Preliminary results for the year to 31 March 2015 were released last month and showed strong progress in customer activity (billings +11%) and profits (operating profits +24% and PBT +16% despite the impact of low deposit rates on interest earnings). Park Group reported that current year trading had started well, and our estimates for earnings and fair value both increased. Nevertheless, the basic preliminary figures gave no indication of the operational gearing, which we believe the business
28 Jul 2015
Operational gearing
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Operational gearing
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28 Jul 2015 - Author:
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Preliminary results for the year to 31 March 2015 were released last month and showed strong progress in customer activity (billings +11%) and profits (operating profits +24% and PBT +16% despite the impact of low deposit rates on interest earnings). Park Group reported that current year trading had started well, and our estimates for earnings and fair value both increased. Nevertheless, the basic preliminary figures gave no indication of the operational gearing, which we believe the business