Online competitions operator Best of the Best (BOTB:AIM) saw its shares price surge on Thursday after it raised profit expectations.

‘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’, said William Hindmarch, chief executive officer.

The AIM-listed company saw revenue soar to £22.1 million in the six months to the end of October, up from £7.6 million in 2019. Pre-tax profit before tax leapt from £1.38 million to £6.8 million, sending investors wild and the share price soaring nearly 40% to £21.45.

BUYOUT TALKS CONTINUE

Today’s upbeat news from the popular retail investor stock continued a long line of positive updates over the past year.

The company, which organises online competitions with ‘Dream Cars’ and luxury lifestyle prizes up for grabs, put itself up for sale in June 2020, attracting several potential buyers to take a long, hard look at the company.

CEO Hindmarch said that the board, together with its advisers, continues to hold discussions with interested parties who are analysing company data, although he admitted that the Covid-19 pandemic has slowed the decision-making process.

Hindmarch said he ‘looks forward to keeping shareholders updated in due course.’

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Issue Date: 14 Jan 2021