Park Group PLC Trading Update (1542M)
April 26 2018 - 1:00AM
UK Regulatory
TIDMPKG
RNS Number : 1542M
Park Group PLC
26 April 2018
26 April 2018
Park Group plc
("Park" the "Company" or the "Group")
Trading Update
Park, the UK's leading multi-retailer, multi-channel gift
voucher and pre-paid gift card provider, announces an update on
trading for its financial year ended 31 March 2018, ahead of the
announcement of its Preliminary Results on 12 June 2018.
The board expects to report continued growth with results ahead
of last year but marginally below market expectations. This is
predominantly due to the later than expected roll out of a
significant contract with a client in the Corporate business. The
results have also been affected by costs associated with the recent
changes in senior management.
The delay of this Corporate contract led to billings for the
Corporate business remaining relatively flat compared with the same
period last year. Roll out of the contract is now underway with
revenues expected to be recognised during the course of the
financial year to 31 March 2019.
The Corporate business has continued to see increased traction
in the value loaded onto its flexecash(R) products and growth has
continued in its products Evolve and Love2shop Worldwide. The
number of corporate clients now using Evolve in the UK has risen
from 165 at the previous year end to 269, and Love2shop Worldwide,
launched in May 2017, now has 48 international organisations using
the platform, an increase from 31 in November 2017.
In the Consumer business, the momentum in the first half of the
year translated into a strong performance in the second half, with
Park recording another successful Christmas period. Completed
orders for the Consumer business were almost 4 per cent ahead of
last year.
In addition, downloads of the Park Savings App, launched in
January 2017, are now in excess of 170,000 and the number of
consumer customers enjoying this new functionality continues to
rise.
Park's innovative platforms continue to prove popular amongst
target corporate markets and the enhancements to our consumer
offering continues to drive growth in customer numbers.
The overall financial position of the Group remains solid, with
cash balances and order books again ahead of their positions at the
same time last year.
For further information please contact:
Park Group plc Arden Partners plc Tavistock
Ian O'Doherty Steve Douglas Andrew Dunn
Martin Stewart Benjamin Cryer Jeremy Carey
Sophie Praill
Tel: 0151 653 1700 Tel: 020 7614 5920 Tel: 020 7920 3150
This information is provided by RNS
The company news service from the London Stock Exchange
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