Final Results

RNS number:3646N
Park Group PLC
10 June 2010
NEWS RELEASE Preliminary Results for the year ended 31 March 2010

PARK GROUP PLC
("Park" or "Park Group")
10 June 2010
Preliminary Results for the Year Ended 31 March 2010

Summary

Park Group plc is the UK's leading multi-redemption voucher business focussed on the corporate gift voucher and Christmas savings markets.  Sales are generated through our direct sales force, agents and the internet.

Financial highlights
·    Revenue increased 5 per cent to £263.2m (2009: £250.5m)
·    Operating profit increased 38 per cent to £4.3m (2009: £3.1m)
·    Finance income of £1.0m (2009: £3.1m)
·    Profit before tax of £5.3m (2009: £6.2m)
·    Proposed final dividend of 0.88p per share (2009: 0.88p per share) making a total dividend of 1.32p per share (2009: 1.32p per share) for the year
·    Total cash balances peaked at £120m (2009: £124m).  Year end cash balance £15.5m (2009: £12.2m) with a further £21.5m (2009: £16.5m) of monies held in trust

Operational highlights
·    Corporate voucher business operating profit increased 13% to £3.2m (2009: £2.8m)
·    Christmas savings business operating profit rising 40% to £2.8m (2009: £2.0m)
·    Continued expansion of online sales offering
·    Successful introduction of flexecash®, FSA authorised prepaid card

Peter Johnson, Chairman, commented:  "It is pleasing to report an increase in operating profit in both of our business divisions, especially given the generally difficult economic environment in which we have been operating.

Whilst our sales are predominantly earned in the second half,   the current year has started well with both core businesses ahead of the comparable period 12 months earlier.  Corporate vouchers are benefiting from a rise in new business and Christmas savings is seeing a steady improvement in customer numbers and order levels.  In due course both divisions will be boosted by the introduction of flexecash® - our new FSA authorised prepaid card."

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For preliminary news release in full click here.