Regulatory Story
Go to market news section View chart   Print
RNS
Park Group PLC  -  PKG   

Final Results

Released 07:00 12-Jun-2018

RNS Number : 0447R
Park Group PLC
12 June 2018
 

12 June 2018                                                                                       

 

PARK GROUP PLC

("Park", "Park Group" or "the Group")

Preliminary Final Results for the Year Ended 31 March 2018

 

Summary

 

Park Group is the UK's leading provider of value-added prepaid gift, reward and savings products, to corporate and consumer markets. Sales are delivered through innovative leading edge digital channels, a direct sales force and a network of agents.

 

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.

 

Accounting policies

Revenue recognition

Revenue from prepaid cards is recorded differently to revenue from paper vouchers and comprises the fees earned based on customer billings, recognised when the value loaded on the card has been redeemed.

 

Where cards are sold to businesses for onward gifting to consumers with no right of redemption, revenue also includes an estimate of projected balances remaining on the card at expiry.

 

Pensions

The Group continues to operate two defined benefit pension schemes, where pensions at retirement are based on service and final salary. These schemes are now closed to future accrual of benefit arising from service with the Group. These schemes have a net pension surplus of £2.7m based on the valuation under IAS19 performed at 31 March 2018 (2017 - surplus of £0.9m).

 

The Group has recognised interest income of £32,000 (2017 -£1,000) in the statement of profit or loss in respect of the pension schemes. In addition, the Group has recognised a re-measurement gain in the statement of comprehensive income (SOCI) of £0.9m (2017 - £0.5m) net of tax.

 

In the year ended 31 March 2018, contributions by the Group to the schemes totalled £0.7m (2017 - £0.7m). The latest triannual scheme funding reports, performed as at 31 March 2016, indicated that one scheme had a technical provisions deficit (reflecting the liabilities to pay pension benefits in relation to past service as they fall due) of £1.9m and one had a surplus on the same basis of £0.9m. Future Group contributions to the scheme that is in deficit have been agreed with the Trustee at £0.4m for 2018/19, with no further contributions to the scheme after that date.  The next triannual valuation will be undertaken as at 31 March 2019 when the positions will be reassessed.

 

Martin Stewart

Group Finance Director

12 June 2018

 

Risk factors

 

Financial risks

Risk area

Potential impact

Mitigation

Group funding

The Group, like many other companies, depends on its ability to continue to service its debts as they fall due and to have access to finance where this is necessary.

The Group manages its capital to safeguard its ability to operate as a going concern. The Group has access to funds for working capital from the PPPT for a defined period in the year, although the Group has not used this facility in either of the last two years. This enables it to operate without bank borrowings.

 

In addition the Group has a high level of visibility of future revenue streams from its consumer business. The funding requirements of the business are continually reforecast to ensure that sufficient liquidity exists to support its operations and future plans.

Treasury risks

The Group has significant funds on deposit and as such is exposed to interest rate risk, counterparty risk and exchange rate movements.

The Group treasury policy ensures that funds are only placed with and spread between high quality counterparties and where appropriate any exchange rate exposure is managed, utilising forward contracts, to minimise any potential impact.  Some funds are placed on fixed term deposits to mitigate interest rate fluctuations.

Banking system

Disruption to the banking system would adversely impact on the Group's ability to collect payments from customers and could adversely affect the Group's cash position.

The Group seeks wherever possible to offer the widest possible range of payment options to customers to reduce the potential impact of failure of a single payment route.

Pension funding

The Group may be required to increase its contributions to cover any funding shortfalls.

The Group's pension schemes are closed to future benefit accrual related to service. Funding rates are in accordance with the agreements reached with the trustees after consultation with the scheme actuary.

Financial services and other market regulation

The business model may be compromised by changes in existing regulation or by the introduction of new regulation. Possible new regulation could include a requirement to ring fence funds for vouchers sold to consumers. This would adversely affect the Group's cash position.

The Group has a regulatory team that monitors and enforces compliance with existing regulations and keeps the Group up to date with impending regulation. The Group shares the objectives of Government in treating customers fairly and in the protection of customer prepayments. The Group operates a number of trusts to safeguard funds held on behalf of customers. In the event of new regulation being introduced that requires additional cash to be segregated, the Group potentially has access to other sources of funds, if required.

Credit risks

Failure of one or more customers and the risk of default by credit customers due to reduced economic activity.

Customers are given an appropriate level of credit based on their trading history and financial status, a prudent approach is adopted towards credit control.

 

Credit insurance is used in the majority of cases where customers do not pay in advance.

 

Operational risks

Risk area

Potential impact

Mitigation

Business continuity and IT systems

Failure to provide adequate service levels to customers, retail partners or other suppliers, resulting in a failure to maintain services that generate revenue.

 

There is a risk that an attack on our infrastructure by an individual or Group could be successful and impact the availability of critical systems.

The Group plans and tests its business continuity procedures in preparation for catastrophic events and for the existence of counterfeit vouchers or cards.

 

Our focus is on the elimination of any single point of failure in our IT systems. Our critical infrastructure has been designed to prevent unauthorised access and reduce the likelihood and impact of a successful attack.

 

The Group maintains three separate data centres in relation to its core infrastructure to ensure that service is maintained in the event of a disaster at its primary data centre. Developed software is extensively tested prior to implementation. We also manage the risk of malicious attacks on our infrastructure by continuously monitoring our systems.

 

The General Data Protection Regulations (GDPRs) came into force on 25 May 2018.  The Group had a project to review its policies and procedures in the light of the requirements of the GDPRs and make changes accordingly.

Loss of key management

The Group depends on its directors and key personnel. The loss of the services of any directors or other key employees could damage the Group's business, financial condition and results.

Existing key appointments are rewarded with competitive remuneration packages including long term incentives linked to the Group's performance and shareholder return.

Relationships with high street and online retailers

The Group is dependent upon the success of its Love2shop voucher and flexecash® card. These products only operate provided the participating retailers continue to accept them as payment for goods or services provided. The failure of one or more participating retailers could make these products less attractive to customers.

The Group has a dedicated team of managers whose role
it is to ensure that the Group's products have a full range
of retailers. They also work closely with all retailers to promote their businesses to Park's customers who utilise Park's vouchers and cards to drive forward incremental sales to their retail outlets. Contracts which provide minimum notice periods for withdrawal are in place with all retailers and are designed to mitigate any potential impact on Park's business.

Failure of the distribution network

The failure of the distribution network during the Christmas period, for example a Post Office strike, road network disruption or fuel shortages could adversely impact the results and reputation of Park's brands.

Wherever possible the Group seeks to utilise a wide range of geographically spread carriers to mitigate the failure of a single operator.

Brand perception and reputation

Adverse market perception in relation to the Group's products or services, for example, following the collapse of a competitor. This could result in a downturn in demand for its products and services.

Ongoing investment in television advertising. Operation
of a process of continual review of all marketing material and websites to promote transparency to customers.

 

Extensive testing and rigorous internal controls exist
for all Group systems to maintain continuity of online customer service.

Promotional activity

The success of the Group's annual promotional campaign is essential to ensure the continued recruitment of customers. Failure to recruit would result in loss of revenue to the Group. Promotional activity must also be cost effective.

Detailed management processes that are designed to optimise the cost of recruiting are in place. The effectiveness of each individual television advert is assessed separately and future plans amended where appropriate.

Competition

Loss of margins or market share arising from increased activity from competitors.

The Group has a broad base of customers and no single customer represents more than 3 per cent of total customer billings.

 

Significant resources are dedicated to developing and maintaining strong relationships with customers and to developing new and innovative products which meet their precise needs.

 

Park Group plc

 

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

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

 

 

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

 

 

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 

 

NOTES TO THE PRELIMINARY RESULTS

 

(1) Basis of preparation

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS's) as adopted by the European Union (EU) including International Financial Reporting Interpretations Committee (IFRIC) interpretations and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS.

 

Park Group plc is incorporated and domiciled in the United Kingdom. The financial statements have been prepared under the historical cost convention, as modified by the accounting for financial instruments at fair value where required by IAS 39 Financial Instruments: Recognition and Measurement. The Group financial statements are presented in sterling and all values are rounded to the nearest thousand (£'000) except where otherwise stated.

 

The accounting policies have been applied consistently to all periods presented in these financial statements and by all Group entities.

 

(2) Going concern

The Group's business activities, together with factors likely to affect its future development, performance and position, are set out in the Chief Executives Review. The financial position of the Group, its cash flows, liquidity and solvency position and financial risks are described in the Financial Review.

 

The Group's forecasts and projections, taking into account reasonably possible changes in trading performance and customer behaviour, show that the Group has sufficient financial resources to fund the business for the foreseeable future. Whilst funds are available for working capital purposes as permitted under the terms of the PPPT, the Group does not envisage accessing these funds in the period covered by these forecasts. The Group's working capital requirements are dependent upon a continuing level of prepaid sales to corporate customers. The Group's positive cash flow from its ongoing customer base enables it to operate without reliance on any external funding, and the ability to drawdown funds from the PPPT at certain times of the year provides further headroom. The Group continues to trade profitably and early indications for growth in the current year are positive. Accordingly, the directors continue to adopt the going concern basis in preparing the consolidated financial statements.

 

(3) Changes to International Financial Reporting Standards

 

Interpretations and standards which became effective during the year

The following accounting standards and interpretations, that are relevant to the Group, became effective during the period:

 

 

 

 

IAS 7

Disclosure Initiative (amendment)

1 Jan 2017

IAS 12

Recognition of Deferred Tax Assets for Unrealised Losses (amendment)

1 Jan 2017

           

 

Adoption of these amendments and interpretations to standards has not had a material impact upon the Group's financial performance or position.

 

Interpretations and standards which have been issued and are not yet effective

The following standards have been adopted by the EU but are not yet effective for the year ended 31 March 2017 and have not been applied in preparing the financial statements. Those standards that have relevance to the Group are mentioned below:

 

 

Effective from accounting period  beginning on or after:

IFRS 2

Classification and measurement of share based payment transactions (amendments)

 

1 Jan 2018

IFRIC 22

Foreign currency transactions and advances considerations

1 Jan 2018

IFRIC 23

Uncertainty over Income Tax Treatment

1 Jan 2019

IFRS 9

Financial Instruments

1 Jan 2018

IFRS 15

Revenue from Contracts with Customers

1 Jan 2018

IFRS 16

Leases

1 Jan 2019

 

The directors anticipate that the adoption of IFRS2, IFRIC22 and IFRIC23 in future periods will not have a material impact on the financial statements when the relevant standards and interpretations come into effect.  The directors are still currently assessing the impact of IFRS9 and IFRS16. 

 

IFRS 15 Revenue from Contracts with Customers

IFRS15 introduces a new five-step approach to measuring and recognising revenue from contracts with customers and has been adopted by the group with effect from 1 April 2018. Under IFRS15, revenue is recognised at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer.

 

Management are continuing to assess the impact of IFRS15 and have reached initial conclusions on all key implementation issues. Based on the work completed to date the key impacts are expected to be as follows:

 

Principal and Agent

Under IFRS15, an entity is a principal (and records revenue on a gross basis) if it controls the promised good or service before transferring it to the customer. An entity is an agent (and records as revenue the net amount that it retains for its agency services) if its role is to arrange for another entity to provide the good or service.

 

The group earns fees from redeemers of its vouchers and cards and as such acts as an agent of the redeemer. Under IFRS15 these fees will be shown as revenue. Under current accounting policies the group records its revenue gross for vouchers, based on the face value of the voucher less any rebates or discounts.

 

Timing of revenue recognition

Under IFRS15, the group will recognise revenue from its vouchers and cards at the point at which the customer has fully exercised its right to future goods and services. This is usually when the voucher or card has been redeemed with another entity. Under current accounting policies the group recognises revenue for vouchers at the date on which the voucher is received by customers.

 

Vouchers and cards may be partially or fully redeemed, and the unused amount (ie the amount attributable to a customer's unexercised rights to future goods or services) is often referred to as breakage. Under IFRS15 where the group expects to be entitled to a breakage amount, it will recognise the expected breakage as revenue in proportion to the pattern of rights exercised by the customer. Under current accounting policies the group recognises breakage at the date on which the voucher or card is received by customers, except where the customer has the right of redemption for cash, where no breakage is recognised until the card has expired and the right of redemption has lapsed. Because breakage amounts represent a form of variable consideration, when estimating any breakage amount, an entity considers the constraint on variable consideration. That is, the group will not recognise any estimated breakage amounts until it is highly probable that a significant revenue reversal will not occur. If the group cannot determine whether breakage will occur, it will not recognise any amounts as breakage until the likelihood of the customer exercising its rights becomes remote. This may be the case when the group first begins to sell gift cards and has no history of breakage patterns.

 

Presentation and disclosure

The presentation and disclosure requirements of IFRS15 represent a significant change from current practice and will increase the volume of disclosures required in the notes to the financial statements.

 

The changes to presentation, disclosures and timing of recognition that are expected, are shown below:

 

 

 

 

Revenue recognition

 

 

2018

Billings

 

Gross or net

Point of revenue recognition

 

Breakage recognised

 

 

£m

Existing

IFRS15

Existing

IFRS15

Existing

IFRS15

 

Principal revenue streams impacted by IFRS15

 

 

 

 

 

 

Love2shop vouchers

 

 

 

 

 

 

212.2

 

 

 

 

 

 

Gross

 

 

 

 

 

 

Net

Date on which voucher is received by customer

Date on which voucher is redeemed by customer

 

Date on which voucher is received by customer

 

Date on which voucher is redeemed by customer

 

 

 

 

 

 

 

 

flexecash® prepaid card

 

 

 

 

 

 

End user has no right of redemption

 

 

 

 

 

 

 

 

 

44.0

 

 

 

 

 

 

 

 

 

Net

 

 

 

 

 

 

 

 

 

Net

When amounts are deducted from card (when customer spends card)

 

When amounts are deducted from card (when customer spends card)

 

 

 

 

 

 

When value is loaded onto card

 

When amounts are deducted from card (when customer spends card)

 

 

 

 

 

 

 

 

 

Principal revenue streams where IFRS15 has no impact

 

 

 

 

 

 

flexecash® and Mastercard prepaid card

 

 

 

 

 

 

 

End user has right of redemption

 

 

 

 

 

 

 

 

 

86.2

 

 

 

 

 

 

 

 

 

Net

 

 

 

 

 

 

 

 

 

Net

When amounts are deducted from card (when customer spends card)

 

When amounts are deducted from card (when customer spends card)

 

 

 

 

When end users right of redemption for cash ceases

 

 

 

 

When end users right of redemption for cash ceases

 

 

 

Third party issued vouchers/cards

 

 

 

 

 

 

54.9

 

 

 

 

 

Gross

 

 

 

 

 

Gross

Date on which goods received by customer

Date on which goods received by customer

 

 

 

 

 

N/a

 

 

 

 

 

N/a

 

 

 

 

 

Hampers/other

 

 

 

 

 

 

15.5

 

 

 

 

 

Gross

 

 

 

 

 

Gross

Date on which goods received by customer

Date on which goods received by customer

 

 

 

 

 

N/a

 

 

 

 

 

N/a

 

The group plans to apply the full retrospective approach when transitioning to the new standard which will result in restated comparatives for prior years on the basis that IFRS15 had always applied.

 

The group is in the process of quantifying the financial impacts of the above adjustments which are expected to result in the reporting of significantly lower revenues, an immaterial reduction in operating profit and a reduced net asset position at transition.

 

(4)   Accounting policies

The financial information in this preliminary announcement has been prepared in accordance with the accounting policies described in the annual report and accounts for the year ended 31 March 2017. The annual report and accounts for the year ended 31 March 2017 can be found on our website at www.parkgroup.co.uk.

 

(5)   Segmental analysis

All other segments are those items relating to the corporate activities of the Group which it is felt cannot be reasonably allocated to either business segment.

 

The amount included within the other segments/elimination column reflects vouchers sold by the corporate segment to the consumer segment.  They have been included in other segments/elimination so as to show the total revenue for both segments.

 

 

Consumer

Corporate

All other 

segments/ 

elimination 

2018 

Total 

Consumer

Corporate

All other 

segments/ 

elimination 

2017 

Total 

 

£'000

£'000

£'000 

£'000 

£'000

£'000

£'000 

£'000 

Billings

 

 

 

 

 

 

 

 

External billings

224,542

188,244

412,786 

216,771

187,741

404,512 

Inter-segment billings

-

140,751

(140,751)

-

148,066

(148,066)

Total billings

224,542

328,995

(140,751)

412,786 

216,771

335,807

(148,066)

404,512 

 

 

 

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

 

 

External revenue

168,319

127,869

296,188 

174,184

136,743

310,927 

Inter-segment revenue

-

140,751

(140,751)

-

148,066

(148,066)

Total revenue

168,319

268,620

(140,751)

296,188 

174,184

284,809

(148,066)

310,927 

 

 

 

 

 

 

 

 

 

Inter-segment sales are entered into under normal arm's length commercial terms and conditions.

Result

 

 

 

 

 

 

 

 

Segment operating profit/(loss)

 

6,851

 

7,366

 

(2,628)

 

11,589 

 

6,460 

 

7,231 

 

(2,810)

 

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

 

 

 

10,409 

 

 

 

9,899 

 

 

(6)   Taxation

 

2018

£'000

 

 

2017

£'000

Charge for the year - current and deferred

 

2,450

 

 

2,452

 

Comments on the effective tax rate can be found in the Financial Review.

 

(7)   Earnings per share

The calculation of basic and diluted EPS is based on the profit on ordinary activities after taxation of £10,409,000 (2017 - £9,899,000) and on the weighted average number of shares, calculated as follows:

 

2018

 

 

2017

Basic EPS - weighted average number of shares

185,268,587

 

 

183,905,844

Diluting effect of employee share options

601,293

 

 

3,331,939

Diluted EPS - weighted average number of shares

185,869,880

 

 

187,237,783

 

 

(8)   Reconciliation of net profit to net cash inflow from operating activities

 

 

 

2018

 

2017 

 

 

£'000

 

£'000 

Net profit

 

10,409

 

9,899 

 

 

 

 

 

Adjustments for:

 

 

 

 

Tax

 

2,450

 

2,452 

Interest income

 

(1,274)

 

(1,472)

Interest expense

 

4

 

Research and development tax credit

 

(121)

 

Depreciation and amortisation

 

1,428

 

1,405 

Impairment of goodwill

 

17

 

Profit on sale of other intangibles and property, plant and equipment

 

(1)

 

Decrease in other financial assets

 

-

 

300 

Increase in inventories

 

(1,176)

 

(448)

(Increase)/decrease in trade and other receivables

 

(1,773)

 

12 

Increase in trade and other payables

 

4,020

 

4,153 

Increase in provisions

 

1,848

 

1,397 

Increase in monies held in trust

 

(3,974)

 

(7,797)

Decrease in retirement benefit obligation

 

(676)

 

(641)

Translation adjustment

 

(20)

 

(28)

Taxes paid on share-based payments

 

(851)

 

-

Share-based payments

 

230

 

669 

Net cash inflow from operating activities

 

10,540

 

9,903 

 

(9)   Responsibility Statement

 

To the best of each director's knowledge:

 

the financial statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole; and

 

the management report includes a fair review of the development and performance of the business and the position of the issuer and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.

 

 

(10)   The financial information set out above does not constitute the Group's statutory accounts for the years ended 31 March 2018 or 2017 but is derived from those accounts.

 

Statutory accounts for 2017 have been delivered to the registrar of companies.  The auditor, Ernst & Young LLP, has reported on the 2017 accounts; the report (i) was unqualified, (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 498(2) or (3) of the Companies Act 2006.  

 

The statutory accounts for 2018 will be delivered to the registrar of companies following the AGM. The auditors have reported on these accounts; their report is unqualified and does not include a statement under either section 498(2) or (3) of the Companies Act 2006.

 

The annual report will be posted to shareholders on or before 6 August 2018 and will be available from that date on the Group's website: www.parkgroup.co.uk.

 

-ends


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
FR FMGMVMZFGRZG
Close


London Stock Exchange plc is not responsible for and does not check content on this Website. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.

 


Final Results - RNS