British firm Best of the Best PLC (LON: BOTB) is the top performer so far on Thursday as its revenue soared and the company raised profit expectations.
The online car competitions company’s revenue jumped to £22.09 million in the six months ended the 21st of October, 2020, a rise of £7.6 million compared to the same period the previous year while its profit before tax was £6.8 million compared to £1.38 million in 2019. Earnings per share were 59.84p compared with 12.40p in 2019.
“These strong results reflect our successful move to a pure online model together with our increased confidence in marketing investment as we look to accelerate growth,” said William Hindmarch, BOTB’s Chief Executive.
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“Sales momentum since the period end has been encouraging, and we expect pre-tax profits for the full year to be materially ahead of management’s expectations. We look forward to updating shareholders with further progress in due course,” added Hindmarch.
BOTB declared a dividend of 40p per share to be paid on the 5th of February with the ex-dividend date on the 21st of January.
With encouraging sales and profits growth and completing the transition to an online-only business, the BOTB board said it now expects full-year pre-tax profits to materially exceed management expectations.
BOTB shares are currently trading 35% higher at 2110p.