Best of the Best PLC
02 May 2008
BEST.L
Best of the Best plc
('the Company')
Trading Update
Best of the Best PLC, which displays luxury cars as competition prizes within
airport terminals and online, is pleased to announce a trading update.
Trading Update
Revenues for the full year ended 30 April 2008 are expected to be slightly below
market expectations. Due to the high operational gearing of the business even a
small reduction in revenues will have a disproportionate impact on profits and
therefore although revenue and profit is expected to be well ahead of the year
to 30 April 2007, profits are expected to be below market expectations for the
year to 30 April 2008.
The shortfall in revenues is largely attributable to the loss in November 2007
of the site in Heathrow's Terminal 3, which we were unable to include in our new
7 year pan-airport contract due to the reconfiguration of retail space and the
expansion of security facilities. Unfortunately, although other new sites were
expected to compensate for any loss in revenues from Terminal 3, full
integration of the new sites in Copenhagen and Heathrow Terminal 5 has been
slower than expected. However, our new flagship site in Terminal 5 has been well
received and recently started to trade well despite the delay in the transfer of
flights to the new terminal. Initial trading of our first site overseas at
Copenhagen has been satisfactory from a temporary site but we look forward to
the completion of unanticipated building works in the terminal so we can install
our permanent site and it can realise its full potential.
Overall our airport sites continue to perform well, despite the tougher retail
conditions being experienced in the wider market. Having agreed terms, we are in
the process of signing a contract to open in Bristol airport and we are
continuing to explore opportunities with further overseas airports, and other
retail venues in the UK.
The results for the year ended 30 April 2008 will be released during the week
commencing 14 July 2008.
Enquiries:
Best of the Best plc William Hindmarch, T: 020 7371 8866
Chief Executive
Rupert Garton,
Commercial Director
Charles Stanley Securities Mark Taylor T: 020 7149 6000
Nominated Adviser Freddy Crossley 6
Biddicks Shane Dolan T: 020 7448 1000
This information is provided by RNS
The company news service from the London Stock Exchange
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