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Best of the Best

  • BY: Andrew Hore |
  • POSTED: 04/07/2011 |

Competitions organiser Best of the Best still managed to make a profit even though it lost its lucrative BAA contract.

Revenues from continuing operations fell from £4.83m to £4.74m in the year to April 2011. Revenues from the discontinued BAA operations slumped from £2.47m to £1.83m – excluding a £750,000 termination payment. Profit from continuing operations fell from £446,000 to £74,000. The reduction in activity has helped net cash rise to £2.74m.

The final dividend has been maintained at 1.2p a share.

Best of the Best ended up retaining the BAA sites at Edinburgh and Stanstead airports and added Terminal 2 at Dublin. Other sites are being refurbished and the stock of cars used as prizes have been upgraded. The competitions have been changed and additional prizes, such as luxury watches, holidays and gadgets, added.

The company is hopeful that lowering the entry price will help to add more players. Online prices range from 50p to £20 and there are at least eight competitions at any one time. Volumes grew by one-third in the last quarter of the financial year. Online marketing spend will be increased. 

A test site will be opened in Westfield shopping centre during July. Sites will also be trialled at sporting events, including Goodwood Festival of Speed in July. There is also a franchise opportunity in South Africa.

At 17p a share, Best of the Best is valued at £1.86m. That is a discount of nearly one-third to cash and compares with a net asset value of £4.28m.

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