Park Group - Results in line and strategic plan taking shape
Park Group results for the year to 31 March 2019 were in line with our expectations and those of the market. The core offering of higher-value, own-branded, multi-retailer redemption product, c 85% of billings, showed good progress, although profit deferral to future periods increased under IFRS 15. Despite this and costs associated with the strategic plan, adjusted profits were little changed. Plan implementation costs will have an increased effect this year, but management targets a relatively quick payback period and medium-term income statement benefits of £2–5m pa.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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