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20 Jun 2019 | 09:24

Best of the Best profits surge amid transition to online-only business

Online competition group Best of the Best saw profits surge as the company's transition to an online-only business underpinned performance.

Pre-tax profit for the 12 months through April rose to £4.7m from £3.6m a year earlier, and revenue increased 14.4% to £14.81m.

Online sales during the period accounted for £14.3m of revenue, about 97% of the total. 'I am pleased to report continued solid progress with an encouraging set of final results showing both increased revenues and profits before tax, both of which are slightly ahead of management's expectations. The transformation to become a pure online business is largely complete and has been a success, giving us more flexibility and focus, as well as efficiency and cost savings,' William Hindmarch, Chief Executive. 'We continue to increase our marketing investment across all acquisition and retention channels and look forward to updating shareholders with further progress in due course.'

At 9:24am: (LON:BOTB) Best Of The Best Plc share price was +4p at 315p

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