Analyst Research Report Snapshot

Title:

PARK GROUP - PROGRESS BENEATH THE SEASONALITY

Price:

$10.00

Provider:

Edison Investment Research

Date:

20 Dec 2012

Pages:

5

Type:

AcrobatPDF

Companies referenced:

PRKG.L

Available for Immediate Download
Summary:

H1 is seasonally far less important for Park than H2, when it generates more than 80% of annual billings and revenue. For the first six months to 30 September 2012, the normal seasonal loss was down year-on-year as top-line growth continued (customer billings +12%) and finance income increased (+28%, driven by continuing growth in average cash balances throughout the year and better margin), partly offset by additional costs during the period. flexecash continues to drive growth and has now loaded £140m since its launch in 2010 compared with £77m at the end of FY12. Given the limited financial significance of H1, we are not changing our full-year and future-year forecasts.

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