Jul 02nd 2012 - Edison Investment Research today published a report on Park (PKG.L, LSE:PKG, LON:PKG) entitled "Strong Flexecard Progress". In summary, the report says:
PBT, adjusted for the non-cash amortisation of acquired customer lists, was 7% ahead of our forecast (£9.3m vs £8.7m forecast) and ahead by 27% y-o-y. The gross margin was stronger than we had forecast. The flexecash prepaid card continues to grow well, winning new customers with new products and displacing paper vouchers. We expect flexecash to continue to drive the growth in business with its web-enabled functionality and enhanced customer experience, broader customer reach, and lower operational cost. Cash flow remains strong, supporting a larger than expected increase in the dividend by 18% to 2.0p per share.
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