Park Group PLC - Final Results
09 Junio 2000 - 2:00AM
UK Regulatory
RNS Number:9704L
Park Group PLC
9 June 2000
Preliminary Results for the Year
Ended 31st March 2000
9th June 2000
Summary Year ended 31st March
2000 1999
Turnover #198.50m #208.80m
Profit/(loss) before tax #0.47m #(5.50)m
Earnings per share 0.09p (3.21)p
Dividend per share - 1.45p
* Heavy start-up provisions at Park Direct Credit
* New computer systems about to come into operation
* Solid contribution from Park Online
* Cash Savings order value up in 2000
Peter Johnson, Chairman, said: "Park Group is now strongly
focused on growing the business in its chosen areas of
Financial and Marketing Services. The foundations have been
laid and it is now a matter of achieving the improved
performance we all wish to see."
Enquiries: Alastair Kerr, Chief Executive
Neil Alexander, Finance Director
Park Group plc
Tel: 020 7600 2288 (today)
Tel: 0151 653 1700 (from Monday)
Issued on behalf of Park Group plc by Tavistock Communications
Limited (contact: Keith Payne, tel: 020 7600 2288)
Park Group plc
Chairman's Statement
Group turnover amounted to #198.5m for the year to end March
2000 compared with #208.8m in 1998-99. Pre-tax profit, before
exceptional costs totalling #1.183m, was #1.653m compared with
#4.145m in the previous financial year. Net of these charges,
profit before tax of #470,000 contrasted with a loss of
#5.494m in the previous year.
The main impact on profits for the past year has been the
first full year performance of Park Direct Credit, our new
home collected credit operation. As expected, Park Direct
Credit incurred heavy provisions for bad and doubtful debts
which is usual in such start-ups. In these circumstances the
board considered it prudent not to recommend a dividend.
Earnings per share were 0.09p against a negative (3.21p) in
1998-99.
The past year has been one of considerable activity in the
established business areas. The data capture and management
activities of Park Online made a solid contribution. The
company's new communication centre is proving to be an
excellent investment. Capacity utilisation is growing in line
with our plans to make Park Online one of the foremost
providers of specialist telemarketing and related database
management services.
We are also working with creative website designers and door-
to-door distributors to develop an e-commerce business to
consumer service. This will be launched later this year. We
shall capitalise on the considerable investment in our web-
enabled communication centre supported by our traditional
fulfilment services.
During the year the decision was taken to transfer the design
and contract packing business of Jetlag to Park Online.
Jetlag is now recovering from the reduced activity in the
airline sector and is extending its presence in the retail
gift market.
In Cash Savings, having taken the conscious step to build
volume in the finer margin voucher business, we are adding to
our list of big name redeemers. Park's High Street Vouchers
is the largest multi-redemption voucher operation in the UK.
Its vouchers may now be exchanged at over 8,000 retail
outlets. Business customers of High Street Vouchers will this
year be encouraged to buy their vouchers through our website.
A business to consumer proposition will quickly follow
allowing Internet shopping for vouchers as personalised gifts
for special occasions.
The core Cash Savings business has shown its first rise in a
number of years. Currently, savings for Christmas 2000 are up
by over 10% on the previous year. The number of customers is
significantly up within the new agent category which has shown
large growth, while the existing agent base remains stable.
However these encouraging developments should be balanced
against the fact that growth is mainly in lower margin voucher
sales.
It has been a year of investment for Park Direct Credit. With
new computer systems about to come into operation we shall be
able to grow and monitor this business more effectively.
After a strong start in terms of new customer signings we
deliberately imposed a check on further expansion while we
reviewed progress and took action to improve the quality of
the loan book. As a result we expect to embark on a programme
of carefully controlled growth during the course of the
current year.
The board owes its thanks to staff throughout the group for
their commitment and enthusiasm in a challenging year.
Park Group is now strongly focused on growing the business in
its chosen areas of Financial and Marketing Services. The
foundations have been laid and it is now a matter of achieving
the improved performance we all wish to see.
Peter Johnson
Chairman
9th June 2000
Preliminary Announcement of Unaudited Results
for the year ended 31st March 2000
2000 1999
Notes #'000 #'000
Turnover - Continuing operations 198,446 208,378
- Discontinued operations 44 420
------ ------
198,490 208,798
====== ======
Operating profit/(loss)
* Continuing operations (483) 4,287
* Discontinued operations (27) (2,217)
------ ------
1 (510) 2,070
Loss on sale of fixed assets (537) -
Profit/(loss) on termination of food
manufacturing 218 (9,639)
Investment income 1,340 2,184
Interest payable (41) (109)
------ ------
Profit/(loss) on ordinary activities
before taxation 470 (5,494)
Taxation 2 (323) 289
------ ------
Profit/(loss) on ordinary activities
after taxation 147 (5,205)
Dividends 3 - (2,366)
------ ------
Profit/(loss) for the financial year 147 (7,571)
====== ======
Earnings per share - basic 4 0.09p (3.21)p
- diluted 4 0.09p (3.21)p
Dividend per share 3 Nil 1.45p
Balance Sheets as at 31st March
2000 1999
#'000 #'000
Fixed assets
Tangible assets 10,276 13,925
Investments 2 2
------ ------
10,278 13,927
------ ------
Current assets
Stocks 1,463 2,587
Debtors 17,072 14,559
Cash 766 771
------ ------
19,301 17,917
Creditors (35,004) (37,649)
------ ------
Net current liabilities (15,703) (19,732)
------ ------
------ ------
Total assets less
current liabilities (5,425) (5,805)
Provisions for liabilities
and charges (267) (34)
------ ------
(5,692) (5,839)
====== ======
Capital and reserves 3,249 3,249
Share premium account 806 806
Profit and loss account (9,747) (9,894)
------ ------
(5,692) (5,839)
====== ======
Group Cash Flow Statement
for the year ended 31st March
2000 2000 1999 1999
#'000 #'000 #'000 #'000
Net cash flow from
operating activities 2,892 3,745
Returns from investments and
servicing of finance
Interest received 1,336 2,177
Interest paid (41) (117)
------ 1,295 ------ 2,060
Corporation tax paid (453) (2,201)
Capital expenditure
and financial investment
Purchase of tangible
fixed assets (2,815) (3,373)
Sale of tangible fixed assets 4,305 138
------ 1,490 ------ (3,235)
Equity dividends paid (2,356) (3,054)
------ ------
Cash inflow/(outflow)
before use of liquid
resources and financing 2,868 (2,685)
Financing - issue of ordinary
share capital - 150
------ ------
Increase/(decrease) in cash 2,868 (2,535)
------ ------
Notes
1. Analysis of turnover and operating profit
Year ended 31.3.00 Year ended 31.3.99
Turnover Operating Turnover Operating
profit/ profit/
(loss) (loss)
#'000 #'000 #'000 #'000
Financial services -
cash collection 172,611 2,373 183,278 3,198
Financial services -
home collected credit 3,733 (3,777) 681 (1,053)
Marketing services 22,102 921 24,419 2,142
Discontinued operations 44 (27) 420 (2,217)
------ ------ ------ ------
198,490 (510) 208,798 2,070
====== ====== ====== ======
The operating loss for the year ended 31st March 2000 includes
the undernoted exceptional items: -
#'000
Financial services - cash collection
Purchase of franchises (489)
------
Marketing services
Closure of Altrincham call centre on
termination of lease (269)
Management change costs (106)
------
(864)
In addition, the Financial services - home collected credit
result includes -
#'000 #'000
Charge for bad and doubtful debts (3,337) (453)
===== =====
2. Taxation
#'000 #'000
Charge/(relief) for the year 357 (607)
Prior year adjustments (34) 318
------ -----
323 (289)
------ -----
3. Dividends
Year ended Year ended
31.3.00 31.3.99
Pence Pence
per #'000 per #'000
share share
Paid - - 1.10 1,797
Proposed - - 0.35 569
------ ------ ----- -----
- - 1.45 2,366
______ ______ ______ ______
4. Earnings per share
The calculation of basic and diluted earnings per share is
based on the profit on ordinary activities after taxation of
#147,000 (1999 - loss #5,205,000) and on the weighted average
number of ordinary shares as follows:-
2000 1999
Basic Eps - Weighted average number
of shares in issue 162,471,066 162,257,079
Diluting effect of employee
share options (395,551) 102,574
---------- ---------
Diluted Eps - Weighted average
number of shares 162,075,515 162,359,653
========= =========
5. The above financial information does not amount to
statutory accounts for either year within the meaning of
section 240 of the Companies Act 1985 and has been prepared in
accordance with the accounting policies set out in the
financial statements for the year ended 31st March 1999. The
statutory accounts for the year ended 31st March 2000 will be
finalised on the basis of the financial information in the
preliminary announcement and will be delivered to the
registrar of companies following the company's annual general
meeting. The audited statutory accounts for the year ended
31st March 1999 have been delivered to the registrar. The
auditors report thereon was unqualified and did not contain a
statement under section 237 of the Act.
6. The annual report will be posted to shareholders on 18th
August 2000 and the annual general meeting of the company will
be held in Birkenhead on Tuesday 26th September 2000.
END
FR GGGGVLRDGGZM
Appreciate (LSE:APP)
Gráfica de Acción Histórica
De Jun 2024 a Jul 2024
Appreciate (LSE:APP)
Gráfica de Acción Histórica
De Jul 2023 a Jul 2024
