PARKWOOD HOLDINGS PLC - Trading Statement.
7.00am 10 July 2008
Parkwood Holdings plc
On entering the close period ahead of its interim result announcement, Parkwood
Holdings plc, the specialist support service business, is pleased to report
that overall trading for the first six months to 30 June 2008 is in line with
Parkwood Leisure has seen revenues increase by 27% as new contract wins over
the past 12 months have impacted on results. The division's order book has also
increased 33% to [pounds sterling]329 million. The private health and fitness business
continues to reduce its losses as membership numbers increase.
Glendale, the `green services' division, has performed well in its core Ground
Management and Countryside business with Revenues up by 23%, but the Glendale
Golf business has had a poor start to the season resulting in lower
profitability. The business of DPL Holdings Limited (trading as Silvanus and
Landscapes Southwest), which was acquired in November 2007, has been
successfully integrated into Glendale, meeting targets set for it.
The Group's Healthcare division is attempting to reposition itself having
established a medical services business and has won two LINk (Local Inclusion
Network) contracts in London. It is currently tendering for the opportunity to
run `polyclinics' under the NHS Equitable Access programme.
Parkwood Project Management concluded a second DBOM (design, build, operate and
manage) contract in the leisure market, when it achieved financial close on a
[pounds sterling]27.5 million new build and refurbishment project for Cherwell District Council
in April. Funding for the project will be provided by the Council. The 7 year
contract is operated by Parkwood Leisure.
The Directors are confident that full year performance will be in line with
Tony Hewitt, executive Chairman, commented:
"The Parkwood Group, with its order book standing at [pounds sterling]530 million, is well
placed to weather any downturn in the economy as it has a largely public sector
client base and indexed linked contracts. Our attention will focus the careful
management of cash and controlling operational costs at forecast levels in the
face of increased fuel and energy prices".
For further information, please contact Terry Bowman on 01772 627111.
Notes to editors:
About Parkwood Holdings plc:
Parkwood Holdings plc specialises in providing outsourced and support services,
predominantly to the public sector across England and Wales under long term
contracts. Its four main areas of operation are as follows:
Glendale Provides amenity horticulture, grass cutting, arboriculture and care
of sports pitches, parks and open spaces. The division also includes golf
course management, waste recycling, environmental consultancy, tree moving and
Parkwood Leisure Manages a diverse range of public and private leisure
facilities, including swimming pools, sports halls, gyms, health suites and
Project Management Undertakes PFI, PPP and similar bids on behalf of joint
ventures and the Group. Parkwood Project Management is also responsible for
project management of contracts and the management of other funds such as the
lifecycle funds associated with the project agreements.
Healthcare A nursing agency and an ambulance and patient transport business,
Parkwood Healthcare is expanding its operations from London and the South East
into other parts of England and Wales, dealing both with the NHS and the