TIDMPKG
RNS Number : 6449X
Park Group PLC
28 November 2017
PARK GROUP PLC
('Park' or 'the Company' or 'the Group')
INTERIM RESULTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2017
28 November 2017
Park Group is the UK's leading multi-retailer, gift voucher and
prepaid gift card business focused on the corporate and consumer
markets. Park's business is seasonal and the first half of the year
is traditionally loss making with the bulk of annual revenues and
profit generated in the second half.
Key points: Financial
-- Billings increased 7.3 per cent to GBP105.5m (2016 - GBP98.3m)
-- Group revenue rose 3.1 per cent at GBP74.7m (2016 - GBP72.4m)
-- Seasonal operating loss was GBP2.2m (2016 - loss GBP1.6m)
reflecting the larger scale of the business
-- Interest receipts were GBP0.7m (2016 - GBP0.8m) on average
cash balances of GBP166.1m (2016 - GBP156.7m)
-- Seasonal loss before tax GBP1.6m (2016 - loss GBP0.8m)
-- Dividend raised 5.3 per cent to 1.00p per share (2016 - 0.95p per share)
-- Cash balances peaked at record GBP229m (2016 - GBP217m)
Key points: Operations
-- Solid performance and growth across both our corporate and consumer businesses
-- Corporate billings increased 7.7 per cent to GBP74.0m (2016 - GBP68.7m)
-- Consumer billings rose by 6.3 per cent to GBP31.4m (2016 - GBP29.6m)
-- Order books running well ahead of comparable period last year
-- Over GBP13m of orders already placed for Christmas 2018 via
our enhanced consumer-focused mobile app
-- 31 client businesses using Love2shop Worldwide to incentivise
and reward their staff and customers across a number of different
countries including the UK, Ireland, Italy, India, Australia and
USA
Laura Carstensen, non-executive Chairman, commented: "The
performance of the first half is being maintained across our
corporate and consumer businesses, with trading continuing in line
with the Board's expectations.
"Our operations are expanding as we capitalise on the
opportunities generated by ongoing enhancement of our product
ranges, enabling us to grow our customer base, while also reaching
new markets and territories."
Enquiries:
Park Group plc Arden Partners Tavistock
plc
Chris Houghton Steve Douglas Andrew Dunn
Martin Stewart Benjamin Cryer Jeremy Carey
Sophie Praill
Tel: 0151 653 1700 Tel: 020 7614 Tel: 020 7920
5917 3150
CHAIRMAN'S INTERIM STATEMENT
Park Group has delivered another solid performance in the six
months to 30 September 2017, providing the Group with an excellent
platform from which to maintain momentum into the second half.
Our sustained progress over recent years is attributable to the
success of our ongoing programme of product innovation using the
latest in digital communication technologies. Product development
and enhancement is focused on the internet, mobile smart phones and
social media channels. These are used to offer corporate and
consumer customers a range of incentive, reward and Christmas
products, backed by closer, more efficient customer interaction and
the highest levels of customer service.
Group financial highlights
More than three quarters of the Group's billings are generated
in the second half of the year due to the seasonal nature of our
business, meaning that the first half is generally loss making and
this trend is again reflected in this year's results. However, the
first half is a period of intense activity and is very important
for the Group's performance as it lays the foundations for the full
year's result, as orders are secured and managed during the period,
to be delivered during the second half.
Customer billings at the Group level increased significantly in
the six months to 30 September 2017, rising 7.3 per cent to
GBP105.5m (2016 - GBP98.3m) while Group revenue was ahead of the
same period last year by 3.1 per cent at GBP74.7m (2016 -
GBP72.4m). Encouraging performance and growth was achieved across
both our corporate and consumer businesses.
The operating loss was GBP2.2m (2016 - loss GBP1.6m) reflecting
the larger scale of the business. Interest receipts were GBP0.7m
(2016 - GBP0.8m) on average cash balances of GBP166.1m (2016 -
GBP156.7m) producing a pre-tax loss of GBP1.6m (2016 - loss
GBP0.8m). Total cash balances, including cash held in trust at 30
September, were GBP199.6m (2016 - GBP198.7m). Balances continued to
rise after the period end, peaking at a record GBP229m (2016 -
GBP217m) at the beginning of November. The end of period cash
balances and the cash peak were affected by the decision of a
number of customers to take products earlier than usual during the
calendar year. This change in customer behaviour has required the
Company to bring forward certain stock purchases in order to
satisfy earlier deliveries.
Interim Dividend
The board has declared an interim dividend of 1.00p per share
(2016 - 0.95p). The dividend will be paid on 6 April 2018 to
shareholders on the register on 2 March 2018.
Operations
The corporate business, offering extensive ranges of reward and
incentivisation products, delivered a billings increase of 7.7 per
cent to GBP74.0m (2016 - GBP68.7m). Park's Love2shop Business
Services operation is one of the leading providers of reward and
incentivisation solutions to UK companies, and now services more
than 31,000 client organisations.
Park tailors its schemes to meet each individual organisation's
needs, as they use our systems to incentivise, recognise and reward
their own staff or end customers. The business offers a variety of
products, from Park's own multi-retailer vouchers and gift cards,
to single-store vouchers and gift cards, gift experiences and
holidays. The business also offers an array of online programme
management solutions, which can help clients to cost-effectively
run and manage their schemes and communicate more effectively with
their end users.
Love2shop Business Services has now fully integrated the
acquisition of Fisher Moy International (FMI) which is operating as
its customer engagement arm and the expanded capability is
performing well. Among new business won by the enlarged division
has been a global automotive manufacturer, which is using Park's
platform to launch rewards products in 16 countries. Another
contract win has been a major UK trade incentive programme with
communication and engagement opportunities set to launch in
January.
Evolve, our digital reward medium, launched in June 2016,
continues to make excellent progress with a further increase in
billings from its rapidly expanding customer base. Evolve is a
sophisticated product which uses the latest technology to provide
instant and branded digital reward codes to customers and
employees, enabling them to redeem value instantly.
In May 2017, we announced the global expansion of our Evolve
platform, with the launch of Love2shop Worldwide, which was adopted
by a number of major organisations in the first few weeks after
launch. Today, 31 client businesses are using Love2shop Worldwide
to incentivise and reward their staff and customers across a number
of different countries including the UK, Ireland, Italy, India,
Australia and USA. We continue to see growing demand for this new
and innovative capability and look forward to updating shareholders
as to further progress at the year end.
In the period under review, billings to the incentive market
were more than 6 per cent ahead of the same period last year while
billings to employee benefits customers rose by close to 18 per
cent.
We have secured a number of important new customers during the
period. Our platforms are proving popular as they offer corporate
customers the ability to take advantage of the freedom and
flexibility provided by self-service, so that they can manage the
order process themselves, at a time of their choosing, principally
through the internet or mobile smart phones.
Our long-established consumer business enables customers to plan
and prepare for the festive season in a careful and controlled
manner, as they pay for products over many months, smoothing out
the cost, then receive their orders in time for Christmas. The
business delivered another pleasing performance with consumer
billings in the first half, advancing by 6.3 per cent to GBP31.4m
(2016 - GBP29.6m).
The consumer business books most of its orders in the early
months of the calendar year for delivery in the period running up
to the festive season. This timetable gives the Company a clear
indication of the likely outturn for the financial year at an early
stage. We are encouraged that the order book is some 4 per cent
ahead of the same time last year.
In January 2017, we launched a mobile app, which gives our
consumer customers an additional and convenient method of
communicating with us. The app, developed in response to customer
feedback, has been well received by our customers with a growing
volume of business now coming via the app. To date there have been
in excess of 46,000 downloads and over GBP13m of orders placed via
the app for Christmas 2018.
The number of consumer customers using direct debit to renew
their programmes each year continues to increase. This form of
payment is convenient and useful for the customer, and also
benefits the Company as it reduces administration time and cost
while ensuring that customers do not miss the opportunity to
commence new programmes promptly and begin preparing for the
following Christmas immediately.
The marketing campaign for the 2018 festive season is already
underway and it is encouraging to note that, at this early stage,
the value of orders booked is well ahead of the level at the same
time last year.
CEO Succession
Earlier this month, we were pleased to announce that after a
comprehensive recruitment process, Ian O'Doherty will be appointed
to succeed Chris Houghton as Park's CEO. Ian has extremely relevant
experience and a long and successful background in banking,
payments and card services gained during 26 years at MBNA Limited,
latterly as Chairman and CEO. He will join the Company on 2 January
2018 and will work with Chris to execute a thorough handover and
smooth transition. Following the announcement of the Company's
final results in June 2018, Chris will leave the Company, after
more than 30 years of dedicated service, where he has made an
immense contribution to the success and direction of the
business.
Outlook
The performance of the first half is being maintained across our
corporate and consumer businesses, with trading in line with
expectations.
Our operations are expanding as we capitalise on the
opportunities generated by ongoing enhancement of our product
ranges, enabling us to grow our customer base, while also reaching
new markets and territories.
Park is an innovative, technology enabled business but the core
focus remains on preserving our long track record in outstanding
customer service. We continue to listen carefully to the
preferences of customers on both sides of our business and will
remain agile, continually refreshing our offering to match their
requirements and continuing to deliver specialist products and
services with maximum efficiency. We believe that these values have
helped us to evolve and achieve consistent growth over the previous
few years.
These values, coupled with a debt free balance sheet and strong
cash generation characteristics, enable us to look forward to the
future with confidence.
Laura Carstensen
Chairman
28 November 2017
PARK GROUP PLC
CONSOLIDATED INCOME STATEMENT
FOR THE HALF YEAR TO 30 SEPTEMBER 2017
Audited
Unaudited Unaudited Year
Half Year Half Year to
Notes to 30.09.17 to 30.09.16 31.03.17
GBP'000 GBP'000 GBP'000
Billings 105,463 98,273 404,512
------------- ------------- ----------
Revenue 74,703 72,446 310,927
Cost of sales (68,416) (66,525) (280,758)
------------- ------------- ----------
Gross profit 6,287 5,921 30,169
Distribution costs (616) (599) (2,940)
Administrative expenses (7,908) (6,907) (16,348)
------------- ------------- ----------
Operating (loss)/profit (2,237) (1,585) 10,881
Finance income 666 825 1,472
Finance costs - - (2)
------------- ------------- ----------
(Loss)/profit before
taxation (1,571) (760) 12,351
Taxation 2 298 152 (2,452)
------------- ------------- ----------
(Loss)/profit for the
period attributable to
equity holders of the
parent (1,273) (608) 9,899
------------- ------------- ----------
(Loss)/earnings per share 3
- basic (p) (0.69) (0.33) 5.38
- diluted (p) (0.69) (0.33) 5.29
All activities derive from continuing operations.
PARK GROUP PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE HALF YEAR TO 30 SEPTEMBER 2017
Audited
Unaudited Unaudited Year
Half Year Half Year to
to 30.09.17 to 30.09.16 31.03.17
GBP'000 GBP'000 GBP'000
(Loss)/profit for the period (1,273) (608) 9,899
Other comprehensive income
Items that will not be reclassified
to profit or loss:
Remeasurement of defined benefit
pension schemes - - 572
Deferred tax on defined benefit
pension schemes - - (97)
- - 475
Items that may be reclassified
subsequently to profit or loss:
Foreign exchange translation
differences (24) (37) (28)
Other comprehensive income for
the period net of tax (24) (37) 447
------------ ------------ ---------
Total comprehensive income for
the period attributable to equity
holders of the parent (1,297) (645) 10,346
------------ ------------ ---------
PARK GROUP PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2017
Unaudited Unaudited Audited
30.09.17 30.09.16 31.03.17
GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Goodwill 2,202 1,320 2,202
Other intangible assets 2,549 2,916 2,682
Property, plant and equipment 7,691 7,961 7,688
Retirement benefit asset 1,827 1,367 1,827
14,269 13,564 14,399
---------- ---------- ----------
Current assets
Inventories 23,127 14,447 2,632
Trade and other receivables 10,955 8,534 9,096
Tax receivable 310 252 -
Other financial assets - - 200
Monies held in trust 194,240 169,411 83,018
Cash and cash equivalents 7,760 32,560 34,236
236,392 225,204 129,182
---------- ---------- ----------
Total assets 250,661 238,768 143,581
---------- ---------- ----------
Liabilities
Current liabilities
Trade and other payables (186,629) (179,829) (82,602)
Tax payable - - (1,272)
Provisions (58,138) (56,319) (46,164)
---------- ---------- ----------
(244,767) (236,148) (130,038)
---------- ---------- ----------
Non-current liabilities
Deferred tax liability (194) (181) (194)
Retirement benefit obligation (625) (1,378) (924)
---------- ---------- ----------
(819) (1,559) (1,118)
---------- ---------- ----------
Total liabilities (245,586) (237,707) (131,156)
---------- ---------- ----------
Net assets 5,075 1,061 12,425
---------- ---------- ----------
Equity attributable to equity holders of the parent
Share capital 3,711 3,674 3,687
Share premium 6,137 6,132 6,137
Retained earnings (4,462) (8,434) 2,912
Other reserves (311) (311) (311)
---------- ---------- ----------
Total equity 5,075 1,061 12,425
---------- ---------- ----------
PARK GROUP PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Unaudited
Share Share Other Retained Total
capital premium reserves earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 April
2017 3,687 6,137 (311) 2,912 12,425
Total comprehensive
income for the period
Loss - - - (1,273) (1,273)
Other comprehensive
income
Foreign exchange translation
adjustments - - - (24) (24)
--------- --------- ----------- ----------- ----------
Total other comprehensive
income - - - (24) (24)
--------- --------- ----------- ----------- ----------
Total comprehensive
income for the period - - - (1,297) (1,297)
--------- --------- ----------- ----------- ----------
Transactions with owners,
recorded directly in
equity
Equity settled share-based
payment transactions - - - (683) (683)
LTIP shares awarded 24 - - (24) -
Dividends - - - (5,370) (5,370)
--------- --------- ----------- ----------- ----------
Total contributions
by and distribution
to owners 24 - - (6,077) (6,053)
--------- --------- ----------- ----------- ----------
Balance at 30 September
2017 3,711 6,137 (311) (4,462) 5,075
--------- --------- ----------- ----------- ----------
Balance at 1 April
2016 3,674 6,132 (311) (3,070) 6,425
Total comprehensive
income for the period
Loss - - - (608) (608)
Other comprehensive
income
Foreign exchange translation
adjustments - - - (37) (37)
--------- --------- ----------- ----------- ----------
Total other comprehensive
income - - - (37) (37)
--------- --------- ----------- ----------- ----------
Total comprehensive
income for the period - - - (645) (645)
--------- --------- ----------- ----------- ----------
Transactions with owners,
recorded directly in
equity
Equity settled share-based
payment transactions - - - 333 333
Dividends - - - (5,052) (5,052)
--------- --------- ----------- ----------- ----------
Total contributions
by and distribution
to owners - - - (4,719) (4,719)
--------- --------- ----------- ----------- ----------
Balance at 30 September
2016 3,674 6,132 (311) (8,434) 1,061
--------- --------- ----------- ----------- ----------
Balance at 1 April
2016 3,674 6,132 (311) (3,070) 6,425
Total comprehensive
income for the year
Profit - - - 9,899 9,899
Other comprehensive
income
Remeasurement of defined
benefit pension schemes - - - 572 572
Tax on defined benefit
pension schemes - - - (97) (97)
Foreign exchange translation
adjustments - - - (28) (28)
--------- --------- ----------- ----------- ----------
Total other comprehensive
income - - - 447 447
--------- --------- ----------- ----------- ----------
Total comprehensive
income for the year - - - 10,346 10,346
--------- --------- ----------- ----------- ----------
Transactions with owners,
recorded directly in
equity
Equity settled share-based
payment transactions - - - 701 701
Exercise of share options - 5 - - 5
LTIP shares awarded 13 - - (13) -
Dividends - - - (5,052) (5,052)
--------- --------- ----------- ----------- ----------
Total contributions
by and distribution
to owners 13 5 - (4,364) (4,346)
--------- --------- ----------- ----------- ----------
Balance at 31 March
2017 3,687 6,137 (311) 2,912 12,425
--------- --------- ----------- ----------- ----------
PARK GROUP PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE HALF YEAR TO 30 SEPTEMBER 2017
Unaudited
Unaudited Half Audited
Half Year Year Year to
Notes to 30.09.17 to 30.09.16 31.03.17
GBP'000 GBP'000 GBP'000
Cash flows from operating
activities
Cash (used in)/generated
from operations 4 (20,168) 5,605 9,903
Interest received 572 625 1,540
Interest paid - - (1)
Tax paid (1,284) (1,119) (2,258)
------------- ------------- ----------
Net cash (used in)/ generated
from operating activities (20,880) 5,111 9,184
------------- ------------- ----------
Cash flows from investing
activities
Proceeds from sale of
property, plant and equipment 1 - 1
Purchase of intangible
assets (244) (239) (370)
Purchase of property,
plant and equipment (329) (304) (347)
Purchase of investments
in subsidiaries - - (876)
Net cash used in investing
activities (572) (543) (1,592)
------------- ------------- ----------
Cash flows from financing
activities
Proceeds from exercise
of share options - - 5
Dividends paid to shareholders (4,515) (4,123) (5,052)
------------- ------------- ----------
Net cash used in financing
activities (4,515) (4,123) (5,047)
------------- ------------- ----------
Net (decrease)/ increase
in cash and cash equivalents (25,967) 445 2,545
------------- ------------- ----------
Cash and cash equivalents
at beginning of period 31,362 28,817 28,817
------------- ------------- ----------
Cash and cash equivalents
at end of period 5,395 29,262 31,362
------------- ------------- ----------
Cash and cash equivalents
comprise:
Cash 7,760 32,560 34,236
Bank overdrafts (2,365) (3,298) (2,874)
------------- ------------- ----------
5,395 29,262 31,362
------------- ------------- ----------
PARK GROUP PLC
SEGMENTAL REPORTING
FOR THE HALF YEAR TO 30 SEPTEMBER 2017
Audited
Unaudited Unaudited Year
Half Year Half Year to
to 30.09.17 to 30.09.16 31.03.17
GBP'000 GBP'000 GBP'000
Billings
Consumer 31,433 29,564 216,771
Corporate 74,030 68,709 187,741
------------- ------------- ----------
External billings 105,463 98,273 404,512
------------- ------------- ----------
Consumer - - -
Corporate 20,862 21,123 148,066
Elimination (20,862) (21,123) (148,066)
------------- ------------- ----------
-
Inter-segment billings - - -
------------- ------------- ----------
Consumer 31,433 29,564 216,771
Corporate 94,892 89,832 335,807
Elimination (20,862) (21,123) (148,066)
------------- ------------- ----------
Total billings 105,463 98,273 404,512
------------- ------------- ----------
Revenue
Consumer 23,924 24,042 174,184
Corporate 50,779 48,404 136,743
------------- ------------- ----------
External revenue 74,703 72,446 310,927
------------- ------------- ----------
Consumer - - -
Corporate 20,862 21,123 148,066
Elimination (20,862) (21,123) (148,066)
------------- ------------- ----------
Inter-segment revenue - - -
------------- ------------- ----------
Consumer 23,924 24,042 174,184
Corporate 71,641 69,527 284,809
Elimination (20,862) (21,123) (148,066)
------------- ------------- ----------
Total revenue 74,703 72,446 310,927
------------- ------------- ----------
Operating (loss)/profit
Consumer (1,994) (1,349) 6,460
Corporate 1,048 1,095 7,231
All other segments (1,291) (1,331) (2,810)
------------- ------------- ----------
(Loss)/profit before interest (2,237) (1,585) 10,881
------------- ------------- ----------
NOTES TO THE INTERIM RESULTS
(1) Basis of preparation
The financial information in this interim report has been
prepared in accordance with the International Financial Reporting
Standards as adopted by the EU and the AIM rules of the London
Stock Exchange and on the basis of the accounting policies
described in Park Group plc's annual report and accounts for the
year ended 31 March 2017. These accounting policies have been based
on the current standards and interpretations expected to be
effective at 31 March 2018. The Group does not expect there to be a
significant impact on the results from standards, amendments or
interpretations which are available for early adoption but which
have not yet been adopted.
IFRS 15 Revenue from Contracts with Customers, introduces a new
five-step approach to measuring and recognising revenue from
contracts with customers and will be adopted by the group with
effect from 1 April 2018. Under IFRS15, revenue is recognised at an
amount that reflects the consideration to which an entity expects
to be entitled in exchange for transferring goods or services to a
customer.
Management are continuing to assess the impact of IFRS15 and
have reached initial conclusions on all key implementation issues.
Based on the work completed to date the key impacts are expected to
be as follows :
Principal and Agent
Under IFRS15, an entity is a principal (and records revenue on a
gross basis) if it controls the promised good or service before
transferring it to the customer. An entity is an agent (and records
as revenue the net amount that it retains for its agency services)
if its role is to arrange for another entity to provide the good or
service.
The group earns fees from redeemers of its vouchers and cards
and as such acts as an agent of the redeemer. Under IFRS15 these
fees will be shown as revenue. Under current accounting policies
the group records its revenue gross for vouchers, based on the face
value of the voucher less any rebates or discounts.
Timing of revenue recognition
Under IFRS15, the group will recognise revenue from its vouchers
and cards at the point at which the customer has fully exercised
its right to future goods and services. This is usually when the
voucher or card has been redeemed with another entity. Under
current accounting policies the group recognises revenue for
vouchers at the date on which the voucher is received by
customers.
Vouchers and cards may be partially or fully redeemed, and the
unused amount (i.e. the amount attributable to a customer's
unexercised rights to future goods or services) is often referred
to as breakage. Under IFRS15 where the group expects to be entitled
to a breakage amount, it will recognise the expected breakage as
revenue in proportion to the pattern of rights exercised by the
customer. Under current accounting policies the group recognises
breakage at the date on which the voucher or card is received by
customers, except where the customer has the right of redemption
for cash, where no breakage is recognised until the card has
expired and the right of redemption has lapsed. Because breakage
amounts represent a form of variable consideration, when estimating
any breakage amount, an entity considers the constraint on variable
consideration. That is, the group will not recognise any estimated
breakage amounts until it is highly probable that a significant
revenue reversal will not occur. If the group cannot determine
whether breakage will occur, it will not recognise any amounts as
breakage until the likelihood of the customer exercising its rights
becomes remote. This may be the case when the group first begins to
sell gift cards and has no history of breakage patterns.
Presentation and disclosure
The presentation and disclosure requirements of IFRS15 represent
a significant change from current practice and will increase the
volume of disclosures required in the notes to the financial
statements.
The group plans to apply the full retrospective approach when
transitioning to the new standard which will result in restated
comparatives for prior years on the basis that IFRS15 had always
applied.
The group is in the process of quantifying the financial impacts
of the above adjustments which are expected to result in the
reporting of significantly lower revenues, an immaterial reduction
in operating profit and a reduced net asset position at
transition.
The financial statements have been prepared under the historical
cost convention, as modified by the accounting for financial
instruments at fair value. In addition this interim financial
report does not comply with IAS 34 Interim Financial Reporting,
which is not currently required to be applied under AIM rules.
The directors are of the opinion that the financial information
should be prepared on a going concern basis, in the light of
current trading and the forecast positive cash balances for the
foreseeable future.
The financial information included in this interim financial
report for the six months ended 30 September 2017 does not
constitute statutory accounts as defined in section 434 of the
Companies Act 2006 and is unaudited. A copy of the Group's
statutory accounts for the year ended 31 March 2017, on which the
auditors gave an unqualified opinion and did not make a statement
under section 498 of the Companies Act 2006, has been filed with
the registrar of companies.
(2) Taxation
The taxation credit for the six months to 30 September 2017 has
been calculated using an overall effective tax rate of 19.0 per
cent which has been applied to the taxable income (half year to 30
September 2016 - 20.0 per cent).
(3) Earnings per share
Basic earnings per share (eps) is calculated by dividing the
earnings attributable to ordinary shareholders by the weighted
average number of ordinary shares outstanding during the
period.
For diluted eps, the weighted average number of ordinary shares
in issue is adjusted to assume conversion of all dilutive potential
ordinary shares.
The calculation of basic and diluted eps is based on the
following figures:
Half Year Half Year Year to
to 30.09.17 to 30.09.16 31.03.17
GBP'000 GBP'000 GBP'000
Earnings
Total (loss)/earnings
for period (1,273) (608) 9,899
--------------- --------------- -------------
Half Year Half Year Year to
to 30.09.17 to 30.09.16 31.03.17
Weighted average number
of shares
Basic eps - weighted
average number of shares 184,979,921 183,706,277 183,905,844
Diluting effect of employee
share options - - 3,331,939
--------------- --------------- -------------
Diluted eps - weighted
average number of shares 184,979,921 183,706,277 187,237,783
--------------- --------------- -------------
Basic eps
Weighted average number
of ordinary shares in
issue 184,979,921 183,706,277 183,905,844
--------------- --------------- -------------
Eps (p) (0.69) (0.33) 5.38
--------------- --------------- -------------
Diluted eps
Weighted average number
of ordinary shares 184,979,921 183,706,277 187,237,783
--------------- --------------- -------------
Eps (p) (0.69) (0.33) 5.29
--------------- --------------- -------------
(4) Reconciliation of (loss)/profit for the period to cash (used
in)/ generated from operations
Half Year Half Year Year
to 30.09.17 to 30.09.16 to 31.03.17
GBP'000 GBP'000 GBP'000
(Loss)/profit for
the period (1,273) (608) 9,899
Adjustments for:
Tax (298) (152) 2,452
Interest income (666) (825) (1,472)
Interest expense - - 2
Depreciation and amortisation 703 705 1,405
Profit on sale of
property, plant and
equipment (1) - -
Decrease in other
financial assets 200 500 300
Increase in inventories (20,496) (12,265) (448)
(Increase)/decrease
in trade and other
receivables (1,764) 395 12
Increase in trade
and other payables 103,683 100,498 4,153
Increase in provisions 11,973 11,552 1,397
Increase in monies
held in trust (111,223) (94,192) (7,797)
Decrease in retirement
benefit obligation (299) (299) (641)
Translation adjustment (24) (37) (28)
Share-based payments (683) 333 669
Cash (used in)/ generated
from operations (20,168) 5,605 9,903
------------- ------------- -------------
(5) Approval
This statement was approved by the board on 28 November
2017.
(6) Reports
A copy of this announcement will be available on the Company's
website from today www.parkgroup.co.uk and will be mailed to
shareholders on or before 18 December 2017. Copies will also be
available for members of the public at the Company's registered
office - Valley Road, Birkenhead CH41 7ED and also at the offices
of the Company's registrars, Computershare Investor Services PLC, P
O Box 82, The Pavilions, Bridgwater Road, Bristol BS99 7NH.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BRBFTMBATBAR
(END) Dow Jones Newswires
November 28, 2017 02:00 ET (07:00 GMT)
Appreciate (LSE:APP)
Historical Stock Chart
From Apr 2024 to May 2024
Appreciate (LSE:APP)
Historical Stock Chart
From May 2023 to May 2024