Park Group PLC AGM Statement (3372R)
September 21 2017 - 1:00AM
UK Regulatory
TIDMPKG
RNS Number : 3372R
Park Group PLC
21 September 2017
21 September 2017
Park Group plc
("Park" the "Company" or the "Group")
AGM Statement
At the Company's Annual General Meeting, to be held today at
11am in The Pulford Suite and Veranda, Thornton Hall Hotel, Neston
Road, Thornton Hough, Wirral, CH63 1JF, Laura Carstensen, Chairman
of Park Group plc, will make the following statement:
"In my statement of 13 June, as part of a strong set of results
for the year to March, I commented that the current financial year
had started well, giving us confidence in delivering another strong
performance. I am pleased to report that this momentum has
continued on both the Corporate and Consumer sides of our
business.
Corporate
Our Corporate business, Love2shop Business Services, supplies an
extensive range of gift cards, vouchers, digital reward and
incentivisation products to some 31,000 organisations. Last year's
progress has been maintained with continuing growth driven by
ongoing product enhancement and innovation.
'Evolve,' our exciting new digital reward platform, launched in
2016, continues to be adopted by large blue-chip brands and small
to medium-sized enterprises alike. 211 client organisations now use
the portal, an encouraging increase, as this figure stood at 165
clients just three months ago.
Building on this success, we have developed the 'Evolve'
proposition even further by adding an international capability. In
June, Love2shop Worldwide was launched, an innovative product
allowing Park to provide its reward, recognition and benefits
services to the global employee and customer engagement markets.
This has proved especially attractive to international
organisations with customers, offices and subsidiaries overseas. 15
corporate clients are already using Love2shop Worldwide and there
is a pleasing pipeline of potential new customers.
Consumer
Our Consumer division enables customers to plan for Christmas in
a controlled and structured way. Customers make regular payments
over a 45 week period and receive their gift vouchers, gift cards
or gifts in time for the festive season. This division continues to
perform well, with customer numbers and average order values ahead
and an order book running more than four per cent above the same
period last year.
As part of our commitment to ongoing product development and
excellent customer service, in January, we launched a mobile
application (app) for our Christmas savings customers, reflecting
their preference for this means of communication. The app is
proving very popular and the feedback we receive from customers
allows us to further improve its appeal and functionality. We will
continue to develop and enhance the app to the benefit of customers
and subsequently, Park itself.
Our relationship with Mastercard continues to strengthen and in
January 2017 we became a licensed issuer of Mastercard prepaid
cards. This was an important strategic development and the first
product to be offered was a digital card, issued to customers for
online use at a select number of retail outlets including John
Lewis and Argos. As planned, we have now extended this offering to
include both digital and physical cards which can be used at any
retailer accepting Mastercards, both in-store and online, across
the UK and in Ireland.
Outlook
Park is a cash generative business with a strong, debt-free
balance sheet. Total cash balances continue to increase and are
again ahead of the same period last year. This progress is
significant as it highlights the growth in our order books,
principally for the consumer business, where orders are booked in
the first half of the year for dispatch in the second half, in time
for the festive season.
The seasonality of Park's business means that the majority of
orders are delivered in the final quarter of each calendar year. We
approach our busiest period with robust systems and a proven track
record in order execution. Our order books continue to grow and our
commitment to excellent customer service gives us a loyal and
expanding customer base.
Trading is in line with expectations and we look forward to the
future with confidence."
For further information please contact:
Park Group plc Arden Partners Tavistock
plc
Chris Houghton Steve Douglas Andrew Dunn
Martin Stewart Benjamin Cryer Jeremy Carey
Sophie Praill
Tel: 0151 653 Tel: 020 7614 Tel: 020 7920
1700 5920 3150
This information is provided by RNS
The company news service from the London Stock Exchange
END
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