StockMarketWire.com - Online competitions provider Best of the Best declared a special dividend after reporting annual profit that more than trebled as the company benefitted from its transformation to a online-only operation.

For the year ended 30 April, pre-tax profit rose to £14.1 million from £4.2 million year-on-year revenue increased to £45.7 million from £17.8 million.

'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,' the company said.

The company commended a final dividend of 5.0p per share, up from 3.0p last year, and said declared the return of approximately £4.71 million to shareholders by way of a special dividend of 50.0p per share.

Since the latest easing of lockdown restrictions on April 12, the company said it had experienced a reduction in customer engagement compared with the summer last year.

'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,' it added.

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