Park Group PLC AGM Statement (3554N)
24 Septiembre 2019 - 1:00AM
UK Regulatory
TIDMPARK
RNS Number : 3554N
Park Group PLC
24 September 2019
24 September 2019
Park Group Plc
("Park" or "the Group" or "the Company")
AGM Statement & Trading Update
Park Group plc, the UK's leading multi-retailer redemption
product provider to corporate and consumer markets, is today
holding its Annual General Meeting at its new offices in Liverpool.
The Chairman, Laura Carstensen, will make the following
comments:
Trading Update
Group trading in the first five months of the current financial
year has been in line with our expectations. We have seen continued
growth in our Corporate business alongside a stable performance in
the Christmas savings market.
As we set out in our results statement in June, we are incurring
costs associated with implementing the strategic business plan,
which will supress profitability this financial year. These costs
relate to the transition to the new offices, as well as additional
technology and marketing investment.
As shareholders will be aware Park, is a highly 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.
Implementation of the strategic business plan
We are pleased to confirm that we relocated last week to our new
fit-for-purpose offices in Chapel Street, Liverpool, where our AGM
is being held today. We believe this office move will ensure we
operate an integrated working culture as well as help us retain and
attract talented staff.
We are making good progress on rationalising our brand
architecture, which will make our products and offering easier for
consumers, corporate clients and investors to understand. As part
of this we have proposed changing the Company's name to Appreciate
Group plc, which we believe better reflects our ambitions for the
Group, for approval at today's AGM.
We continue to invest in our technology to enhance our
capabilities, capacity, functionality and performance; we are busy
implementing a new Enterprise Resource Planning (ERP) system,
Microsoft Dynamics 365, which we selected in the Spring.
Work on our new digitally optimised product, targeting currently
untapped areas of the gift voucher market, is well underway and we
are encouraged by progress thus far. A further update on the
product as well as a launch date is expected in the second half of
the year.
Outlook
The transformation the business is undergoing will create a more
robust and scalable model, putting us in a strong position for
future growth. Overall, we continue to make significant strides in
positioning the Group to take full advantage of the opportunities
available in our market.
END
For further information please contact:
Park Group plc Liberum MHP Communications
(NOMAD and broker)
Ian O'Doherty Richard Crawley Reg Hoare
Tim Clancy Jamie Richards Katie Hunt
Patrick Hanrahan
Charles Hirst
Tel: 0151 653 Tel: 020 3100 Tel: 020 3128
1700 2000 8193
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END
AGMDMGZLKFKGLZM
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September 24, 2019 02:00 ET (06:00 GMT)
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