Hi, it's Paul here.

Good morning! I'm settling into a pattern of writing from late morning, through to tea time, which works best for me. Therefore today's report estimated time of completion is 5pm.

Update at 16:57 - today's report is now finished.  I decided to have a bit of a ramble about macro stuff in the last section about PEB, so will check it for spelling & grammar mistakes next (I type fast & inaccurately when something interesting crops up!), and then invite your comments!

I see we have 1 or 2 subscribers who insist on giving each report a thumbs down, every day, late morning, presumably because they are displeased that the report isn't complete by then. We agreed some time ago (overwhelmingly supported by readers at the time) that I would take my time writing these reports, and not rush for any deadline.

Therefore if you want to see a completed report, please come back at the indicated (above in bold) completion time. Thanks.


Share price: 288p (up 6% today, at 11:12)
No. shares: 9.38m
Market cap: £27.0m

(at the time of writing, I hold a long position in this share)

Trading update (AGM statement)

Best of the Best PLC, (LSE: BOTB) the online organiser of weekly competitions to win cars and other luxury items...

Trading seems to be going well;

The Group is pleased to report that the positive momentum to the start of the year, reported at the time of the full year results in June, has been maintained and the Company has continued to make good progress and is trading comfortably in line with market expectations for the current financial year.

I'm not a fan of the phrase "comfortably in line". Surely that must mean: slightly ahead? In which case why not just say so?

The last physical airport site has now gone. Therefore BOTB is now an online only business, which makes it simpler to manage. The physical sites had a different business model - high ticket prices, as one-off purchases. So that wasn't really compatible with the online model of much cheaper tickets, to encourage frequent purchases by customers.

Note that the gradual closure of the physical sites in recent years actually masked the stronger growth coming from online operations. With those sites now all gone, this means that the top line…

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