Update: Operational gearing
Preliminary results for the year to 31 March 2015 were released last month and showed strong progress in customer activity (billings +11%) and profits (operating profits +24% and PBT +16% despite the impact of low deposit rates on interest earnings). Park Group reported that current year trading had started well, and our estimates for earnings and fair value both increased. Nevertheless, the basic preliminary figures gave no indication of the operational gearing, which we believe the business should be capable of generating. With the greater detail of the annual report, we can see this and believe it is supportive of our unchanged estimates.Park Group is a provider of prepaid gift cards, multi-retailer gift vouchers and digital rewards services to corporate and consumer markets. Co.'s brands include: Love2shop, a multi-retailer gift voucher and prepaid gift card brand; Park Christmas Savings, which helps families prepare and budget for Christmas in a controlled and careful manner; flexecash®, which issues e-money; Love2shop Business Services, which provides solutions from Co.'s own multi-retailer vouchers and prepaid cards to single store vouchers and cards, gift experiences, holidays and travel; and Evolve, which is a digital rewards platform that provides commercial organizations with a means to reward individuals.
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