Park (PARK)

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338
Park PKG Logo

The UK’s leading multi-retailer, gift voucher and prepaid gift card business focused on the corporate and consumer markets.

28-Nov-2017 – 87p – £167m – PER 15

Interim Results For The 6 Months To End September 2017 – Don’t like the look of this much, Revenue up just 3.1% with LFL Loss Before Tax doubling from -£0.8m to -£1.6m.

Although this latest update is considered “in-line” this is coming off my Watchlist for now. Sure, it may well perform as promised in the 2nd half, but then again, it may not. Gift vouchers and prepaid gift cards doesn’t exactly inspire these days either.

12-Jun-2018 – 80.75p – £149.8m – PER 13.9

Preliminary Results For The 12 Months To End March 2018 – Mostly small increases all round here, seems in-line.

I am going to remain Neutral – These results for a gift vouchers and prepaid gift card company just don’t get me excited at all.

25-Sep-2018 – 67.25p – £125.1m – PER 11.0

AGM Statement – In-line with expectations (£13.6m PBT on Revenue of £300m (GREAT guidance)).

I still can’t get excited about a gift voucher / prepaid gift card company, especially one growing at <10% per annum – I remain Neutral.

4-Dec-2018 – 78p – £144.3m – PER 12.7

Interim Results For The 6 Months To End September 2018 – In-line.

I still can’t get excited about a gift voucher / prepaid gift card company that’s growing at <10% per annum.

30-Apr-2019 – 75.5p – £141m – PER 12

Trading Update For The 12 Months To End March 2019 – Trading ahead of expectations, but due to new IFRS15 reporting PBT to be marginally below market expectations. Will also be moving costs and other one off costs this year.

I am as keen here today as I was yesterday, not for me at present. Could be OK as an income play (4%+ Yield and decent Net Cash, although there’s no mention of it in this update, which is weird considering it’s significance), perhaps!

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