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Park Group (PKG)

Business description

Park Group is a financial services business. It is one of the UK’s leading multi-retailer gift voucher and prepaid gift card businesses, focused on the corporate gift and consumer markets. Sales are generated via e-commerce, a direct salesforce and agents.

Stock data

Market cap.£127.9m
Last close68.75p
High / Low (52 weeks)90.0p / 68.8p
Stock market listingLN
Forecast net cash (£m)37
Forecast gearing ratio (%)N/A
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
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 video

Executive Interview - Park Group

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
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