Stock data
| Market cap. | £127.9m |
| Last close | 68.75p |
| High / Low (52 weeks) | 90.0p / 68.8p |
| Stock market listing | LN |
| Forecast net cash (£m) | 37 |
| Forecast gearing ratio (%) | N/A |
| Team | Financials |
| Sector | Financials |
Price performance
| % | 1m | 3m | 12m |
|---|---|---|---|
| Actual | (7.1) | (12.7) | (13.3) |
| Relative * | (6.4) | (10.7) | (14.9) |
* % Relative to local index
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Company news
Investment summary
Park Group continued to grow billings, profits, cash and the well-covered dividend in FY18. Billings growth was modest (2%), with the previously flagged delayed start to a significant contract within the corporate business, but profit growth was supported by higher margins, primarily reflecting business mix changes. Operating profit grew 7% and PBT 5%, with persistent low bank deposit rates negatively affecting finance income despite record high cash balances. We have slightly raised our FY19 forecasts. The management transition is complete with a new CEO in place and new CFO appointed. We expect the new team to continue to build on the range of existing product and distribution growth initiatives that Park has put in place as well as introducing some new ideas and some changes in emphasis. Once the handover to the new management team has completed, we expect to hear more about the strategic objectives over the next few months.
Last updated on 27/07/2018
| Y/E Mar | Revenue (£m) | EBITDA (£m) | PBT (£m) | EPS (p) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2017A | 310.9 | 13.0 | 12.4 | 5.3 | 13.0 | N/A |
| 2018A | 296.2 | 13.3 | 12.9 | 5.6 | 12.3 | N/A |
| 2019E | 297.2 | 13.8 | 13.7 | 5.9 | 11.7 | N/A |
| 2020E | 298.4 | 14.6 | 14.5 | 6.2 | 11.1 | N/A |
Last updated on 19/07/2018
Latest research
Continued growth in earnings and cash
Update | Financials | 27/06/2018
Billings deferred but implied margin positive
Update | Financials | 21/05/2018
Innovating to grow earnings and cash
Outlook | Financials | 13/02/2018
Key new initiatives progressing
Update | Financials | 21/09/2017
Strategic and operational progress
Update | Financials | 23/06/2017
Further progress in the key second half
Update | Financials | 07/04/2017
Product innovation continues with Mastercard
Outlook | Financials | 10/02/2017
Continuing to innovate
Update | Financials | 08/04/2016
Trading momentum maintained
Flash note | Financials | 25/09/2015
Operational gearing
Update | Financials | 28/07/2015
Positive momentum maintained
Update | Financials | 25/06/2015
Momentum continuing
Update | Financials | 27/03/2015
Latest video
Industry outlook
Constant innovation supports steady growth in Christmas savings and strong trend growth into a large target market for corporate incentivisation and rewards.
Last updated on 27/07/2018
Key management
| Laura Carstensen, Chairman |
| Ian O'Doherty, CEO |
Company address
| Valley Road Birkenhead Merseyside CH41 7ED United Kingdom +44 (0) 151 653 1700 View website |