Park Group – 69p

12 June 2019 – final results

Park Group, the leading multi-retailer redemption product provider to corporate and consumer markets in the UK, has released final results for the financial year ended 31 March 2019.  Billings were £426.9m (2018: £412.8m) but revenue decreased marginally to £110.4m (2018 restated: £111.1m).  Total cash balances, including monies held in trust and deposits were £134.0m at the period end versus £121.4m a year earlier.  Adjusted operating profit was £10.9m (2018 restated: £11.3m) and adjusted profit before tax £12.5m (2018 restated: £12.6m).  Adjusted earnings per share were 5.43p (2018 restated: 5.50p).  A final dividend of 2.15p per share (2018: 2.05p) took the total dividend for the year to 3.20p per share (2018: 3.05p).  It is pleasing to see that dividend payments continue to grow despite investment in the business.  The share price continues to represent good value and we keep our BUY rating.

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