Park Group PLC AGM Statement (7720B)
September 25 2018 - 1:00AM
UK Regulatory
TIDMPKG
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 4(th) 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(R) 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: GBP13.6m
PBT on revenue of GBP300m
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 Tel: 020 7614 5920
broker)
Steve Douglas
Benjamin Cryer
MHP Communications Tel: 020 3128 8100
Reg Hoare/Katie Hunt/Charles
Hirst
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END
AGMFMGZLVDNGRZM
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