We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 : 6189L
Best of the Best PLC
14 January 2021
Best of the Best plc
("Best of the Best", "BOTB", "the Company" or "the Group")
Interim results for the six months ended 31 October 2020
Best of the Best plc runs competitions online to win cars and other prizes.
Online-only model and efficient marketing investment drive ongoing revenue and profit growth
Financial Highlights:
-- Total revenue for the six months GBP22.09 million (2019: GBP7.60 million) -- Profit before tax GBP6.80 million (2019: GBP1.38 million) -- Earnings per share 59.84p (2019: 12.40p)
-- Net assets of GBP6.75 million (2019: GBP2.26 million), substantially underpinned by property and cash
-- Cash balances of GBP11.18 million at 31 October 2020 with no borrowings
Operational Highlights:
-- Strong performance reflects the move to a pure online model, with continued growth in customer acquisition, enhanced content creation and IT investment
-- New Midweek Car Competition added -- Ticket prices reduced and Dream Car Competition prizes enhanced
William Hindmarch, Chief Executive, said:
"These strong results reflect our successful move to a pure online model together with our increased confidence in marketing investment as we look to accelerate growth.
Sales momentum since the period end has been encouraging, and we expect pre-tax profits for the full year to be materially ahead of management's expectations. We look forward to updating shareholders with further progress in due course."
Enquiries:
Best of the Best plc William Hindmarch, Chief T: 020 7371 Executive 8866 Rupert Garton, Commercial Director Buchanan Chris Lane T: 020 7466 Toto Berger 5000 Charlotte Slater Oakvale Capital Daniel Burns T: 0207 580 (Financial Adviser) Kieran Davey 3838 finnCap Corporate Finance T: 020 7220 (Nominated Adviser and Carl Holmes 0500 Broker) Kate Bannatyne ECM Alice Lane
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014 Please visit www.botb.com for further information
Chief Executive's Statement
Over the past few years the Company has cautiously but actively reduced the estate of physical sites upon which it was originally established 20 years ago. Having previously traded from up to twenty-six airport and shopping centre locations, the business has completed its evolution and now operates entirely online.
The financial results for the first half reflect the benefits of our successful transition to an online only model, with a reduced cost base and improved capital efficiency. I am particularly pleased with the smooth and measured way in which this transition has been executed, with no loss of overall revenue or unwelcome exceptional costs.
With the transition now complete, the Company is benefitting from a very effective and scalable platform from which it can continue to leverage its brand, supplier relationships and the proprietary systems, software and database it has developed.
Whilst growing our investment in new customer acquisition, alongside improving the products and experience we offer existing players, BOTB has invested in increasing the range of competitions and prizes. I am pleased with the growth delivered in the year to date and how well positioned the business is for the future.
Interim Results
Revenue for the six months ended 31 October was GBP22.09 million (2019: GBP7.60 million). Profit before tax was GBP6.80 million (2019: GBP1.38 million) with earnings per share increasing to 59.84p (2019: 12.40p).
Net assets at 31 October 2020 stood at GBP6.75 million underpinned by cash balances at the period end of GBP11.18 million and our 967-year leasehold office properties in London, valued at GBP0.95 million. The Group has no borrowings.
Competitions, Strategy & CRM
Both our 'Dream Car' and 'Lifestyle' competitions delivered encouraging results and during the period we have added a new Midweek Car Competition, offering a more focused selection of the most popular lower-priced prizes. More recently, the ticket prices in our car competitions have been materially reduced and all cars in the Dream Car Competition are now awarded together with GBP50,000 in cash as standard.
The Lifestyle Competition, which features luxury watches, motorbikes, holidays, other gadgets/technology and cash prizes, continued to perform well showing the benefits of considered diversification. The wide range of prizes in the Lifestyle Competition, with entry prices starting at just 15p, has also significantly broadened our addressable market.
The weekly 'In The Headlights' edits, our YouTube car reviews and other social channel automotive content continue to provide valuable engagement with players. This activity has recently been bolstered by a new 'Under the Hood' section of the website, showcasing recent car winners and prize collections, in-house car reviews, and other editorial content.
BOTB has built a substantial and valuable database, which not only supports its existing competitions, but also offers interesting opportunities for new products and strategic partnerships, which are currently under review.
New player acquisition
We continued to invest confidently to attract new customers to our increased range of competitions and content, through a wide array of digital marketing channels, as well as TV, Radio, Print and PR. Encouraging revenue growth has been delivered by an enlarged in-house marketing team, deploying constantly updated, dynamic and creative content at a granular level across all channels. This has also delivered increasingly efficient customer acquisition metrics.
Social media continues to be a core marketing and community channel, driving both customer acquisition and contributing to brand awareness. We now have a Facebook following of over 350,000 alongside 240,000 Instagram users, actively engaged with our unique content. Traditional media is also used to maximise the Company's exposure to a wide range of demographics, including our 'traditional' airport customer. Investment in print and PR continues to secure frequent coverage of weekly winners and is working well to positively strengthen and promote the BOTB brand.
All investment in this area is carefully analysed on the cost per acquisition of a new customer, versus their lifetime value. This metric, which is tracked in considerable detail across the various channels, is critical in our decision making on where and how we continue to grow our marketing budget in the year ahead.
IT development
There have been numerous iterative changes to the system architecture and website during the period, all aimed at incremental improvements in the user experience of new and existing customers. Our in-house team of developers work to a fortnightly deployment schedule with new code being released regularly and consistently, using AB split testing to refine and roll out new functionality.
Also during the period our native iOS App was soft launched, with the native Android app to follow shortly. Our marketing team is poised to promote both of these apps to our customers as a simpler way to enter our competitions with a richer user experience.
Dividends
In line with various previous distributions, as the Company continues to be profitable, cash generative and benefits from a robust balance sheet, the Board is also pleased to declare the return of approximately GBP3.75 million to shareholders by way of a special dividend (the "Special Dividend") of 40.0p per ordinary share.
The Special Dividend will be paid on 5(th) February 2021 to shareholders on the register at the close of business on 22nd January 2021. The ex-dividend date is 21(st) January 2021. Following the payment of the Special Dividend the Company will retain working capital cash balances in excess of GBP7.0 million, which the Directors consider to be sufficient working capital to fund the Company's activities over the next 12 month period.
Update of FSP
The Company, together with its advisers, remains in ongoing discussions with interested parties from a number of sector verticals and including private equity, who are reviewing information in a data room and having management team meetings. These discussions are continuing despite the renewed constraints of Covid-19, though the related restrictions are naturally impacting the speed of discussions and decision making. The Board wishes to reiterate that there can be no certainty that an offer will be forthcoming or as to the terms of any such offer and looks forward to keeping shareholders updated in due course.
Outlook
The first half of the year has delivered encouraging sales and profits growth, and importantly, we also completed the transition to an online-only business which has driven a step change in growth. This momentum has continued since the period end and, as a result, the Board now expects full year pre-tax profits to materially exceed management expectations.
With the Group well-positioned for the remainder of the financial year and beyond, the Board remains confident about the prospects for the business. I look forward to updating shareholders with further progress in due course.
William Hindmarch
Chief Executive
14 January 2021
BEST OF THE BEST PLC Unaudited Consolidated Income Statement For the Six Months Ended 31 October 2020 ___________________________________________________________________________________________________ Six Months Six Months Ended 31/10/20 Ended 31/10/19 Year Ended Unaudited Unaudited 30/04/20 Audited Notes GBP'000 GBP'000 GBP'000 Revenue 2 22,088 7,604 17,789 Cost of sales (8,206) (3,033) (7,267) ---------------- ---------------- ------------ GROSS PROFIT 13,882 4,571 10,522 Administrative expenses (7,083) (3,192) (6,328) OPERATING PROFIT 6,799 1,379 4,194 Finance income 1 4 11 ---------------- ---------------- ------------ PROFIT BEFORE TAX 6,800 1,383 4,205 Tax (1,188) (220) (687) ---------------- ---------------- ------------ PROFIT FOR THE PERIOD AND TOTAL COMPREHENSIVE INCOME 5,612 1,163 3,518 ================ ================ ============ Profit and total comprehensive income attributable to: Owners of the parent 5,612 1,163 3,518 ---------------- ---------------- ------------ Profit on earnings per share expressed in pence per share: 3 Basic from continuing operations 59.84 12.40 37.51 Diluted from continuing operations 59.39 12.39 37.44 BEST OF THE BEST PLC Unaudited Consolidated Statement of Financial Position As at 31 October 2020 _________________________________________________________________________________________________ Six Months Six Months Ended 31/10/20 Ended 31/10/19 Year Ended Unaudited Unaudited 30/04/20 Audited Notes GBP'000 GBP'000 GBP'000 ASSETS NON-CURRENT ASSETS Development costs 157 70 81 Property, plant and equipment 1,098 1,106 1,086 Deferred tax - 3 3 --------------- --------------- ------------ 1,255 1,179 1,170 CURRENT ASSETS Trade and other receivables 105 111 376 Cash and cash equivalents 11,183 3,238 5,210 --------------- --------------- ------------ 11,288 3,349 5,586 TOTAL ASSETS 12,543 4,528 6,756 =============== =============== ============ EQUITY SHAREHOLDERS' EQUITY Called up share capital 469 469 469 Share premium 199 199 199 Capital redemption reserve 237 237 236 Foreign exchange reserve 20 26 27 Retained earnings 5,824 1,327 2,369 --------------- --------------- ------------ TOTAL EQUITY 6,749 2,258 3,300 =============== =============== ============ LIABILITIES CURRENT LIABILITES Trade and other payables 4,610 2,061 3,004 Tax payable 1,184 209 452 TOTAL LIABILITIES 5,794 2,270 3,456 =============== =============== ============ TOTAL EQUITY AND LIABILITIES 12,543 4,528 6,756 =============== =============== ============ BEST OF THE BEST PLC Unaudited Consolidated Statement of Changes in Equity For the Six Months Ended 31 October 2020 Called up share Retained Share capital earnings premium GBP'000 GBP'000 GBP'000 Balance at 1 May 2019 469 352 199 -------- -------------- -------- Dividends - (1,501) - -------- -------------- -------- Transactions with owners - (1,501) - -------- -------------- -------- Profit for the year - 3,518 - Total comprehensive income - 3,518 - -------- -------------- -------- Balance at 30 April 2020 469 2,369 199 -------- -------------- -------- Dividends - (2,157) - -------- -------------- -------- Transactions with owners - (2,157) - -------- -------------- -------- Profit for the period - 5,612 - Total comprehensive income - 5,612 - -------- -------------- -------- Balance at 31 October 2020 469 5,824 199 ======== ============== ======== Capital Foreign redemption exchange Total reserve reserves equity GBP'000 GBP'000 GBP'000 Balance at 1 May 2019 237 26 1,283 ----------- --------- -------- Issue of share capital Dividends - - (1,501) ----------- --------- -------- Transactions with owners - - (1,501) ----------- --------- -------- Profit for the year - - 3,518 Total comprehensive income - - 3,518 ----------- --------- -------- Balance at 30 April 2020 237 26 3,300 ----------- --------- -------- Dividends - - (2,157) ----------- --------- -------- Transactions with owners - - (2,157) ----------- --------- -------- Profit for the period - (6) 5,606 Total comprehensive income - (6) 5,606 ----------- --------- -------- Balance at 31 October 2020 237 20 6,749 =========== ========= ======== BEST OF THE BEST PLC Unaudited Consolidated Statement of Changes in Equity For the Six Months Ended 31 October 2020 Called up share Retained Share capital earnings premium GBP'000 GBP'000 GBP'000 Balance at 1 May 2019 469 352 199 ----------- --------- -------- Dividends - (188) - ----------- --------- --------
Transactions with owners - (188) - Profit for the period - 1,163 - ----------- --------- -------- Total comprehensive income - 1,163 - ----------- --------- -------- Balance at 31 October 2019 469 1,327 199 ----------- --------- -------- Capital Foreign redemption exchange Total reserve reserves Equity GBP'000 GBP'000 GBP'000 Balance at 1 May 2019 237 26 1,283 ----------- --------- -------- Dividends - - (188) ----------- --------- -------- Transactions with owners - - (188) ----------- --------- -------- Profit for the period - - 1,163 Total comprehensive income - - 1,163 ----------- --------- -------- Balance at 31 October 2019 237 26 2,258 =========== ========= ======== BEST OF THE BEST PLC Unaudited Consolidated Cash Flow Statement For the Six Months Ended 31 October 2020 ________________________________________________________________________________________________ Six Months Six Months Ended 31/10/20 Ended 31/10/19 Year Ended Unaudited Unaudited 30/04/20 Audited Cash flows from operating activities Notes GBP'000 GBP'000 GBP'000 Cash generated from operations 5 8,697 1,362 4,892 Tax paid (455) (410) (644) ----------------- ----------------- ------------- Net cash from operating activities 8,242 952 4,248 Cash flows from investing activities Purchase of intangible fixed assets (78) (63) (76) Purchase of tangible fixed assets (35) (12) (18) Sale of tangible fixed assets - - - Interest received 1 4 11 ----------------- ----------------- ------------- Net cash from investing activities (112) (71) (83) Cash flows from financing activities Equity dividends paid (2,157) (188) (1,500) Net cash from financing activities (2,157) (188) (1,500) ----------------- ----------------- ------------- Increase in cash and cash equivalents 5,973 693 2,665 Cash and cash equivalents at beginning of period 5,210 2,545 2,545 ----------------- ----------------- ------------- Cash and cash equivalents at end of period 11,183 3,238 5,210 ================= ================= =============
BEST OF THE BEST PLC
Notes to the Interim Financial Statements
For the Six Months Ended 31 October 2020
1. BASIS OF PREPARATION
These condensed interim financial statements are for the six months ended 31 October 2020. 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 2020.
The Group is listed on the AIM market 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 2020.
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 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 Months Six Months Ended Ended Year Ended 31/10/20 31/10/19 30/04/20 Unaudited Unaudited Audited Profit and basic and diluted earnings attributable to the owners of the 5,611,363 GBP1,163,137 GBP3,517,626 parent Weighted average number of ordinary shares 9,377,253 9,377,253 9,377,253 Basic earnings per share 59.84p 12.40p 37.51p Adjusted weighted average number of ordinary shares 9,448,550 9,386,867 9,394,296 Diluted earnings per share 59.39p 12.39p 37.44p
BEST OF THE BEST PLC
Notes to the Interim Financial Statements
For the Six Months Ended 31 October 2020
4. DIVIDS
A Special Dividend of 20.0 pence per ordinary share was paid on 10 July 2020 to shareholders on the register at the close of business on 26 June 2020.
A final dividend of 2.0 pence per ordinary share for the full year ending 30 April 2020 was paid on 02 October 2020 to shareholders on the register at 18 September 2020.
A Special Dividend of 40.0 pence per ordinary share will be paid on 5 February 2021 to shareholders on the register at the close of business on 22 January 2021. The ex-dividend date is 21 January 2021.
5. CASH GENERATED FROM OPERATIONS Six Months Six Months Year Ended 31/10/20 Ended 31/10/19 Ended 30/04/20 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 Profit before income tax 6,800 1,383 4,205 Depreciation and amortisation charges 25 25 53 Finance income (1) (4) (11) Decrease / (increase) in trade and other receivables 270 49 (215) Increase / (decrease) in trade and other payables 1,603 269 1,212 (Decrease) / increase in provisions - (360) (352) 8,697 1,362 4,892 ---------------- ---------------- ---------------- 6. 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 2020, payments were made to him totalling GBP10,000 (GBP6,000 for the six months ended 31 October 2019) in respect of consultancy services provided.
7. 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, by virtue of his controlling shareholding at the statement of financial position date.
8. 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 2020.
The statutory accounts for the financial year ended 30 April 2020 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 news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
IR BIGDBLBBDGBX
(END) Dow Jones Newswires
January 14, 2021 02:00 ET (07:00 GMT)
1 Year Best Of The Best Chart |
1 Month Best Of The Best Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions