Park Group - Billings deferred but implied margin positive

Park recently issued a trading update ahead of publishing results on 12 June for the year to 31 March 2018. Due to a later start for a significant corporate order FY18 billings are lower than expected, although the contract is now underway. Given the scale of the billings impact, Park’s guidance that results will only be marginally below market expectations implies that trading margins are stronger than we had forecast, which would continue a multi-year trend that has been driven by product innovations and digital efficiencies.