Encouraging newsflow has continued from Park Group since we wrote our strategic Outlook note on the stock in December. Most significant is the recent announcement that its innovative pre-paid card, flexecash, now has more than 250 corporate customers, growing strongly since its introduction in June 2010 and exceeding management’s expectations. We believe flexecash is a potentially transforming development for the group, strongly supporting existing customer relationships but also broadening the product and geographic reach of the group. Park Group has recently announced the acquisition of the property freehold on the site of its head office and major operations, a transaction that has the potential to lift pre-tax profits by around 4% over a full-year period.

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