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 4th 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® 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.”