With these better-than-expected FY18 results (PBT £1.6m vs fC est of £1.4m), BoTB has clarified its strategic decision to become solely a pure-play online operator, completing its move away from its legacy physical retail locations. This is a significant moment for the BoTB investment case. We view this decision as a sign that BoTB is unequivocally entering into a distinctive new phase of growth which, in turn, should have important positive long-term implications for sentiment, f ....