Park Group plc
("Park" or "the Company")
At the Company's Annual General Meeting, to be held at noon today in The Board Room, Tranmere Rovers Football Club Limited, Birkenhead, CH42 9PN, Peter Johnson, Chairman of Park Group plc, will make the following statement:
"In my statement of 9 June reporting on the year to March 2015, I commented on the Group's impressive performance. This reflected a sustained improvement in trading conditions coupled with Park's success in capitalising on market opportunities. I am pleased to advise that this strong trading performance has continued and we expect another good performance across the Group in the current year.
The Corporate business, supplying an extensive range of gift cards and vouchers to some 7,500 customers, principally in the incentive and reward sector, is maintaining last year's progress. The Consumer division, which enables customers to plan for Christmas in a controlled and structured way, is also performing well running some 8 per cent higher than last year at this stage.
The Online business, highstreetvouchers.com, is one of the most important and fastest developing components of Park. This business is currently achieving sales some 15 per cent ahead of the same period last year. This dynamic performance demonstrates customers' preference for the flexibility offered by self-service web sites.
Cash balances, including monies held in trust, are £23 million ahead of last year at £184 million. This figure is significant as it highlights the growth in our order books. Principally, this growth is in the consumer business, where orders are booked in the first half of the year for dispatch and invoice in the second half, in time for the festive season. Park's interest receipts are higher than a year ago reflecting the expansion in our cash balances, even though rates available in the money market continue to be very low.
Our order books are strong with good levels of customer demand and consumer confidence remains high. We look forward with optimism and excitement as Park enters its busiest period of the year."
For further information please contact:
Park Group plc
Arden Partners plc
Tel: 0151 653 1700
Tel: 020 7614 5920
Tel: 020 7920 3150