Interim Results 2010
RSN number: 6397X
Park Group PLC
9 December 2010
NEWS RELEASE Interim Results for the six months to 30 September 2010
PARK GROUP PLC
('Park' or 'the Company')
INTERIM RESULTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2010
Summary | Half year | Half year | Year to | |||
| to 30.09.10 | to 30.09.09 | 31.03.10 | |||
| £'000 | £'000 | £'000 | |||
|
|
|
| |||
Revenue | 50,911 | 34,175 |
| 263,186 | ||
Operating (loss)/profit |
| (107) |
| (4,661) | 4,319 | |
Profit/(loss) before taxation from continuing operations | 541 | (4,172) | 5,274 | |||
Profit/(loss) for the period | 1,015 | (2,962) | 3,540 | |||
Dividend per share | 0.50p | 0.44p | 1.32p | |||
Earnings/(loss) per share | 0.61p | (1.79)p | 2.14p |
Park Group plc is the UK's leading multi-redemption voucher and prepaid card business focussed on the corporate gift voucher and Christmas savings markets. The company is a leader in its field with a strong sales and service culture utilising internet technology to broaden its product offering to its very large customer base. Park's business is generally seasonal and the first half of the year is traditionally loss making with the bulk of annual revenues generated in the second half.
Key points: Financial
• | 49 per cent increase in revenue on continuing operations to £50.9 million (2009: £34.2 million) |
• | Considerable improvement in operating loss (before finance income and taxation) to £0.1 million (2009: loss £4.7 million) |
• | 33 per cent uplift in finance income to £0.65 million (2009: £0.49 million) |
• | Pre-tax loss before VAT recovery reduced by 7 per cent to £3.9 million (2009: £4.2 million) |
• | Interim dividend raised 13.6 per cent to 0.5 pence net per share (2009: 0.44 pence) |
• | Total cash balances peaked at £140 million (2009: £120 million) |
Key points: Operations
• | Corporate voucher sales advance 51 per cent in period |
• | Long term customer contracts make significant contribution |
• | flexecash® pre paid card launched in June and achieving rapid sales growth |
• | Christmas savings 2010 agents increased to 110,000 (2009: 109,000) |
• | Average Christmas savings order value well ahead of last year at £401 (2009: £375) |
• | Online business continuing to grow strongly |
Peter Johnson, Chairman, commented:
"The strong performance of the first period is being maintained with both the Christmas savings and corporate businesses trading ahead of last year. The company is well positioned to move ahead strongly benefiting from its innovative and attractive product ranges coupled with the exciting opportunities offered by flexecash®, the new prepaid card"
For further information please contact:
| Park Group plc | Arden Partners | Tavistock Communications | |||
| Peter Johnson/Chris Houghton | Fred Walsh | John West/Andrew Dunn | |||
| Tel: 0151 653 1700 | Tel: 020 7614 5928 | Tel: 020 7920 3150 |
For interim results news release in full, click here.