Airport car raffle company issues profit warning
02.05.08
Best of the Best, the company displays luxury cars as competition prizes in airport terminals, issued a profit warning today, on the back of the loss of a site at Heathrow Terminal 3. The company said profit and revenue for the year will be below expectations.
Although revenue and profit is expected to be well ahead of last year, both figures will fall short of market expectations for the year to April 30 2008, the company said. A spokesman added that, due to the high operational gearing of the business, even a small reduction in revenue has a disproportionate impact on profits.
The revenue shortfall is largely attributable to the loss in November of the site in Heathrow's Terminal 3. The spokesman said: ‘Unfortunately, although other new sites were expected to compensate for any loss in revenues from Terminal 3, full integration of the new sites in Copenhagen and Heathrow Terminal 5 has been slower than expected.'
A spokesman added that it is in the process of signing a contract to open in Bristol airport and is continuing to explore opportunities with further overseas airports and other retail venues in the UK.
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