Park Group (PARK) – Cash and Assets

Park Group are down around 10% to 12 month lows this morning following today’s trading update. In my earlier post I expressed some concern about the impact of future increased ongoing and exceptional costs. I also pointed out that much of their apparently very healthy cash balance belongs to customers.

Here is a table showing their free cash (not held in trust for customers) and tangible assets for the past few years:

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7:59 cut – PARK, DSG

Park Group (PARK) – FY Trading Update

The shopping voucher and Christmas savings company reports FY trading ahead of expectations but reported PBT below due to profit recognition timing issues and further exceptional costs. They also warn of future higher ongoing and exceptional costs.

An avenue of further research would be how much of their cash belongs to customers and whether these costs may constrain their ability to pay dividends since many will hold this for the good yield.

I have no current holding.

Dillistone Group – FY2018 Results

The supplier of software to recruitment agents that suffered the loss of a major customer and has developed an online database resembling a closed version of LinkedIn (“GatedTalent”) reports their FY results and details of a major restructuring.

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