Best of the Best accelerates on revenues and profits update
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Shares in AIM-listed competitions operator Best of the Best (LON:BOTB) surged 40.91% to 310p (as of 12:55 GMT) after the company announced that revenues for the six months ended 31st October had climbed 28.5%. Adjusted pre-tax profits increased by 14.7% relative to the same period last year.
Chief executive William Hindmarch commented: “I am pleased to announce good progress with an encouraging set of interim results as the business continues to grow both revenues and profits. Our marketing strategy has continued to perform well and driven strong revenue numbers as well as promising growth in newly acquired customers. We have one remaining physical location at Birmingham Airport and revenues are now generated almost exclusively online.
Trading since the period end has been encouraging, with the Company well placed for future growth and currently operating ahead of management expectations for the full year. The impending increase in Remote Gaming Duty (RGD) will impact margins going forward but we are exploring options to mitigate this effect. We look forward to updating shareholders with further progress in due course“.
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