Park Group - Billings deferred but implied margin positive
Park recently issued a trading update ahead of publishing results on 12 June for the year to 31 March 2018. Due to a later start for a significant corporate order FY18 billings are lower than expected, although the contract is now underway. Given the scale of the billings impact, Park’s guidance that results will only be marginally below market expectations implies that trading margins are stronger than we had forecast, which would continue a multi-year trend that has been driven by product innovations and digital efficiencies.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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