- Weekly competitions organiser Best of the Best warned on performance as the pandemic-related demand softened following the end of the lockdown on 12 April.

Whilst still substantially higher than the pre-COVID comparative and the results delivered in FY 2020, profitability and earnings for fiscal 2022 are now anticipated to be 57% lower than what was reported for FY 2021, the company said.

'The new guidance the board is providing today for the year ending 30 April 2022 is [about] 62% below current market forecasts with a commensurate impact on the following financial year' the company said.

The warning comes as average weekly sales for the first 15 weeks of the new financial year fell 15% compared with the final 15 weeks of the prior financial year.

'However, should revenue trends improve, it can be expected that the reverse would occur and margins and profitability would increase materially due to the nature of the business model and the operational gearing,' the company said.

'It is worth noting that the summer months are typically a low point and there is a seasonal lull in customer engagement and revenue generation, which we expect to improve over the coming months,' it added.

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