Best of the Best plc : - Interim Results 2012

Key points

• Revenue from continuing operations increased 11.2 per cent to £2.67 million (2010: £2.41 million
• Loss before tax from continuing operations £0.12 million (2010 profit: £0.17 million)
• Current cash balance of £1.1 million
• Net Assets of £4.08 million (2010: £4.24 million)
• Extended trials at shopping centres on going, with three new site openings planned imminently
• Airport refurbishments continue with new lightweight, flexible stand designs
• Encouraging trends in acquisition, conversion and frequency of online players
• Tender Offer completed in November 2011, resulting in £1.18m being returned to shareholders

William Hindmarch, Chief Executive, said:

"Although it is disappointing to report a loss in the first half of the financial year, as the business continues to adjust to the impact of the loss of BAA contracts, I am pleased with the overall progress we have made. We have experienced encouraging trading from our three trial shopping centre sites, and we have a further three sites due to commence trading in the next two months.

The Company has taken considerable steps to reduce the overhead of the business in line with its reduced income, in order to restore profitability following the loss of five BAA contracts, and will benefit from the increased revenues from its new site openings. Following the tender offer in November 2011, the balance sheet remains strong with a cash balance in excess of £1.1 million, and the Company is well placed to take advantage of opportunities to open new physical locations and invest in the online business."