APP.L Regulatory News (APP)

PARK GROUP PLC

("Park" or "Park Group")

11 June 2013

Preliminary Results for the Year Ended 31 March 2013

Summary

Park Group plc, the UK's leading multi-redemption voucher and pre paid card business focussed on the corporate and consumer markets is pleased to report increased sales and profit for the year ended 31 March 2013.

Peter Johnson, Chairman, commented:

"The transformation of Park over recent years has been very significant. Park continues to build on the leading market positions of its operations serving the consumer and corporate sectors, delivering high levels of service backed by product innovation and investment. The economic outlook remains flat but we look forward with confidence, focused on delivering another sound performance for all our stakeholders."

Enquiries:

Chairman's statement

Introduction

I am pleased to report another good year for Park Group and we have delivered a positive set of results with significant advances across all our business sectors. Park's principal markets are linked to retail activity and consumer spending; areas which have been subdued for some years as the UK economy delivers negligible economic progress. Park has again demonstrated great resilience in overcoming these external pressures to generate further solid growth.

Financial Performance

Group profit before taxation for the year to 31 March 2013 increased by 11.1 per cent to £9.5m (2012: £8.6m). Finance income was higher at £2.0m (2012: £1.7m) as total cash balances increased, peaking at £170m (2012: £152m), reflecting the level of trading activity, although overall returns on cash remain very low. Park's cash management strategy is very conservative and is aimed at generating a return commensurate with minimising risk.

Customer billings increased 7.0 per cent to £352.0m (2012: £329.0m) while revenue was unchanged at £279.0m (2012: £279.0m). We recognise customer billings as a more appropriate KPI and indicative measure of activity than revenue, which is linked to the introduction of Park's flexecash® prepaid card in June 2010, where revenue is recorded on a different basis than that for vouchers. The continued success of the card, along with the associated accounting treatment will result in an increasing difference between reported revenue and billings.

The Board proposes raising the final dividend by 5 per cent to 1.55p per share (2012: 1.475p) making a total dividend for the year of 2.1p per share (2012: 2.00p). Park has a progressive dividend policy with any increase linked to cash generation and general business performance; it is pleasing to note that the total dividend has increased significantly over the last six years, reflecting the impressive progress of the Company and its strong cash generating profile. Shareholder approval will be sought at the annual general meeting, to be held on 23 September 2013 to pay the final dividend on 1 October 2013 to shareholders on the register as at 30 August 2013.

Operating Performance

In past years, Park has maintained its performance during periods of economic difficulty as cautious customers take extra care with preparations for the festive season. There is clear evidence that the low growth economic environment, which has been with us for a number of years, is affecting consumer spending patterns and has contributed to the failure of a number of well known High Street retailers. These problems have had an understandable impact on consumer and corporate confidence and Park has addressed this through innovative marketing; increasing the variety and extent of its product ranges; improving the diversity of retailer options for customer redemption; and excellent customer relations. No business is immune from external factors, but it is encouraging that to date Park has been able to mitigate the situation effectively, as demonstrated by its level of profitability and cash generation.

Our business divisions each delivered an improved performance from their diverse customer groups. The Corporate business provides its thousands of customers with ranges of products and services, often tailor-made to match individual requirements. Park has developed an extensive range of employee benefit and voluntary contribution schemes, which allow companies to reward and incentivise staff through the provision of discounted access to retail outlets. The business was built on the supply of paper vouchers, either Park's leading Love2Shop brand or those of individual stores redeemable at their outlets. The introduction of our flexecash® prepaid card has had a very significant and positive effect, helping to create many exciting new growth opportunities.

The Consumer business, which specialises in Christmas Clubs was started in 1967, continues to perform well. It allows customers to order from Park's catalogues and pay for products over a 45 week period, spreading the cost of Christmas over small weekly installments, meaning our customers have peace of mind when Christmas approaches, despite the economic conditions they may face.

Strategy

Park's strategy is consistent and clear. The Company is a UK based business which utilises communication technologies; principally the internet, mobile smart telephony and social media, to offer customers a range of incentive, reward and Christmas products, backed by the highest levels of service. In addition, we have an impressive and successful record of innovation and development, always seeking to devise new products and services for our customers, and striving to reach new users and markets.

Park is a market leader in the UK and in 2010 moved into the Republic of Ireland via the acquisition of a Christmas prepayment business, which offers access to new markets. This year we have tailored our proposition further, following market research, to suit the local market in that country. This strategy has been effective and was reflected in double digit order growth for Christmas 2013.

Employees and Board

Park's success is a reflection of its people. They are motivated by a desire to deliver excellence to customers, value to shareholders and to build a business which is synonymous with quality, choice, innovation and success. Their commitment and dedication is greatly valued and appreciated.

The board of Park Group supports the general principles of the Combined Code of Corporate Governance. In accordance with the principle concerning the reasonable tenure of independent directors Christopher Baker and George Marcall, our two longest serving non-executive directors, who have each been on the board for 12 years, will step down at the forthcoming annual general meeting on 23 September 2013. I would like to take this opportunity to thank them both for their wise counsel and the safe stewardship they have provided over that time. The recruitment process to appoint suitable replacement non-executive directors is well underway and Park will update the market as to succession in due course.

Outlook

This has been another good set of results and the early indications for the current year are positive. Park continues to build on the leading market positions of its operations serving the consumer and corporate sectors, delivering high levels of service backed by product innovation and investment. The economic outlook remains flat with continuing pressure on interest rates, but we look forward with confidence, focused on delivering another sound performance for all our stakeholders.

Peter Johnson

Non-Executive Chairman

11 June 2013

Chief Executive's review

Park made further positive progress during the year under review; the Company's financial performance reflects the success of its business model and strategic development. Markets never stand still and management must use its skill and experience to anticipate change and develop new products to address future trends. Park has an excellent record of development and innovation, which has led to major changes in the way it conducts business. Over the past decade we have fully utilised the opportunities afforded by the internet to transform the Company. More recently, we have developed and introduced the highly successful flexecash® prepaid card which is driving further positive changes to our product offering and service levels.

The success of the prepaid card has had a significant and growing impact on our financial performance, although revenue from the prepaid card business is reported differently under IFRS policies. Revenue from the prepaid card range is only recognised when the card is used rather than when it is billed and this difference between billings and revenue will continue to widen as card sales grow. The total value of customer billings in the year to 31 March 2013 increased to £352.0m, up from £329.0m in 2012, while reported revenue was in line with last year at £279m.

The flexecash® card already has close to 900 corporate users, with £160m of value loaded across approximately 2.4m individual cards. At its launch in 2010 there were just two types of card, which we have built up rapidly to a suite now comprising 24. flexecash® is meeting, and in many cases exceeding, our expectations and is driving Park into new and exciting areas of business.

Park has developed successfully over the years because it has embraced change and invested in technology to drive innovation. The exponential growth of the internet and the opportunities it offers have been grasped by Park and utilised to take the business into new markets and product areas. Annual capital expenditure on information technology hardware is running at around £0.6m while the total IT spend, including specialist staff, is now close to £3.0m. This is a major expense for a company of Park's size but it represents an essential investment in the future of the business and has already delivered numerous benefits.

The pace of technological advancements is rapid and we are meeting this challenge by, where appropriate, exploiting the latest developments to introduce new products and systems for our customers. Our research shows that the majority of enquiries and new customers are driven by online activity including search engine marketing, e-mails and social media. To support the ever growing number of customers choosing to visit our websites on mobile devices, we have also launched mobile versions of highstreetvouchers.com and Love2shop.co.uk.

Analysing the way visitors use our web sites gives us important information to help our marketing departments respond to enquiries and tailor product offerings to match visitor interest. Our analysis can also identify corporate web site visitors and determine whether they are new or already known to Park. There is no doubt that ecommerce is a huge market opportunity which is growing apace, and Park is working hard to remain at the forefront of this advance and capitalise on the opportunities it offers.

Social media allows users to create, share, and exchange information and ideas in virtual communities and networks. Use of Park's Facebook pages is growing encouragingly and they currently have a total of over 30,000 followers. The sites are important because they provide us with early indications of customer issues or concerns and allow us to respond quickly and appropriately to topics identified through monitoring comments and chat. In many cases, it also enables customers to answer the questions of others, without Park's intervention being necessary. The sites are also used to promote specific products, post regular competitions and ask customers to recommend friends - all with the aim of increasing orders. The Facebook pages have already directly generated over £0.3m of orders for Christmas 2013, and we expect this progress to continue.

Each year, Park's promotional spend is carefully analysed and refined and as a result certain elements are either cancelled or retargeted to ensure that we remain abreast of the latest techniques and applications. This ongoing research drives a process of continuous improvement linked to financial effectiveness. The work covers all our businesses and helps to build a first class understanding of customers and markets.

Excellent customer service is a major feature of Park's operations and we are always examining ways to enhance our offering. The introduction of direct debit helps customers to make regular payments and it also encourages them to remain loyal to Park. Our research has shown that up to 98 per cent of direct debit payers remain with the Company for a number of years. The number of customers paying by direct debit during the year increased by 23.9 per cent to over 26,000.

The network of retailers able to accept flexecash® continues to grow. The introduction of our own standalone, portable plug-and-play flexecash® terminal, (similar to that used in restaurants) which transacts directly with the company, has enabled independent retailers to also accept flexecash® cards.

Park achieved accreditation for the globally recognised ISO 27001 standard during the year. Obtaining the standard will help assure customers and business partners of the Company's continual development and maintenance of a robust information security management system that is regularly audited and assessed.

Corporate

The business made further good progress under its Love2Reward brand, serving the circa £4bn UK voucher and gift card market. Total billings to corporate customers in the year to 31 March 2013 amounted to £152.6m, up 7.7 per cent and operating profit increased to £5.0m. Sales to the incentive and reward sector increased by 5.3 per cent to £85m. Park's Love2shop voucher is the UK's largest multi-retailer gift voucher and is accepted by over 90 major retailers representing more than 20,000 branches. New retail brands secured during the year include Edinburgh Woollen Mills, Euronics, Oasis, The Perfume Shop, The Works and Warehouse.

The Corporate division offers an extensive portfolio of gift cards and vouchers, which are used by an ever increasing client base as incentive and reward products. Our range is designed to give customers the flexibility to develop schemes tailor-made to their individual requirements. We are one of the largest providers of incentive and reward solutions in the UK, and have been offering market leading reward and incentive products for well over 20 years.

In 2011 we introduced a reloadable card for the employee benefits market, which can be used in thousands of retail outlets. The card has been very well received and during the year under review we built on that success by introducing the Everyday Benefits card, which offers a significant broadening of this concept in the voluntary benefits market.

Another new and exciting product launched during the year was flexecodes, which would not have been possible without the development of our prepaid card system. flexecodes is the new e-code and e-voucher scheme that lets staff or customers shop at a number of top brand websites including Amazon, iTunes, Lovefilm and many more. flexecodes provides a very attractive solution for many of the markets we operate in, it offers a fast, cost effective reward solution, with no postage or fulfilment costs and delivery is almost instantaneous.

Charities are a particularly important market and we have built strong relationships with a number of the UK's largest organisations. Using Park's flexecash® card, charities can target their grants for a specific end use, which is much more effective than a cash payment. The card can be restricted to an application that meets the needs of the recipient so that it cannot be misapplied. This targeting could be used, for example for the purchase of clothing, food, books, learning aids etc. There are thousands of charities in the UK which provide grants, so this sector is a major opportunity for flexecash® while also being of financial benefit to the charity. The card is also being used for the provision of some government funded grants to people in need.

Personal contact is an essential feature of the division's sales and marketing programme, but increasingly customers are encouraged to manage their relationship with Park through its websites. The many features of the sites allow customers to place orders, check deliveries and obtain information about products and services. During the year under review, online sales rose 24 per cent above the level of the previous year, while the number of leads increased by 3 per cent. The rate of conversion of these enquiries into orders increased by an impressive 8 per cent compared with the previous year.

Consumer

There is no doubt that the UK consumer has been under increasing pressure over recent years from a combination of economic forces and some nervousness regarding the strength of the retail sector following the demise of some well known High Street names. This uncertainty has been exacerbated by the reluctance of some Administrators to accept voucher/gift card redemptions. This economic pressure is unlikely to diminish in the current year. In the face of these forces it is particularly pleasing that overall, the Christmas prepayment business had another good year, with a particularly encouraging contribution from the Irish operation we acquired in 2010.

Billings increased by 6.5 per cent to £199.4m (2012: £187.2m) while operating profit rose 19.8 per cent to £5.5m (2012: £4.6m). The number of UK agents trading for last Christmas increased to 122,000 from 114,000 the previous year; customer numbers have risen to 423,000 from 415,000. Average customer order values increased to £430 from last year's level of £416. Christmas hampers, which were the origin of Park in 1967, held sales value at a similar level to the previous year, and their share of total Christmas prepayments slipped below 5 per cent, reflecting the changing business mix.

Although the majority of customers prefer to deal with Park through an agent, a growing proportion, 16.4 per cent, preferred to buy direct for Christmas 2012. These direct customers are generally attracted to the Company by its consumer marketing programmes, including TV advertising. Some satisfied direct customers go on to become agents and, offer Park's products to friends and family while others take full advantage of today's connected world and recommend to their friends and family to also trade directly with Park.

The Love2Shop voucher continued to dominate sector sales, accounting for some 77 per cent, with the innovative flexecash® card representing around 10 per cent. This imbalance between the two forms of the Love2Shop offering reflects the relatively conservative nature of prepayment customers and their preference for cash in hand. Nevertheless, as customers appreciate the card's many features its acceptance is rising and the share of sales is increasing.

Carefully researched and targeted TV advertising has again been at the heart of our Christmas marketing campaign. In the year under review we decided against using a celebrity to spearhead the campaign and redirected the savings to deliver a very successful series of targeted advertisements in the UK and Ireland, each tailor-made for its national market. The campaigns delivered an excellent response and confirmed the importance of separating the UK and Irish programmes.

Orders for Christmas booked via the internet increased again and now account for 41 per cent (2012: 37 per cent) of the total, with 54 per cent of new customers ordering electronically. Currently 53 per cent of all orders being booked for Christmas 2013 are coming via the web, the first time that the majority of orders have been received this way.

Marketing Christmas prepayments is a very sophisticated process that uses internet and social media technology to reach potential new customers and also to maintain links with existing users. In the last financial year the marketing department sent out over seven million emails as an essential element of the sales effort. Ask Wanda, the information question and answer section of the web site, received 335,000 enquiries during the year, over 50 per cent above the level of the previous year. Wanda answers questions but also directs enquirers to relevant sections of the web site in an interactive and helpful manner.

Our online gift card and voucher retailer, highstreetvouchers.com, delivered sales growth of 26 per cent reaching £13.5m (2012: £10.7m). This internet only business is very popular with customers as it gives them complete flexibility to interact with Park entirely at their own convenience. Revenue from international orders increased to £0.7m with the site now able to accept payment from 29 countries. This allows overseas customers to purchase vouchers and gift cards for family and friends in the UK. highstreetvouchers.com started some years ago as an extension of the Christmas prepayments operation but today over 80 per cent of its billings are to Corporate customers and the site has become a driver of further Corporate enquiries. The web site had around 2.3m visitors and processed around 115,000 orders in 2012/13, which leads to a 5 per cent order conversion, a very impressive figure for this type of business.

The transformation of Park over recent years has been very significant, driven by product innovation and the application of ever more sophisticated technology. Our businesses cover both the consumer and corporate sectors and we are also looking increasingly at opportunities for expansion in to new markets. The economic outlook may be unclear and there is no doubt that many of our customers are under pressure but we remain confident that Park will continue to address these issues and grow its business.

Chris Houghton

Chief Executive Officer

11 June 2013

Financial review

All other segments comprise central costs and property costs.

Revenue and margin from sales of flexecash® cards is included in both operating segments.

Operating profit is detailed below:

Operating profit for the year ended 31 March 2013 has increased by £0.6m to £7.5m.

In the consumer business, customer billings have increased by 6.5 per cent to £199.4m. Revenue has also increased by 5.3 per cent to £183.5m. Operating profit at £5.5m has increased by £0.9m from £4.6m in 2011/12. The improved gross margin arising from customer billings was £0.4m with a further £0.5m of margin improvement from lower marketing expenditure on the 2013 Christmas campaign, when compared against prior year.

In the corporate business, customer billings have increased by 7.6 per cent in the year at £152.6m, with operating profit increasing by £0.1m. Revenue, however, has declined by 8.8 per cent to £95.5m reflecting the ongoing growth in the level of card billings, with card revenue generally recognised as the margin earned on the value of cards spent rather than customer billings. Billings growth resulted in an additional £0.8m of profit but this was largely offset by increased staff and administration costs of £0.6m above last year.

The increased costs of other segments of £0.4m reflects primarily an increase in professional fees of £0.3m.

Taxation

The effective tax rate for the year was 20.3 per cent (2012: 24.1 percent) of profit before tax.

The low effective tax rate this year is due to adjustments to current tax in respect of prior years' computations.

Last year we made a provision of £0.35m in respect of claims made in respect of research and development expenditure. Following discussions with HMRC we no longer consider that this provision is necessary and this amount has been released to income.

Earnings per share

Basic earnings per share increased to 4.58p from 3.91p.

Dividends

The board has recommended an increase in the final dividend of 5.1 per cent to 1.55p per share. An interim dividend of 0.55p per share was paid on 8 April 2013. Subject to approval of the final dividend at the annual general meeting (AGM), the total dividend for 2013 will be 2.10p per share.

Cash flows

At the end of March 2013 £10.8m (2012 - £7.1m) of cash and cash equivalents was held by the group with a further £0.5m (2012 -£2.1m) held as deposits with a maturity period of greater than 3 months but less than 12 months. In addition £40.2m (2012 - £42.1m) 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. In addition at 31 March 2013 the group holds £8.1m (2012 - £4.8m) of cash in the Park Card Services Limited E money Trust (PCSET) to support the E money float in accordance with regulatory requirements.

The total amount of cash and deposits held by the group combined with the monies held in trust has increased in the year to £59.6m from £56.1m as at 31 March 2012. These total balances peaked at just over £170m in the year representing an increase of £18m over last year. The group had no bank borrowings in the period.

During the year, the group invested a further £0.8m in improving its customer facing systems, and a further £0.3m in associated computer hardware.

Interest income in the year improved to £2.0m from £1.7m for the prior year, as the group took advantage of relatively attractive short-term deposit rates in an otherwise depressed market for deposits, when rates are viewed against those available in earlier years.

Provisions

At the year-end provisions had reduced to £32.2m from £33.2m. This was due to a reduction in the value of unspent vouchers. These unspent vouchers arise primarily from sales in the corporate business. Included within provisions is an amount of £168,000 in respect of future expected settlements of claims arising from the miss selling of Payment Protection Insurance. The group ceased to sell this insurance in 2007 when it closed its loan broking business.

Accounting policies

Revenue Recognition

Revenue from cards is recorded differently to revenue from paper vouchers and is the margin 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 includes an estimate of projected balances remaining on the card at expiry. The amount included in this year's income statement as revenue from flexecash® cards is £5.5m (2012 - £3.3m).

Pensions

The group continues to operate 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. The pension deficit based on the valuation performed at 31 March 2013 has reduced to £0.3m (2012 - £1.9m).

Under IAS 19 Employee Benefits the group has recognised a cost of £46,000 (2012 - £123,000) in its income statement. It has also recognised an actuarial gain in the SOCI of £0.2m (2012 - loss of £0.2m) net of tax.

In the year ended 31 March 2013 contributions by the company to the schemes totalled £1.4m (2012- £0.7m). The latest actuarial valuation performed as at 31 March 2010 indicated a technical provisions deficit of £3.3m and expected future company contributions of £0.7m per annum. In addition in response to a request by the trustee of the schemes a further amount of £0.7m in contributions was made by the group during the year.

Martin Stewart

Group Finance Director

11 June 2013

Risk factors

Park Group plc

Park Group plc

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR TO 31 MARCH 2013

Park Group plc

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2013

Park Group plc

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Park Group plc

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2013

NOTES TO THE ACCOUNTS

(1) Basis of preparation

The group and company financial statements have been prepared and approved by the directors in accordance with the IFRSs as adopted by the EU (adopted IFRS).

The group's business activities, together with factors likely to affect its future development, performance and position are set out in the chief executive's review. The financial position of the group, its cash flows, liquidity 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 despite the group's net liabilities and net current liabilities. Funds are utilised for working capital purposes as permitted under the terms of the Park Prepayment Protection Trust (PPPT). The group's working capital requirements are dependent upon a continuing level of prepaid sales to corporate customers and, at certain times during the year amounts drawn from the PPPT to meet its working capital requirements. The group's positive cash flow from its ongoing customer base together with the facility to drawdown funds from the PPPT at certain times of the year enables it to operate without reliance on any external funding. The group continues to trade profitably and early indications for growth in the current year are positive, in spite of the uncertain economic outlook. Accordingly, the directors continue to adopt the going concern basis in preparing the consolidated financial statements.

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 accounting policies have, unless otherwise stated, been applied consistently to all periods and by all group entities.

The preparation of financial statements in conformity with generally accepted accounting principles requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management's best knowledge of the amount, event or actions, actual results ultimately may differ from those estimates.

(2) Changes to International Financial Reporting Standards

The following standards have been adopted by the EU but are not yet effective for the year ended 31 March 2013 and have not been applied in preparing the financial statements. Their adoption is not expected to have a material impact on the financial statements.

(3) 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 2012. The annual report and accounts for the year ended 31 March 2012 can be found on our website at www.parkgroup.co.uk.

(4) Segmental analysis

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

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.

All other segments have been adjusted in the prior year to re-allocate rental costs in respect of the head office property which were included in both the consumer and corporate segments results. The amounts, £464,000 in respect of the consumer segment and £75,000 in respect of the corporate segment, have been set-off against the rental income included within all other segments results.

(5) Taxation

Comments on the effective tax rate can be found in the financial review.

(6) Earnings per share

The calculation of basic and diluted earnings per share is based on the profit on ordinary activities after taxation of £7,728,000 (2012: £6,565,000) and on the weighted average number of shares, calculated as follows:

The prior year diluting effect of employee share options has been adjusted to take account of 575,000 options granted on 15 July 2004 which were omitted from the calculation in the accounts to 31 March 2012. This has had the effect of reducing the prior year diluted eps by 0.01p.

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

\* The prior year figures in the above reconciliation have been restated from those previously reported, as follows:

(8) Responsibility Statement

To the best of each director's knowledge:

(9) The financial information set out above does not constitute the group's statutory accounts for the years ended 31 March 2013 or 2012 but is derived from those accounts.

Statutory accounts for 2012 have been delivered to the registrar of companies. Park Group's previous auditor, KPMG Audit Plc, reported on the 2012 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 2013 will be delivered to the registrar of companies following the annual general meeting. 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 29 July 2013 and will be available from that date on the group's website: www.parkgroup.co.uk.