News blog

Best of the Best

• BY: Andrew Hore |
• POSTED: 13/06/2013 |

Competitions organiser Best of the Best returned to profit and generated cash in the year to February 2013 and there is a potential VAT rebate of up to £2.2m.

Best of the Best has managed to prosper after a tough time following the loss of a number of BAA sites for its supercar competition. The competition cycle has been shortened so there are more winners. The company trades from eight airport sites and two shopping centres – Westfield Shepherds Bush and Westfield Stratford. Like-for-like revenues from these continuing sites were 10.5% higher. Online revenues were 46.5% higher and there are a range of ticket prices available. David Coulthard will continue to be the brand ambassador.

Revenues increased 15% to £6.45m with all of the growth coming from online sales. A £216,000 loss was turned into a £120,000 profit. Net cash increased from £1.1m to £1.95m, helped by a sharp reduction in inventories.

The dividend is being increased from 0.8p a share to 1p a share.

At 28.25p a share, up 3.75p, Best of the Best is valued at £2.65m. That is lower than the net asset value of £2.77m. This does not include a claim for overpaid VAT of £2.2m, excluding expenses. There is no certainty that any repayment will be received.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJune2013_45.pdf