital - - 3
Dividends - - (132)
Total comprehensive income - - 759
----------- --------- --------
Balance at 31 October 2016 198 - 2,221
=========== ========= ========
BEST OF THE BEST PLC
Unaudited Consolidated Statement of Changes in Equity
For the Period Ended 31(st) October 2016
Called
up
share Retained Share
capital earnings premium
GBP'000 GBP'000 GBP'000
Balance at 1 May 2015 455 1,763 -
Changes in equity
Issue of share capital 30 - 118
Treasury shares - - -
Dividends - (116) -
Total comprehensive - 346 -
income
--------- --------- --------
Balance at 31 October
2015 485 1,993 118
========= ========= ========
Capital
redemption Other Treasury Total
reserve reserves shares equity
GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 May 2015 197 148 - 2,563
Changes in equity
Issue of share capital - - - 148
Treasury shares - - (14) (14)
Dividends - - - (116)
Total comprehensive
income - - - 346
----------- --------- --------- --------
Balance at 31 October
2015 197 148 (14) 2,927
=========== ========= ========= ========
BEST OF THE BEST PLC
Unaudited Consolidated Cash Flow Statement
For the Period Ended 31(st) October 2016
________________________________________________________________________________________________
Six Months Six Months Year
Ended Ended Ended
31/10/16 31/10/15 30/04/16
Unaudited Unaudited Audited
Cash flows from operating Notes GBP'000 GBP'000 GBP'000
activities
Cash generated from operations 7 1,384 525 1,675
Tax paid (47) (69) (19)
--------------- --------------- -------------
Net cash from operating
activities 1,337 456 1,656
Cash flows from investing
activities
Purchase of intangible fixed
assets (109) (100) (267)
Purchase of tangible fixed
assets (37) (90) (195)
Sale of tangible fixed assets 12 - 5
Interest received 1 1 2
--------------- --------------- -------------
Net cash from investing
activities (133) (189) (455)
Cash flows from financing
activities
Share issue 3 30 227
Share options exercised - 118 -
Equity dividends paid (132) (116) (2,089)
Share repurchase - (14) (44)
--------------- --------------- -------------
Net cash from financing
activities (129) 18 (1,906)
Increase/(decrease) in cash
and cash equivalents 1,075 285 (705)
Cash and cash equivalents
at beginning of period 1,202 1,907 1,907
--------------- --------------- -------------
Cash and cash equivalents
at end of period 2,277 2,192 1,202
=============== =============== =============
BEST OF THE BEST PLC
Notes to the Interim Financial Statements
For the Year Ended 31(st) October 2016
1. BASIS OF PREPARATION
These condensed interim financial statements are for the six months ended 31 October 2016. 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 2016.
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 2016.
2. SEGMENTAL REPORTING
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.
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.
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.
Six Six Year
Months Months Ended
Ended Ended 30/04/16
31/10/16 31/10/15
Weighted average number
of shares in issue 10,117,678 9,398,052 9,582,651
Profit after tax i.e. earnings GBP758,893 GBP346,113 GBP933,894
Impact of dilutive securities
on weighted average number
of shares in issue 38,237 415,231 44,035
4. DIVIDENDS
A final dividend, based on the results for the year ended 30 April 2016 of 1.3p per share was paid on 14 October 2016 (30 April 2015; 1.2p).
5. TAXATION
The current year income tax liability for the six months ended 31 October 2016 is estimated at GBP165,153 (period ended 31 October 2015; GBP131,664).
6. POST BALANCE SHEET EVENTS
A special dividend was declared of approximately GBP1.0m to shareholders of 10 pence per ordinary share (the "Special Dividend").
In order to pay the Special Dividend the Company has produced and filed a new unaudited balance sheet as at 30 September 2016 with Companies House, demonstrating that it had sufficient distributable reserves.
Following payment of the Special Dividend, the Company retained cash balances in excess of GBP1.0 million, which the Directors considered to be sufficient working capital to fund its activities over the following 12 month period.
The Special Dividend was paid on 2 December 2016 to shareholders on the register at the close of business on 18 November 2016. The Ex-dividend date was 17 November 2016.
7. CASH GENERATED FROM OPERATIONS
Six Months Six Months Year
Ended Ended Ended
31/10/16 31/10/15 30/04/16
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Profit before income
tax 924 478 1,059
Depreciation charges 55 14 63
Profit on disposal of (3) - -
fixed assets
Finance income (1) (1) (2)
Decrease in inventories 37 103 185
(Increase)/decrease
in trade and other receivables (22) 25 516
Increase/(decrease)
in trade and other payables 394 (94) (146)
----------- ----------- ----------
1,384 525 1,675
----------- ----------- ----------
8. RELATED PARTY DISCLOSURES
M W Hindmarch, a non-executive director, of Best of the Best Plc. During the period ended 31 October 2016 payments were made to him in respect of consultancy services totalling GBP6,000 (2015: GBP6,000).
On 5 September 2016 Colin Hargrave, a non-executive director, exercised options over 10,000 ordinary shares under an unapproved share option scheme. These shares were exercised at GBP0.38 per share and on that day the share price was GBP2.26.
9. 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 50.29% of the issued share capital at the balance sheet date.
10. 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 2016.
The statutory accounts for the financial year ended 30 April 2016 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
IR GGUUAGUPMGCM
(END) Dow Jones Newswires
January 18, 2017 02:00 ET (07:00 GMT)
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