Financial highlights
· 6.5 per cent rise in operating profit to £11.6m (2017 – £10.9m)
· 4.1 per cent growth in profit before tax to £12.9m (2017 – £12.4m)
· 2.0 per cent advance in billings to £412.8m (2017 – £404.5m)
· Proposed final dividend raised to 2.05p per share (2017 – 1.95p) making a total dividend for the year up 5.2 per cent to 3.05p per share (2017 – 2.90p per share)
· Total cash balances peaked at £229m (2017 – £217m). Year end cash balance was £40.3m (2017 – £34.2m) with a further £87.0m (2017 – £83.0m) of monies held in trust
Operational highlights
· Ongoing delivery against strategy and another positive trading performance for the year as a whole
· Enhanced the capabilities of the flexecash® concept by developing digital e-codes
Corporate business
· During the year, the Corporate business delivered an increase in billings to £188.2m (2017 – 187.7m) and operating profit also rose to £7.4m (2017 – £7.2m)
· The ‘Evolve’ platform, the client-branded digital reward platform launched in 2016, continues to drive traction in corporate markets, with more than 317 clients using the web portal to date
· Full integration of FMI, progressed during 2017, providing an exciting opportunity to build out Corporate operations
Consumer business
· Billings within the Consumer business increased by 3.6 per cent to £224.5m (2017 – £216.8m), while operating profit increased by 6.1 per cent to £6.9m (2017 – £6.5m)
· Customer numbers increased to 436,000 (2017 – 431,000), while the average customer order value improved 2.6 per cent to £521 (2017 – £508)
· Orders for Christmas 2018 are at a similar level to the previous year at this stage in the cycle.
CEO Succession
Following the announcement that former Chief Executive Officer (CEO) Chris Houghton was to retire after more than 30 years at Park Group, Ian O’Doherty was appointed as CEO in February 2018. Ian brings with him a wealth of experience and knowledge from blue-chip business, strategic and operational excellence, as well as sharing the values of the Group.
Laura Carstensen, Chairman, commented: “Our commitment to growth is as strong as ever and we have started the year well. As a Group we are at an exciting point in our development and have some great opportunities to build on our legacy and on the success of another solid set of results with billings and pre-tax profits both continuing to increase along with total dividends.”
For further information please visit http://www.parkgroup.co.uk/ or contact:
|
Park Group plc |
Arden Partners plc |
Tavistock |
|
Ian O’Doherty Martin Stewart |
Steve Douglas Benjamin Cryer |
Jeremy Carey Simon Hudson Sophie Praill |
|
Tel: 0151 653 1700 |
Tel: 020 7614 5920 |
Tel: 020 7920 3150 |
The information contained within this announcement is deemed by Park Group to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (“MAR”).
Chairman’s Statement
Introduction
As a Group we are at an exciting point in our development and have some significant opportunities to build on our legacy and on the success of another solid set of results, with billings and pre-tax profits both continuing to increase along with total dividends (paid and proposed).
At Park we are used to adapting to and capitalising on fast-changing markets and we are ambitious under a strong and refreshed leadership team to continue to grow by winning still more consumers and businesses over to the Park way of saving, motivating and rewarding – everything prepaid.
Financial performance and dividends
Park Group’s profit before taxation rose by 4.1 per cent in the year to 31 March 2018, reaching £12.9m (2017 – £12.4m) while operating profit grew to £11.6m (2017 – £10.9m). Total billings increased by 2.0 per cent to £412.8m (2017 – £404.5m) while revenue was £296.2m (2017 – £310.9m).
Billings is a more meaningful measure of the level of activity of the Group than revenue. This is due to our revenue from prepaid cards being reported on a ‘net’ basis and our Love2shop vouchers on a ‘gross’ basis. This year we have had some one off costs associated with the changes to our senior management, but following an extensive recruitment process and well executed transition, we are confident we have the right people in place with the resources and experience to drive our continued growth.
Park is a cash generative business with a strong, debt free balance sheet.
In light of yet another solid year, the board is recommending raising the final dividend to 2.05p per share (2017 – 1.95p) making a total dividend for the year of 3.05p per share (2017 – 2.90p) up 5.2 per cent.
It is noteworthy that the total dividend has more than doubled over the last eight years, reflecting the board’s confidence in the business’ performance and the position and success of Park’s offering in each market. As our investors know, Park Group’s dividend policy is linked to the cash we generate, as well as business performance.
Shareholder approval will be sought at the Annual General Meeting (AGM) to be held on 25 September 2018 to pay the final dividend on 1 October 2018 to shareholders on the register on 24 August 2018. The ordinary shares will be marked ex-dividend on 23 August 2018 as a consequence.
Chief Executive Officer succession
During the year under review, following the announcement that our former Chief Executive Officer (CEO) Chris Houghton was to retire after more than 30 years at Park Group, we embarked on a rigorous nationwide search to help us fulfil our ambitions for the Group.
Our new CEO, Ian O’Doherty, brings with him a wealth of experience and knowledge from blue-chip business, and I know from our close collaboration so far that he brings strategic and operational excellence, as well as sharing our values as a Group.
I am confident that Ian and the team he is building will help us continue to deliver Park Group’s diverse range of services with the IRIS core values our customers have come to expect, whilst committing to innovation and service excellence in everything we do.
As a Group, a team, we are all focused on making Park Group an exemplar Group in its field and that means being a business that people respect, want to work for and do business with.
This means we will not compromise on our integrity, and we will continue to ensure that people trust us as a business that does what it says it does, and delivers on its promises.
It also means being known for the positive influence we have as a business on people’s lives whether that be our employees, customers, shareholders, trading partners or the many communities in which we operate.
Other board changes
Gary Woods stepped down from the board in March 2018 after 38 years’ service whilst Martin Stewart will also leave the Group in August 2018. Martin will be replaced by Mr Tim Clancy as Group Finance Director, who will join us in August 2018. The board would like to thank Gary and Martin for their excellent contribution in building the Park business.
Our business and our people
‘Seamless transition’ is easy to say but can often be difficult to deliver. However, I believe the outstanding collaboration of our former and current leadership team during this year and the dedicated and committed way in which our leadership – old and new – have transitioned responsibilities has been genuinely inspiring.
It gives the board confidence – and it has given our stakeholders, partners and people confidence – that we are in a strong, secure position as a Group. Not only to ensure continuity, but to drive better, new ways of working and to innovate and improve the way we deliver our class-leading products and services.
As a business we’re expecting to make a lot more noise about the services we’re delivering to consumer and corporate clients in 2018 and beyond, to champion our successes in business performance and innovation, and to showcase the contribution we’re making to the northwest regional economy.
As well as focusing on making us the very best business we can be, one of Ian O’Doherty’s strengths is galvanising a business around a clear strategy, rooted in a supportive culture and a set of core values. And this is something we as a board are excited about helping to deliver.
There’s no doubt that we have dedicated and loyal people right through our teams and having everyone pulling together for our shared, common goals can only help us with our growth ambitions. I would like to pass on the thanks of the board to everyone who makes Park the Group that it is.
Our social responsibility
Charitable causes and social responsibility – for our people, stakeholders, customers and communities – will remain high on our list of priorities, and we will continue to find ways to give back to the region that has given us a ‘licence to operate’ and enabled us to be successful.
As well as contributing to very important local projects here on the Wirral, like ‘The Hive’, a local youth zone helping young people to learn, to flourish and to grow, as well as a range of other projects, we still feel we have much to do in terms of our social responsibility.
Our outlook
Our commitment to growth is as strong as ever and we have started the year well by ensuring we’re delivering against our strategies, focusing on customer service excellence and working closely together.
Laura Carstensen
Chairman
12 June 2018
Chief Executive’s Review
Introduction
Park has a rich legacy of innovation, business achievement and strong financial performance. This year has seen progress in all three of these areas. Building on the success of these latest results, we remain in a position for growth and we have continuing ambitions to lead the markets in which we operate.
The year under review has seen considerable change in our leadership team, including my own appointment as CEO, the appointment of a new Group Finance Director to succeed Martin Stewart in August 2018, and the appointment, to a newly created position, of a Chief Information Officer (non-board). These changes, we believe, will provide an opportunity for the Group to build on the successes of those who have driven the business to this point.
Without doubt, this is an exciting time for the Group.
Business performance
Solid billings, profits and cash generation have been the cornerstone of our business for many years, and our focus on delivering these continues. The overall financial position of the Group remains solid, with cash balances and order books again ahead of their positions at the same time last year.
We’re also delivering in many other areas, including innovation. For example downloads of the Park Savings app, launched last year, continue to grow as the number of consumer customers using this new functionality rises. Innovations like this – centred on making things better and simpler for our customers – remain an important part of our growth plans.
Our Consumer business
Park’s legacy of helping families prepare and budget for Christmas has been well-regarded for decades and, yet again, we’ve seen continued positive momentum and performance in the Consumer business this year as we celebrated another solid Christmas period. As well as allowing our customers to save in a secure, controlled and structured way, free of last minute financial concerns, our Consumer business remains a robust revenue driver for our business.
The increasing consumer use of the internet and mobile devices, coupled with our focus on the development of technology and digital channels, continues to revolutionise ordering behaviour. The number of new accounts ordering online in the year was 72.2 per cent of the total new accounts (2017 – 65.7 per cent).
Billings within the Consumer business increased by 3.6 per cent to £224.5m (2017 – £216.8m), while operating profit increased by 6.1 per cent to £6.9m (2017 – £6.5m). Customer numbers increased to 436,000 (2017 – 431,000), while the average customer order value improved 2.6 per cent to £521 (2017 – £508).
Park’s relationship with Mastercard continues to strengthen. Park’s ‘Your Choice’ card (formerly the ‘Anywhere’ card) is a Mastercard which offers the freedom to shop at an expanded number of outlets. Customers are prepared to pay a premium for a preloaded ‘Your Choice’ card and this is proving popular, with 40,000 customers utilising this innovative, new product over the period.
Social media continues to be a significant and growing component of our communication with customers and visitors to our web sites. Facebook remains the most popular channel and we now have over 127,000 followers compared with 100,000 12 months ago. Facebook provides an effective communication tool while also providing excellent market research as we monitor, review and respond to user comment and reaction. During the year, approximately £4m of orders were generated by Park’s Facebook page alone and we will continue to develop social media channels to build on this success.
We want to build on the success of this period in our consumer business, and we will put even more focus on our growing customer base – hundreds of thousands of families and companies – by committing ourselves to delivering excellent service through digital, self-serve and traditional channels.
Our Corporate business
The Corporate business, under the brand Love2shop Business Services, remains the UK’s largest provider of multi-redemption gift cards, vouchers and digital reward propositions, principally to the incentive and reward markets. It now serves over 34,000 organisations, supplying programmes and products to reward and incentivise staff and customers alike. Love2shop Business Services offers businesses, from major corporations to SMEs, an innovative and sophisticated range of reward solutions and on-line programme management systems that are used to motivate, retain, reward and recognise employees and customers. Incentives and rewards for businesses is an ever-growing multibillion pound market, and we will work to ensure we’re front of mind for organisations when it comes to these types of propositions. We believe our flexibility, scale, product suite and capabilities, particularly through our own flexecash® processing network, set us apart from our competitors.
During the year, the Corporate business delivered an increase in billings to £188.2m (2017 – £187.7m) and operating profit also rose to £7.4m (2017 – £7.2m). Our hightstreetvouchers.com website had a good year with sales topping £30m (2017 – £26m) and with the full integration of FMI, which has continued to progress during the year, we have an exciting opportunity to build out our Corporate operations.
Product development within the Corporate business concentrates on devising new, sophisticated applications to meet increasing customer demand. Our ‘Evolve’ platform, the client-branded digital reward platform we launched in 2016, continues to drive traction in our corporate markets, with more than 317 clients using the web portal to date.
During this period, we have leveraged the ‘Evolve’ capabilities still further, by beginning to offer our reward products to a global audience via ‘Love2shop Worldwide’. This capability is now being used by over 40 UK based businesses that may have employees or customers in other countries. Thousands of redemptions have already been processed for individuals based in UK, India, Germany, Italy, France and Spain to name a few.
A number of large new organisations were recruited during the year, with more in the pipeline.
Investing in new technology
Park’s annual capital expenditure on IT is approximately £0.7m with a total spend, including technical support, in the region of £3.8m. This is a significant investment and commitment for a business of our size. One of the most significant technological advances in Park’s history was the introduction in 2010 of the flexecash® prepaid card. This innovative product represented a major step forward for the business and moved it into areas which previously had not been accessible. Since launch, flexecash® cards have had over £652m of value loaded, with 97 brands accepting the card through more than 14,000 UK outlets. The card is available alongside the Love2shop voucher, which is supported by 175 brands at 20,000 outlets.
Park has capitalised further on the latest advances in this space to expand the capabilities of the flexecash® concept by developing e-codes, which provide a digital representation of a flexecash® card. These 14 character digital codes deliver a totally encrypted and unique path to provide customers with the means to make instant purchases from our website. Digital products are the fastest growing product area in the UK gift card and voucher market and in 2017 9 per cent of reported sales were attributable to these products. In the B2B market, they are growing at an even faster rate and now represent 16 per cent of the market with further significant growth anticipated.
Aside from the benefits our technological innovations are bringing to our corporate and consumer customers and the increasing levels of business this generates, a further advantage of Park’s transition into a modern, digital business, has been in allowing us to operate much more efficiently and keep tighter control of costs.
Our people
We will focus on doing the very best for our people; providing them with the necessary tools and support to succeed. We want engaged employees, working together with clarity, purpose and drive to contribute to our growth plans.
Having spent the last six months reviewing the business, I can say that the experience and ambition of our people is impressive, and, through them, we have the capabilities to grow and to achieve more. Add to that an ambitious, motivated and strategic new leadership team, and we’re confident of building on the great history of this Group. Our focus now is on structuring our team to succeed, and on building a culture that enables us to deliver on – and hopefully exceed – our customers’ expectations every single time.
Our future
Park’s focus on enhancing retailer propositions; growing multi-channel offerings; expanding our customer base and exploiting our scale and infrastructure, remain key to ensuring our business retains its buoyancy and market position. We have the tools and resources to go about our business with confidence. Together, we remain committed to keeping Park Group a business that people are proud to work for and want to do business with and a business that delivers for the many thousands of customers that place their trust in us.
Ian O’Doherty
Chief Executive Officer
12 June 2018
Financial Review
Profit from operations
The Group’s operations are divided into two principal operating segments:
· Consumer – which represents sales to consumers, utilising its Christmas savings offering; and
· Corporate – comprising sales to businesses, offering primarily sales of the Love2shop voucher, flexecash® cards and e-codes in addition to other retailer vouchers. Sales are achieved via a direct sales force and online via the Group’s websites. These products are used as staff and customer rewards/incentives, marketing aids and prizes.
All other segments comprise central costs and property costs.
Billings have increased when compared to the prior year by 2.0 per cent to £412.8m. Revenue has fallen by 4.7 per cent to £296.2m reflecting the increasing popularity of prepaid cards (flexecash® and Mastercard) issued by us. Billings attributable to these cards total £130.1m in the year (2017 – £105.7m) whereas revenue in the year was £13.5m (2017 – £12.1m).
Revenue earned from the sale of prepaid cards issued by Park is recognised differently from all other customer billings, as explained in our accounting policies.
Revenue and margin from sales of Love2shop vouchers and flexecash® cards/codes are generated from both operating segments. Operating profit increased by £0.7m to £11.6m and is detailed below:
|
|
2018 £’000 |
2017 £’000 |
Change £’000 |
|
Consumer |
6,851 |
6,460 |
391 |
|
Corporate |
7,366 |
7,231 |
135 |
|
All other segments |
(2,628) |
(2,810) |
182 |
|
Operating profit |
11,589 |
10,881 |
708 |
Consumer
In the Consumer business, customer billings have increased by 3.6 per cent to £224.5m. Revenue has decreased by 3.4 per cent to £168.3m, primarily due to increased value loaded onto prepaid cards, principally our own Mastercard products which totalled £20.7m.
The increase in billings of £7.8m primarily reflects the higher level of customer prepayment orders fulfilled for Christmas 2017 at £222.2m (Christmas 2016 – £214.1m). Billings in respect of flexecash® cards totalled £40.8m (2017 – £43.8m).
Operating profit at £6.9m has increased by £0.4m from that achieved in the prior year. This is due to the increased level of billings and a marginal improvement in margin earned as a result of a change in the mix of products sold.
Corporate
In the Corporate business customer billings have increased once more, by £0.5m in the year to £188.2m. Revenue is down by 6.5 per cent to £127.9m and this was also due to increased value loaded onto prepaid cards (flexecash® and Mastercard), which totalled £69.2m (2017 – £61.9m).
Operating profit improved by 1.9 per cent to £7.4m (2017 – £7.2m) reflecting the higher level of billings and an improved mix of products sold, principally flexecash® cards.
During 2018 and beyond, we will embark with renewed focus on plans to drive growth in billings in the incentive sector, which was marginally below expectations at £116.2m predominantly due to the later than expected roll out of a significant contract with a client in our Corporate business.
All other segments
The reduction in costs reported in other segments, of £0.2m, is mainly attributable to a reduction in the cost of management incentives recorded in the statement of profit or loss of £0.4m. This has been offset by £0.2m of costs associated with the changes to the senior management team and directors in the year.
Finance income
Finance income declined slightly to £1.27m from £1.47m. Average total cash held by the Group, including cash held in trust during the year increased by over 6 per cent to £165m (2017 – £155m), however the yield achieved on this higher cash balance continued to decline in spite of the increase in base rates, due to deposits placed prior to this increase being reflected in bank deposit rates.
Taxation
The effective tax rate for the year was 19.1 per cent (2017 – 19.9 per cent) of profit before tax. The decrease in tax rate is due to the reduction in the basic rate of corporation tax from 20 per cent to 19 per cent in the year.
Earnings per share
Basic earnings per share (EPS) increased to 5.62p from 5.38p in 2017, up 4.5 per cent.
Dividends
The board has recommended a final dividend of 2.05p per share. An interim dividend of 1.00p per share was paid on 6 April 2018. Subject to approval of the final dividend at the AGM, the total dividend for 2018 will be 3.05p per share representing an increase of 5.2 per cent over the prior year.
Cash flows
Cash flows from operating activities, at £10.5m, were £0.6m higher than the prior year. There was a slight deterioration in working capital due to increased stock levels of £1.2m and receivables of £1.8m. In addition, the prior year cash inflows were boosted by £2m of cash received in April 2016 from the Park Prepayment Trustee Company Limited in respect of Christmas 2015. Growth in the Park Card Services Limited E money Trust (PCSET) and ring fenced funds was £2.9m (2017 – £4.9m).
At the end of March 2018 £40.3m (2017 – £34.2m) of cash and cash equivalents was held by the Group. This was £2.8m higher than the prior year.
In addition, £60.0m (2017 – £59.0m) was held by the Park Prepayments Trustee Company Limited. The trust holds payments received in respect of orders for delivery the following Christmas. The conditions for the release of this money to the Group are detailed in the trust deed, which is available at www.getpark.co.uk.
Also, at 31 March 2018, the Group held £25.9m (2017 – £24.0m) of cash in the PCSET to support the e-money float in accordance with regulatory requirements and held £1.0m of other ring fenced funds (2017 – £nil).
The total amount of cash and deposits net of any overdraft position held by the Group, combined with the monies held in trust, has increased in the year by 5.9 per cent to £121.4m from £114.6m. These total balances peaked at just under £229m in the year, representing an increase of over £12m from last year. This was principally due to the higher level of cash receipts into the Park Prepayments Protection Trust (PPPT) in respect of the Consumer business.
Provisions
At 31 March 2018, provisions had increased to £48.0m from £46.2m. This was mainly due to an increase in the amounts provided in respect of flexecash® cards of £1.2m and for unspent vouchers of £0.6m. The value of unspent vouchers included in the provision, arises primarily from sales in the Corporate business.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
FOR THE YEAR TO 31 MARCH 2018
|
|
2018 |
|
2017 |
|
|
£’000 |
|
£’000 |
|
|
|
|
|
|
Billings |
412,786 |
|
404,512 |
|
|
|
|
|
|
Revenue |
296,188 |
|
310,927 |
|
Cost of sales |
(264,490) |
|
(280,758) |
|
Gross profit |
31,698 |
|
30,169 |
|
Distribution costs |
(3,002) |
|
(2,940) |
|
Administrative expenses |
(17,107) |
|
(16,348) |
|
Operating profit |
11,589 |
|
10,881 |
|
|
|
|
|
|
Finance income |
1,274 |
|
1,472 |
|
Finance costs |
(4) |
|
(2) |
|
Profit before taxation |
12,859 |
|
12,351 |
|
Taxation |
(2,450) |
|
(2,452) |
|
Profit for the year attributable to equity holders of the parent |
10,409 |
|
9,899 |
|
Earnings per share (see note 7) |
|
|
|
: basic |
5.62p |
5.38p |
|
: diluted |
5.60p |
5.29p |
|
|
|
|
Park Group plc
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR TO 31 MARCH 2018
|
|
2018 |
|
2017 |
|
|
£’000 |
|
£’000 |
|
|
|
|
|
|
Profit for the year |
10,409 |
|
9,899 |
|
Other comprehensive income |
|
|
|
|
Items that will not be reclassified to profit or loss: Remeasurement of defined benefit pension schemes |
1,142 |
|
572 |
|
Deferred tax on defined benefit pension schemes |
(194) |
|
(97) |
|
|
948 |
|
475 |
|
Items that may be reclassified subsequently to profit or loss: |
|
|
|
|
Foreign exchange translation differences |
(20) |
|
(28) |
|
|
|
|
|
|
Other comprehensive income for the year net of tax |
928 |
|
447 |
|
|
|
|
|
|
Total comprehensive income for the year attributable to equity holders of the parent |
11,337 |
|
10,346 |
Park Group plc
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2018
|
|
|
As at |
|
As at |
|
|
|
31.03.18 |
|
31.03.17 |
|
|
|
£’000 |
|
£’000 |
|
Assets |
|
|
|
|
|
Non-current assets |
|
|
|
|
|
Goodwill |
|
2,185 |
|
2,202 |
|
Other intangible assets |
|
2,278 |
|
2,682 |
|
Property, plant and equipment |
|
7,684 |
|
7,688 |
|
Retirement benefit asset |
|
2,721 |
|
1,827 |
|
|
|
14,868 |
|
14,399 |
|
Current assets |
|
|
|
|
|
Inventories |
|
3,808 |
|
2,632 |
|
Trade and other receivables |
|
10,872 |
|
9,096 |
|
Other financial assets |
|
200 |
|
200 |
|
Monies held in trust |
|
86,992 |
|
83,018 |
|
Cash and cash equivalents |
|
40,311 |
|
34,236 |
|
|
|
142,183 |
|
129,182 |
|
|
|
|
|
|
|
Total assets |
|
157,051 |
|
143,581 |
|
Liabilities |
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Trade and other payables |
|
(89,816) |
|
(82,602) |
|
Tax payable |
|
(704) |
|
(1,272) |
|
Provisions |
|
(48,012) |
|
(46,164) |
|
|
|
(138,532) |
|
(130,038) |
|
Non-current liabilities |
|
|
|
|
|
Deferred tax liability |
|
(662) |
|
(194) |
|
Retirement benefit obligation |
|
– |
|
(924) |
|
|
|
(662) |
|
(1,118) |
|
|
|
|
|
|
|
Total liabilities |
|
(139,194) |
|
(131,156) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets |
|
17,857 |
|
12,425 |
|
Equity attributable to equity holders of the parent |
|
|
|
|
|
|
|
|
|
|
|
Share capital |
|
3,711 |
|
3,687 |
|
Share premium |
|
6,137 |
|
6,137 |
|
Retained earnings |
|
8,320 |
|
2,912 |
|
Other reserves |
|
(311) |
|
(311) |
|
|
|
|
|
|
|
Total equity |
|
17,857 |
|
12,425 |
Park Group plc
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
|
|
Share capital |
Share Premium |
Other reserves |
Retained earnings |
Total equity |
|
|
£’000 |
£’000 |
£’000 |
£’000 |
£’000 |
|
|
|
|
|
|
|
|
Balance at 1 April 2017 |
3,687 |
6,137 |
(311) |
2,912 |
12,425 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income for the year |
|
|
|
|
|
|
Profit |
– |
– |
– |
10,409 |
10,409 |
|
|
|
|
|
|
|
|
Other comprehensive income |
|
|
|
|
|
|
Remeasurement of defined benefit pension schemes |
– |
– |
– |
1,142 |
1,142 |
|
Tax on defined benefit pension schemes |
– |
– |
– |
(194) |
(194) |
|
Foreign exchange translation adjustments |
– |
– |
– |
(20) |
(20) |
|
Total other comprehensive income |
– |
– |
– |
928 |
928 |
|
Total comprehensive income for the year |
– |
– |
– |
11,337 |
11,337 |
|
|
|
|
|
|
|
|
Transactions with owners, recorded directly in equity |
|
|
|
|
|
|
Equity settled share-based payment transactions including tax |
– |
– |
– |
(620) |
(620) |
|
Tax on equity settled share-based payment transactions |
– |
– |
– |
85 |
85 |
|
LTIP shares awarded |
24 |
– |
– |
(24) |
– |
|
Dividends |
– |
– |
– |
(5,370) |
(5,370) |
|
Total contributions by and distribution to owners |
24 |
– |
– |
(5,929) |
(5,905) |
|
|
|
|
|
|
|
|
Balance at 31 March 2018 |
3,711 |
6,137 |
(311) |
8,320 |
17,857 |
|
|
|
|
|
|
|
|
Balance at 1 April 2016 |
3,674 |
6,132 |
(311) |
(3,070) |
6,425 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income for the year |
|
|
|
|
|
|
Profit |
– |
– |
– |
9,899 |
9,899 |
|
|
|
|
|
|
|
|
Other comprehensive income |
|
|
|
|
|
|
Remeasurement of defined benefit pension schemes |
– |
– |
– |
572 |
572 |
|
Tax on defined benefit pension schemes |
– |
– |
– |
(97) |
(97) |
|
Foreign exchange translation adjustments |
– |
– |
– |
(28) |
(28) |
|
Total other comprehensive income |
– |
– |
– |
447 |
447 |
|
Total comprehensive income for the year |
– |
– |
– |
10,346 |
10,346 |
|
|
|
|
|
|
|
|
Transactions with owners, recorded directly in equity |
|
|
|
|
|
|
Equity settled share-based payment transactions including tax |
– |
– |
– |
670 |
670 |
|
Tax on equity settled share-based payment transactions |
– |
– |
– |
31 |
31 |
|
Exercise of share options |
– |
5 |
– |
– |
5 |
|
LTIP shares awarded |
13 |
– |
– |
(13) |
– |
|
Dividends |
– |
– |
– |
(5,052) |
(5,052) |
|
Total contributions by and distribution to owners |
13 |
5 |
– |
(4,364) |
(4,346) |
|
|
|
|
|
|
|
|
Balance at 31 March 2017 |
3,687 |
6,137 |
(311) |
2,912 |
12,425 |
Other reserves relate to the acquisition of a minority interest in a subsidiary.
Park Group plc
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR TO 31 MARCH 2018
|
|
|
2018 |
|
2017 |
|
|
|
£’000 |
|
£’000 |
Cash flows from operating activities |
|
|
|
|
|
Cash generated from operations |
|
10,540 |
|
9,903 |
|
Interest received |
|
1,271 |
|
1,540 |
|
Interest paid |
|
(4) |
|
(1) |
|
Tax paid |
|
(2,537) |
|
(2,258) |
|
Net cash generated from operating activities |
|
9,270 |
|
9,184 |
|
Cash flows from investing activities |
|
|
|
|
|
Proceeds from sale of property, plant and equipment |
|
1 |
|
1 |
|
Purchase of intangible assets |
|
(361) |
|
(370) |
|
Purchase of property, plant and equipment |
|
(659) |
|
(347) |
|
Purchase of investments in subsidiaries |
|
– |
|
(876) |
|
|
|
|
|
|
|
Net cash used in investing activities |
|
(1,019) |
|
(1,592) |
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
Proceeds from exercise of share options |
|
– |
|
5 |
|
Dividends paid to shareholders |
|
(5,370) |
|
(5,052) |
|
Net cash used in financing activities |
|
(5,370) |
|
(5,047) |
Net increase in cash and cash equivalents |
|
2,881 |
|
2,545 |
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period |
|
31,362 |
|
28,817 |
|
|
|
|
|
|
|
Cash and cash equivalents at end of period |
|
34,243 |
|
31,362 |
|
|
|
|
|
|
|
Cash and cash equivalents comprise: |
|
|
|
|
|
Cash |
|
40,311 |
|
34,236 |
|
Bank overdrafts |
|
(6,068) |
|
(2,874) |
|
|
|
34,243 |
|
31,362 |