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Park Group PLC (APP)

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Tuesday 25 September, 2018

Park Group PLC

AGM Statement

RNS Number : 7720B
Park Group PLC
25 September 2018
 

Tuesday 25 September 2018

 

Park Group Plc

("Park" or "the Group" or "the Company")

 

AGM Statement & Trading Update

 

Park Group (AIM: PKG), the UK's leading multi-retailer, multi-channel gift voucher and prepaid gift card provider, is today holding its Annual General Meeting. The Chairman, Laura Carstensen, will make the following comments:

 

Introduction

"Park is a strong, cash generative business with a debt free balance sheet. Our profits before tax rose once more last year on the back of  robust revenues.  The Group's dividend policy is linked to the cash we generate, as well as our business performance and confidence in the future, and this has been reflected in a 5.2% increase in dividends for the year, noting the dividend has more than doubled over the last eight years.

 

At an exciting point in our development, it is vitally important to have a strong leadership team in place to continue to win more consumers and businesses over to the Park way of saving, motivating and rewarding.  We've therefore continued to build our team for the next stage of our growth, having appointed Ian O'Doherty as CEO in January 2018. Ian has subsequently made several key hires, including Tim Clancy (CFO, appointed in August 2018), Julian Coghlan (Group Operation Director) and Steve Miller (CIO).

 

Ian will be updating the market with his plans for the business at the time of the Group's half year results, which are expected to be announced on 4th December 2018.

 

Current trading

Park remains a seasonal business with the majority of revenue reported in the second half of the year (commencing 1 October), leading to reported losses in the first half of the year, as in prior years. Our operations teams are well prepared for our forthcoming peak period in the final quarter of the calendar year.

 

Both our consumer and corporate businesses are trading well; we recently announced (on 9 July 2018) some major new signings that boost the opportunities for our customers and clients across the UK.  These included Arcadia Group Ltd. (which owns high street brands such Topshop, Topman and Miss Selfridge), Courtesy Shoes Ltd. (Wynsors World of Shoes), Office Outlet (formerly Staples Inc.), DJM Music Ltd., and Fat Face.  These new additions, mean Park's gift vouchers are now accepted by more than 175 national brands and over 20,000 high street stores across the UK, and almost 100 brands are now flexecash® accredited.

 

Outlook

Overall our outlook remains in line with our expectations* for the full year ending 31 March 2019. Cash balances, including monies held in trust, are ahead of last year reflecting growth in the business.

 

In summary, we continue to be optimistic about the future opportunities for Park Group."

 

*current Company compiled analyst consensus forecasts: £13.6m PBT on revenue of £300m

 

For further information please contact:

 

Park Group plc

 

Tel: 0151 653 1700

Ian O'Doherty, Chief Executive

Tim Clancy, Finance Director

 

 

 

Arden Partners plc (NOMAD and broker)

Tel: 020 7614 5920

Steve Douglas

Benjamin Cryer

 

 

 

MHP Communications

Tel: 020 3128 8100

Reg Hoare/Katie Hunt/Charles Hirst

 

 

 

 

 


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