Best of the Best's shares leap on strong trading update
Best of the Best the online organiser of weekly competitions to win dream cars and other luxury prizes, saw its shares jump after the company issued an upbeat trading statement.
The London-based company said its financial performance during the period had “continued to be strong”, with the impact of its online strategy and focused marketing efforts becoming “increasingly evident”.
As a result, the board said it expects to report full year profit ahead of market expectations and revenue marginally ahead of market expectations.
Since inception in 2000, BOTB leased physical sites in locations such as airports and shopping centres to acquire new players, service existing players and encourage customers to play online.
However, rental and staffing costs in these retail locations continued to increase significantly year-on-year, resulting in reduced efficiency when compared to other available channels.
The company shifted its marketing strategy to using predominantly digital media complemented by traditional advertising channels.
Best of the Best is due to report its full year numbers on 20 June.
The company’s shares rose 8.3 per cent to £2.98 in early trading in London.
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