· Revenue increased to £45.68 million (2020: £17.79 million)
· Profit before tax of £14.06 million (2020: £4.19 million)
· Earnings per share increased to 122.52p (2020: 37.51p)
· Net assets of £8.96 million, substantially underpinned by property and cash
· Cash balances of £11.8 million at 30 April 2021 - the Group is debt free
· Proposed 5.0p Final Dividend to be paid on 1 October 2021 (2020: 3.0p)
· Special Dividend of 50.0p to be paid on 16 July 2021
Operational Highlights: --
· Move to digital only model significantly improved capital efficiency following the strategic move away from lower margin, capital intensive retail estate comprising up to 26 locations
· Successful continuation of the Midweek competition
· Significant year-on-year growth in online marketing investment and player acquisition, combined with increased competition frequency, delivered very strong results in the period
· Strategic options review concluded with ongoing focus on existing strategy
William Hindmarch, Chief Executive, said:
"In what has been an unprecedented and extremely challenging year for so many individuals personally, as well as many businesses, the Company was fortunate to have made the strategic decision some time ago to exit its predominantly airport-based retail estate and to concentrate on a pure online strategy.
As a result, I am pleased to announce strong revenue, profit growth and cash generation as the business continued to benefit from its transformation to a wholly online operation, combined with material increases in marketing investment and our broader product offering. Our growth strategy remains focused on driving digital sales, with our 'Dream Car' and 'Lifestyle' competitions joined by the 'Midweek Car' competition, now fully supported by native iOS and Android apps. Our digital only model gives us flexibility and focus, as well as capital efficiency and cost savings, combined with the potential to further increase online marketing investment.
We are excited about the opportunities that the year ahead holds for BOTB, with a recovering economy and hopefully a return to normality. However, in contrast to the summer 2020 period, we have experienced somewhat of a reduction in customer engagement since the latest easing of lockdown restrictions on April 12, 2021, specifically relating to the understandably long-awaited re-opening of hospitality and non-essential retail. We are closely monitoring this, but with our flexible model, growth strategy and plans for the year ahead, we expect customer engagement to return to normal levels before too long. I look forward to updating shareholders in due course."