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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 |
TIDMBOTB
RNS Number : 3915D
Best of the Best PLC
31 January 2018
Best of the Best plc
("Best of the Best", "BOTB", "the Company" or "the Group")
Interim results for the six months ended 31 October 2017
Best of the Best runs competitions to win cars both online and at retail locations
Key Highlights for the six months
-- Revenue of GBP5.54 million (2016: GBP5.52 million) -- Profit before tax increased to GBP0.95 million (2016: GBP0.92 million)
-- Net assets of GBP1.83 million (2016: GBP2.22 million) underpinned by GBP3.0 million of cash and property
-- Cash balances of GBP2.05 million (2016: GBP2.28 million) with no debt -- Online revenues increased by 6.8% to GBP4.44 million (2016: GBP4.16 million) -- Online revenues represented 82.0% (2016: 75.4%) of total revenue in the period -- Earnings per share of 7.67 pence (2016: 7.5 pence)
-- Special dividend of 7.5 pence per share (GBP0.74 million) to be paid on 23 February 2018
-- Growing investment in online marketing to increase player acquisition, with encouraging numbers of new customers
William Hindmarch, Chief Executive, said:
"I am pleased to announce a solid set of interim results versus a strong performance in the comparable period last year.
Our marketing investment has continued to grow, leading to a healthy growth in online sales which now represent 82% of all revenues.
We are attracting encouraging numbers of new customers through a considered marketing program encompassing airport sites, all forms of digital marketing, TV and radio.
The business is well placed for future growth and is trading in line with management expectations. We look forward to updating shareholders on progress in due course."
Enquiries:
Best of the Best William Hindmarch, T: 020 7371 plc Chief Executive 8866 Rupert Garton, Commercial Director finnCap Carl Holmes - Corporate T: 0207 220 Finance 0500 Anthony Adams - Corporate Finance Andrew Burdis - Corporate Broking 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.
Results
Revenue for the six months ended 31 October 2017 was GBP5.54 million (2016: GBP5.52 million) and profit before tax rose to GBP0.95 million (2016: GBP0.92 million). The Company generated GBP0.69 million of operating cash flow. Net assets at 31 October 2017 stood at GBP1.83 million (2016: GBP2.22 million), underpinned by cash balances of GBP2.05 million (2016: GBP2.28 million) and our 967 year leasehold office properties valued at GBP0.95 million. Current cash balances stand at approximately GBP2.6 million.
As previously announced, BOTB noted the VAT decision given by the Supreme Court in favour of Sportech PLC on 8 December 2016, where the Supreme Court refused Her Majesty's Revenue & Customs ("HMRC") permission to appeal the Court of Appeal's unanimous decision regarding its VAT repayment claim on the "Spot the Ball" game. This resulted in a successful VAT reclaim by Sportech (the "Sportech Claim").
The Company submitted a protective claim in 2013 to recover overpaid VAT, and following the Supreme Court decision and after taking further specialist legal and tax advice, BOTB submitted a top-up claim. Combined with the original claim, the Company has now submitted claims totalling GBP4.5m (exclusive of professional fees, expenses and tax) to HMRC to recover VAT paid over an eight year period on its own "Spot the Ball" game, and is awaiting a response from HMRC. It is not certain that the Company will receive any repayment from HM Revenue & Customs, but we will update shareholders as this matter progresses.
Dividends
A special dividend of 6.5 pence per share was paid to shareholders on 30 June 2017 and a dividend in respect of the full year ended 30 April 2017 of 1.4 pence per share was paid to shareholders on 22 September 2017. As in prior years, the Directors expect to propose a final dividend for the financial year ending 30 April 2018, subject to the Company's trading performance, and to maintain a progressive dividend policy.
As the Company continues to be profitable, cash generative and benefits from a robust balance sheet the Company is also pleased to declare the return of approximately GBP0.75m to shareholders by way of a Special Dividend (the "Special Dividend") of 7.5 pence per ordinary share. Following the payment of the Special Dividend the Company will retain cash balances in excess of GBP1.5m which the Directors consider to be sufficient working capital to fund its activities over the next 12 month period. The Special Dividend will be paid on 23 February 2018 to shareholders on the register at the close of business on 9 February 2018. The Ex-dividend date is 8 February 2018.
Pricing
During the period and subsequently we have made significant changes to our pricing model. It has been our ambition, as we move to an almost exclusively online business, to reduce ticket prices and to widen our addressable market.
Prices have been reduced by over 50%, driven by a desire to reduce the high perceived cost of tickets. Our previous targeted weekly sales were restricting customer choice, so the new prices both assist player acquisition and make the aspirational cars that existing players really want to win much more accessible. The effect of these pricing changes has been encouraging, further facilitating our marketing efforts and increasing revenues from both new and existing customers. At the same time, we have improved the cash alternatives offered in lieu of taking the car as a prize and made their availability much more prominent.
The overall results have been positive, and with prize costs having increased a little as expected, we have been working on a number of initiatives to maintain margins going forward.
New Competitions
As well as our weekly Dream Car competition, we have recently launched a new weekly competition to win cash prizes of GBP5,000 and GBP10,000 for as little as 25 pence. This remains at a trial stage but we will be further experimenting by extending competitions into other popular categories such as watches and motorbikes. We anticipate that this will broaden the offering to our existing customers, as well as provide differing products through which to acquire new customers.
New Player Acquisition
Whilst a smaller part of the business, we continue to trade from six airport sites at Gatwick North & South, Manchester, Birmingham, Edinburgh and Dublin, and from one shopping centre site at Westfield London. The physical sites continue to contribute to wider brand and product awareness, although they have become increasingly profit neutral as a channel for customer acquisition. We will continue to carefully assess the relative efficiency and profitability of our physical channels, on a site by site basis.
Our online marketing investment to acquire new players continues to increase. We now have 210,000 Facebook followers, 46,000 Instagram followers and 20,000 YouTube subscribers. We have also recently launched BOTB TV, our weekly roundup of car and winner related news which is distributed on YouTube. All of these initiatives, combined with the use of social media influencers, TV and radio advertising have led to an extension in the BOTB community, growth in brand recognition and increased awareness of our competitions.
Whilst carefully monitoring the cost of acquiring new players through the many digital and physical channels which we employ, and analysing the returns throughout the customer lifetime, we continue to experience encouraging metrics for new player growth, increased site visits and ultimately in online revenues.
Outlook
We hope to build on the solid start to the financial year and continue the momentum into the second half. Trading remains in line with management expectations for the full year and I look forward to updating shareholders on further progress in due course.
William Hindmarch
Chief Executive
31 January 2018
BEST OF THE BEST PLC Unaudited Consolidated Income Statement For the Period Ended 31 October 2017 ___________________________________________________________________________________________________ Six Months Six Months Ended Ended Year Ended 31/10/17 31/10/16 30/04/17 Unaudited Unaudited Audited Notes GBP'000 GBP'000 GBP'000 Revenue 3 5,541 5,519 10,812 Cost of sales (1,838) (1,874) (3,864) -------------- -------------- -----------------
GROSS PROFIT 3,703 3,645 6,948 Administrative expenses (2,758) (2,722) (5,436) -------------- -------------- ----------------- OPERATING PROFIT 945 923 1,512 Finance income - 1 1 -------------- -------------- ----------------- PROFIT BEFORE TAX 945 924 1,513 Tax (169) (165) (118) -------------- -------------- ----------------- PROFIT FOR THE PERIOD 776 759 1,395 ============== ============== ================= OTHER COMPREHENSIVE INCOME Items that may be reclassified to profit or loss Exchange differences on translating foreign operations (16) - 25 -------------- -------------- ----------------- OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX 760 759 1,420 -------------- -------------- ----------------- Profit attributable to: Owners of the parent 776 759 1,395 -------------- -------------- ----------------- Total comprehensive income attributable to: Owners of the parent 760 759 1,420 -------------- -------------- ----------------- Profit on earnings per share expressed in pence per share: 4 Basic from continuing operations 7.67 7.50 13.78 Diluted from continuing operations 7.65 7.47 13.74 BEST OF THE BEST PLC Unaudited Consolidated Statement of Financial Position 31 October 2017 _________________________________________________________________________________________________ Six Months Six Months Ended Ended Year Ended 31/10/17 31/10/16 30/04/17 Unaudited Unaudited Audited Notes GBP'000 GBP'000 GBP'000 ASSETS NON-CURRENT ASSETS Development costs 145 376 178 Property, plant and equipment 1,244 1,433 1,357 Investments 70 70 70 Deferred tax 21 53 37 ---------- ---------- ------------ 1,480 1,932 1,642 CURRENT ASSETS Trade and other receivables 265 191 245 Tax receivables - 5 - Cash and cash equivalents 2,045 2,277 2,106 ---------- ---------- ------------ 2,310 2,473 2,351 TOTAL ASSETS 3,790 4,405 3,993 ========== ========== ============ EQUITY SHAREHOLDERS' EQUITY Called up share capital 506 506 506 Share premium 179 179 179 Capital redemption reserve 198 198 198 Foreign exchange reserve 6 - 25 Retained earnings 938 1,338 962 ---------- ---------- ------------ TOTAL EQUITY 1,827 2,221 1,870 ========== ========== ============ LIABILITIES CURRENT LIABILITES Trade and other payables 1,578 1,842 1,718 Tax payable 365 342 275 Provisions 20 - 130 ---------- ---------- ------------ TOTAL LIABILITIES 1,963 2,184 2,123 ========== ========== ============ TOTAL EQUITY AND LIABILITIES 3,790 4,405 3,993 ========== ========== ============ BEST OF THE BEST PLC Unaudited Consolidated Statement of Changes in Equity For the Period Ended 31 October 2017 Called up share Retained Share capital earnings premium GBP'000 GBP'000 GBP'000 Balance at 1 May 2016 505 711 176 ----------- --------- ---------- Issue of share capital 1 - 3 Dividends - (1,144) - ----------- --------- ---------- Transactions with owners 1 (1,144) 3 ----------- --------- ---------- Profit for the year - 1,395 - Other comprehensive income: Exchange differences on translating - - - foreign operations ----------- --------- ---------- Total comprehensive income - 1,395 - ----------- --------- ---------- Balance at 30 April 2017 506 962 179 ----------- --------- ---------- Issue of share capital - - - Dividends - (800) - ----------- --------- ---------- Transactions with owners - (800) - ----------- --------- ---------- Profit for the period - 776 - Other comprehensive income: Exchange differences on translating - - - foreign operations ----------- --------- ---------- Total comprehensive income - 776 - ----------- --------- ---------- Balance at 31 October 2017 506 938 179 =========== ========= ========== Capital Foreign redemption exchange Total reserve reserves equity GBP'000 GBP'000 GBP'000 Balance at 1 May 2016 198 - 1,590 ----------- ------------- ------------ Issue of share capital - - 4 Dividends - - (1,144) ----------- ------------- ------------ Transactions with owners - - (1,140) ----------- ------------- ------------ Profit for the year - - 1,395 Other comprehensive income: Exchange differences on translating foreign operations - 25 25 ----------- ------------- ------------
Total comprehensive income - 25 1,420 ----------- ------------- ------------ Balance at 30 April 2017 198 25 1,870 ----------- ------------- ------------ Issue of share capital - - - Dividends - - (800) ----------- ------------- ------------ Transactions with owners - - (800) ----------- ------------- ------------ Profit for the period - - 776 Other comprehensive income: Exchange differences on translating foreign operations - (19) (19) ----------- ------------- ------------ Total comprehensive income - (19) 757 ----------- ------------- ------------ Balance at 31 October 2017 198 6 1,827 =========== ============= ============ BEST OF THE BEST PLC Unaudited Consolidated Statement of Changes in Equity For the Period Ended 31 October 2017 Called up share Retained Share capital earnings premium GBP'000 GBP'000 GBP'000 Balance at 1 May 2016 505 711 176 Issue of share capital 1 - 3 Dividends - (132) - ----------- --------- -------- Transactions with owners 1 (132) 3 ----------- --------- -------- Profit for the period - 759 - Total comprehensive income - 759 - ----------- --------- -------- Balance at 31 October 2016 506 1,338 179 =========== ========= ======== Capital redemption Total reserve Equity GBP'000 GBP'000 Balance at 1 May 2016 198 1,590 Issue of share capital - 4 Dividends - (132) ----------- ------------- Transactions with owners - (128) ----------- ------------- Profit for the period - 759 Total comprehensive income - 759 ----------- ------------- Balance at 31 October 2016 198 2,221 =========== ============= BEST OF THE BEST PLC Unaudited Consolidated Cash Flow Statement For the Period Ended 31 October 2017 ________________________________________________________________________________________________ Six Months Six Months Ended Ended Year 31/10/17 31/10/16 Ended Unaudited Unaudited 30/04/17 Audited Cash flows from operating Notes GBP'000 GBP'000 GBP'000 activities Cash generated from operations 6 749 1,384 2,178 Tax paid (63) (47) (46) --------------- -------------- -------------- Net cash from operating activities 686 1,337 2,132 Cash flows from investing activities Purchase of intangible fixed assets (12) (109) - Purchase of tangible fixed assets (11) (37) (132) Sale of tangible fixed assets 76 12 43 Interest received - 1 1 --------------- -------------- -------------- Net cash from investing activities 53 (133) (88) Cash flows from financing activities Share issue - 3 4 Equity dividends paid (800) (132) (1,144) Net cash from financing activities (800) (129) (1,140) (Decrease) / increase in cash and cash equivalents (61) 1,075 904 Cash and cash equivalents at beginning of period 2,106 1,202 1,202 --------------- -------------- -------------- Cash and cash equivalents at end of period 2,045 2,277 2,106 =============== ============== ==============
BEST OF THE BEST PLC
Notes to the Interim Financial Statements
For the Year Ended 31 October 2017
1. BASIS OF PREPARATION
These condensed interim financial statements are for the six months ended 31 October 2017. 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 2017.
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 2017.
2. STATEMENT OF FINANCIAL POSITION RECLASSIFICATION
The Group noted in its annual financial statements to 30 April 2017 that motor vehicles on display at retail sites were previously classified as inventory on the basis that customers had the opportunity to win these vehicles and they were therefore considered to form part of the inventory of competition prizes. Competitions have changed in recent years and given the increased choice, it has become much less common for the vehicles on display to actually be taken by customers as prizes. The Directors therefore concluded that such vehicles ought to be classified as display items and as a category of plant and equipment and this accounting treatment was used in the annual financial statements to 30 April 2017.
The net amount reclassified from inventories to plant and equipment at 31 October 2016 being GBP279,000.
3. 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.
4. EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the earnings attributable to the ordinary shareholders by the weighted average number of ordinary shares outstanding during the year.
Diluted earnings per share is calculated using the weighted average number of shares outstanding during the year, adjusted to assume the exercise of all dilutive potential ordinary shares under the company's share option plans.
Six Six Months Months Year Ended Ended Ended 31/10/17 31/10/16 30/04/17 Unaudited Unaudited Audited Profit and basic and diluted earnings attributable to GBP776,346 GBP758,893 GBP1,394,731 the owners of the parent Weighted average number of ordinary shares 10,121,247 10,117,678 10,121,247 Basic earnings per share 7.67p 7.50p 13.78p Adjusted weighted average number of ordinary shares 10,145,127 10,155,915 10,151,247 Diluted earnings per share 7.65p 7.47p 13.74p 5. DIVIDENDS
A final dividend, based on the results for the year ended 30 April 2017 of 1.4p per share was paid on 22 September 2017 (30 April 2016: 1.3p).
A Special Dividend of 7.5 pence per ordinary share will be paid on 23 February 2018 to shareholders on the register at the close of business on 9 February 2018. The Ex-dividend date is 8 February 2018.
6. CASH GENERATED FROM OPERATIONS Six Months Six Months Ended Ended Year 31/10/17 31/10/16 Ended Unaudited Unaudited 30/04/17 Audited GBP'000 GBP'000 GBP'000 Profit before income tax 945 924 1,513 Depreciation and amortisation charges 123 92 317 Profit on disposal of fixed assets (30) (3) - Finance income - (1) (1) (Increase) in trade and other receivables (20) (22) (76) (Decrease) / increase in trade and other payables (140) 394 270 (Decrease) / increase in provisions (110) - 130 Exchange differences (19) - 25 ----------- ----------- ----------- 749 1,384 2,178 ----------- ----------- ----------- 7. RELATED PARTY DISCLOSURES
M W Hindmarch is considered to be a related party as he is a Non-Executive Director of the Company. During the six months ended 31 October 2017, payments were made to him totalling GBP6,000 (GBP6,000 for the six months ended 31 October 2016) in respect of consultancy services provided.
8. ULTIMATE CONTROLLING PARTY
The ultimate controlling party at the end of this interim period was W S Hindmarch, the Chief Executive Officer of the Company, who owns 50.4% of the issued share capital at the balance sheet date.
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 2017.
The statutory accounts for the financial year ended 30 April 2017 were prepared under IFRS as adopted by the EU. These accounts, upon which the auditor issued an unqualified opinion, did not include references to any matters to which the auditor 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 BLGDBLUXBGIG
(END) Dow Jones Newswires
January 31, 2018 02:00 ET (07:00 GMT)
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