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.
“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.