Shares digital

Parkwood Holdings (PKW) – Finals PTP: £2.5m (£2.5m) Divi: 2.2p (1.9p)

The core leisure and green services business is doing well but results were hampered by a few negative provisions on other divisions. Principally, it failed to sell the loss-making patient transport arm of Parkwood Healthcare, causing the firm to record a £660,000 onerous contract provision to cover future losses.

That matter aside, the leisure arm – where it manages sports centres and gyms – increased operating profit before one-off items by 17% to £2.4 million. More modest gains of 5% to £1.9 million were seen at Glendale, which manages parks and golf courses.

The next task will be to improve margins. While it addresses this matter, shareholders can enjoy a 17% rise in the dividend for the year.

Shares says: A satisfactory performance but needs to get rid of the healthcare business if it wants to become a more focused operation.

by: Dan Coatsworth