Best of the Best reported lower revenues and profits in the year to April 2010 due to the Icelandic ash cloud at the end of the period.
The company, which organises competitions to win luxury cars that it displays in airport terminals, generated revenues of £7.3m, against £7.46m last year. The main decline was in April as air travel was hit by ash clouds for a seven day period. The profit dipped from £519,000 to £480,000. House broker Charles Stanley had been expecting a profit of £600,000 earlier this year.
Cash generation was strong with the cash pile rising from £1.99m to £2.29m at the end of April 2010. However, this is still lower than the £2.41m in the bank at the end of October 2009. The dividend was increased by 9% to 1.2p a share.
At 30p a share, up 4p, Best of the Best is valued at £3.82m. That is just below the NAV of £4.28m.
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