20th Jun 2018 09:42
LONDON (Alliance News) - Best of the Best PLC said Wednesday it has recorded increased profit in its most recent financial year after it made a number of changes to its business.
Best of the Best runs competitions to win prizes and will move to being an exclusively online business "in the near future".
In its year ended April 30 the company's pretax profit was GBP1.6 million, up 6% from GBP1.5 million the year before.
The profit increase was due largely to revenue growth, which climbed to GBP12.9 million from GBP10.8 million, as a result of a new price structure.
Best of the Best introduced new prizes and lowered the prices of its competitions; these changes produced more customers and retained old ones, according to the company.
The company said all costs, particularly rent and staff expenditures in physical stores, increased significantly and this prompted the move online. Best of the Best's administrative expenses totalled GBP5.8 million, up from GBP5.4 million.
Online revenue represented GBP10.9 million of total revenue and like-for-like online revenue grew 23% to GBP10.3 million from GBP8.4 million.
The company has declared a final dividend of 1.5 pence, up from 1.4p the previous year. It will also pay a 4.5p special dividend.
"I am pleased to report continued progress with a solid set of preliminary results...slightly ahead of management's expectations," said Chief Executive William Hindmarch.
"We are well placed to make progress in the next financial year, which has had a positive start," he added.
Shares in Best of the Best were up 3.6% at 285.00p on Monday morning.
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