The principally online organiser of weekly competitions to win luxury cars.
22-Nov-2017 – 275p – £27.8m – PER 20.5
Trading Update – In-line.
I do quite like this company and it’s products and this is encouraging “revenues attributable to online sales continue to grow in accordance with the Company’s stated strategy to move away from the reliance on physical sites at retail locations and airports”. It’s going to stay on my Watchlist.
13-Dec-2017 – 295p – £29.9m – PER 21.9
Update On VAT Claim And Share Buy Back – Higher taxes will now negatively affect the Company’s operating margin. Expects to report PBT of not less than £1.4m (2017: £1.5m). The impact on FY19 is expected to be more pronounced, with forecasted PBT of not less than £1.2m. Worth keeping an eye out on the level the buy-backs kick in “as and when they become available at volumes and prices that, from time to time, the Board of BOTB considers appropriate (“Buy-backs”)”. Does this look like it’s going to go private “Due to the limited liquidity in the issued Ordinary Shares, a Buy-back of Ordinary Shares pursuant to the Authority on any trading day is likely to represent a significant proportion of the daily trading volume in the Ordinary Shares on AIM and is likely to exceed 25 per cent”.
I quite liked this company before-hand but I just have no idea how to interpret this so I am going to observe from the side-lines for now.
31-Jan-2018 – 240.3p – £24.3m – PER 24.9
Interim Results For The 6 Months To End October 2017 – Revenue of £5.54m (2016: £5.52m), PBT £0.95m (2016: £0.92m), Cash of £2.05m (2016: £2.28m), no debt, online revenues up by 6.8% to £4.44m (2016: £4.16m), now 82.0% of total revenue. EPS is 7.67p (2016: 7.5p) and there’s a Special Dividend of 7.5p per share (£0.74 million) to be paid on 23 February 2018. Trading is in-line with management expectations.
I still quite like this company and but this is an uninspiring update. I would have preferred to have seen that Special Dividend to be spent on advertising and getting more customers. This was on my Watchlist but I just can’t think at what price I will now be interested. I am going to Neutral here.
16-May-2018 – 218p – £22.0m – PER 23.5
Trading Update For The 12 Months To End April 2018 – Comfortably in-line with managements expectations – On-line growing (moving away from physical sites). Extended offering from cars to watches, motorbikes and other luxery items.
Covered this as it was >£30m when I first covered it. I like the idea here but I don’t like the spread or the fact it’s forecast for reduced EPS for 2018 and 2019 (even on increased revenue).
30-Jan-2019 – 220p – £22m – PER 17
Interim Results For The 6 Months To End October 2018 – Revenue up 28.5%, Adjusted Operating Profit up 14.7%, Adjusted EPS up 17.7%, Revenues now almost entirely online and there’s a proposal to return £3.5m to shareholders after conclusion of a VAT claim.
Remains of interest and this update should probably help the share price. The HUGE spread puts me off though, can be 15%+.
2-May-2019 – 275p – £26m – PER 22
Trading Update For The 12 Months To End April 2019 – Expects FY Revenue to be marginally ahead of market expectations and Profit to be ahead (doesn’t say by how much).
Will keep an eye out for Broker updates here – I was previously put off by 2 things, negative EPS growth forecast for 2020E and the fact legislation may be introduced here at some point.
20-Jun-2019 – 311p – £29m – PER 23.2
Results For The 12 Months To End April 2019 – Slight ahead of expectations with Revenue up 14.4%, Operating Profit (before exceptionals) up 31.9%, Adjusted EPS up 33%. Now, basically a pure on-line business.
Looks good and will keep an eye out for Broker updates here but still put off by 2 things, negative EPS growth forecast for 2020E and the fact legislation may be introduced here at some point. Could also be taken private or, perhaps, bid for.