By BFN News | 07:46 AM | Tuesday 02 December, 2014
Park Group has narrowed its H1 pretax loss to £2.4m, from a year-ago loss of £2.8m. Revenue was £58.5m, from £48.4m. It remains confident of delivering FY results in line with market expectations. It proposed an interim dividend of 0.8p a share, from 0.55p. "Park's business is generally seasonal and the first half of the year is traditionally loss making with the bulk of annual revenues generated in the second half," the company said in its results statement. "The board is confident of delivering full year results in line with market expectations, based on the ongoing economic recovery and our solid forward order book." CEO Chris Houghton commented: "Park has delivered an excellent set of results for the first half of the year. Improvement in consumer confidence continues to have a positive impact on our businesses, assisted by our ongoing investment in information technology platforms, new product developments and our focus on building partnerships with an increasing number of retailers. The strength in our order books underpins our positive outlook for the future." Key financial points: · Billings rise 28.1 per cent to £75.4m (2013 - £58.8m) · Revenue increases 21.0 per cent to £58.5m (2013 - £48.4m) · Seasonal pre-tax loss reduces to £2.4m (2013 - loss £2.8m) · Dividend of 0.8p (2013 - 0.55p), equivalent to 4.3 per cent increase after rebalancing · Cash balances peak at £189m (2013 - £165m) Key operational points: · GDP growth having positive impact · Corporate billings up 26.4 per cent to £58.6m (2013 - £46.3m) · Consumer billings increase 34.5 per cent to £16.8m (2013 - £12.5m) · Strong advance in order books across all divisions · flexecash reloadable card continues to drive growth in billings · E-commerce business maintains rapid growth Story provided by StockMarketWire.com
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