16 Sep 2020 07:00
Best of the Best PLC
("BOTB" or the "Company")
AGM Statement
Best of the Best PLC, (LSE: BOTB) the online organiser of weekly competitions to win cars and other lifestyle prizes, is pleased to provide the following update on trading ahead of its Annual General Meeting to be held at 12.00 noon today.
Trading update
Trading for the year to date has been stronger than expected at the time of the Company's final results (as announced on 15 June 2020). The momentum that built through the previous financial year has been maintained, resulting in a strong performance for the first four months of the new financial year and is expected to continue. This leads the Board now to expect both revenue and profits for the full year ended 30 April 2021 to be ahead of previous management expectations. As previously announced, the Company launched a new additional 'Midweek' car competition in May, alongside it's existing Dream Car and Lifestyle competitions. This, in combination with sustained investment in marketing and customer acquisition has delivered increased customer activity and a broader customer base. The Company also continues to reap the benefits of it's transformation to a wholly online operation.
Update on FSP
The Company, together with its advisers, has been in discussions with a number of interested parties, from a number of sector verticals, since the commencement of the formal sales process on 17 June 2020. Additional information and management access has been provided to selected interested parties. These discussions have resumed after the summer holiday period, which naturally saw a slowdown in activity. The Board wishes to be clear that the strategic review includes considering a potential sale of the Company, but there can be no certainty that an offer will be forthcoming or as to the terms of any such offer.
The Board looks forward to keeping shareholders updated in due course.
Enquiries:
Best of the Best plc | William Hindmarch, Chief Executive Rupert Garton, Commercial Director | T: +44 (0)20 7371 8866 |
Buchanan (Public Relations & Press) | Chris Lane Toto Berger Charlotte Slater | T: +44 (0)20 7466 5000 |
Oakvale Capital (Financial Adviser) | Daniel Burns
| T: +44 (0)20 7580 3838 E: daniel@oakvalecapital.com
|
Kieran Davey
| E: kieran@oakvalecapital.com
| |
finnCap (Rule 3 Adviser, Nominated Adviser and Broker) | Corporate Finance Carl Holmes Kate Bannatyne Teddy Whiley Alice Lane | T: +44 (0)20 7220 0500 |
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.