Park Group plc
(“Park” or “the Company”or “the Group”)
At the Company's Annual General Meeting to be held today at 12 noon, at The Vice Presidents Room, Tranmere Rovers Football Club Limited, Birkenhead CH42 9PN, Peter Johnson, Non-Executive Chairman of Park Group plc, will make the following statement:
"In my results statement dated 10 June 2014, I commented on the positive impact that the economic recovery in the UK was having on Park’s business. I am pleased to report that this encouraging scenario has been maintained and that our order books are well ahead of this time last year. Consumer confidence is continuing to improve which is reflected in raised levels of activity in the retail sector.
Our Corporate business, with its broad range of innovative, bespoke products currently serving almost 7,000 customers, is trading strongly with improving retention rates and higher levels of new business wins than at the same stage last year. The Consumer division, which enables customers to plan for Christmas in a controlled and structured way, has orders running some 10 per cent above last year.
Our online business, highstreetvouchers.com, which gives customers the freedom to manage the order process entirely at their own convenience, has experienced further strong demand with orders up 26 per cent on last year’s level.
Cash balances, including monies held in trust, are also well ahead of last year. These funds reflect the value of orders booked, the majority of which are for delivery in the second half of the year. However, interest rates available in the money market remain very low which continues to affect Park’s return on this cash.
Park is a seasonal business, which is usually loss making in the first half, as over three quarters of our revenue is generated in the second half of the year. Nevertheless, the first half performance is very important as it lays the foundation for the full year’s result. Orders are secured during the first half and dispatched and invoiced in the second half. We are very pleased with the strength of our order books and we are experiencing higher demand across the Company as a whole compared with the same period last year. This progress reflects improved market conditions coupled with the impact of new products and our ongoing innovation in customer service and interaction.
The three months leading up to the festive season are particularly important for Park and we look forward to this period with confidence and optimism.”
For further information please contact:
Park Group plc
Arden Partners plc
Tel: 0151 653 1700
Tel: 020 7614 5917
Tel: 020 7920 3150