7 Nov 2018 07:00
Best of the Best plc
("Best of the Best", "BOTB", "the Company" or "the Group")
Trading Update and Notice of Results
Best of the Best PLC, (LSE: BOTB) the online organiser of weekly competitions to win cars and other lifestyle prizes, is pleased to announce that trading for the six months ended 31 October 2018 has been encouraging, with revenues and profits before tax generated tracking ahead of market expectations for the current financial year. Revenues are now almost entirely attributable to online sales, with only one physical site remaining at Birmingham Airport.
The Company is pleased to have been able to deliver a solid performance in the first half of the financial year, despite absorbing the burden of increased taxes as a result of the requirement to move from VAT to paying Remote Gaming Duty (RGD) in 2017. The Board notes, however, that as announced in the recent Budget, RGD is due to increase to from 15 to 21 per cent. from 1 October 2019. The Board will be taking steps to minimise the impact of this tax increase and will aim to maintain margins and profit growth over subsequent reporting periods.
Notice of Results
The results for six months ended 31 October 2018 are expected to be announced on 30 January 2019 and the Directors look forward to updating shareholders with further details at that time.
Enquiries:
Best of the Best plc | William Hindmarch, Chief Executive Rupert Garton, Commercial Director | T: 020 7371 8866 |
KTZ Communications | Katie Tzouliadis | T: 020 3178 6378 |
finnCap Ltd (Nominated Adviser & Broker)
| Carl Holmes (Corporate Finance) Anthony Adams (Corporate Finance) Alice Lane (ECM)
| T: 020 7220 0500 |
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.