Gifting company, Appreciate Group, has reported a drop in profit for the last financial year.
The Merseyside group made a pre-tax profit of £1.3m, down from £7.7m in 2020.
Results were thanks to non-recurring losses relating to the wind-down of the group’s hamper packing business and decommissioning its previous head office site and FMI losses.
Revenue decreased by 5.2 per cent to £106.8m as a result of a reduction in group billings, following the early impact of the initial lockdown.
The board has recommended a final dividend of 0.6p, making full dividend for the year of 1.0p per share.
Ian O’Doherty, Chief Executive Officer, commented: “Like other businesses, we have faced many challenges over the past year, but I’m pleased to say we have put the Group in the best position to weather the uncertainty. Having re-focussed the business on its core product and delivering for our customers and clients in the prepayment, gifting and engagement markets, and enhanced our digital capability, we have laid strong foundations for future years of growth.
“I am extremely proud of the dedication and commitment of our colleagues in delivering for customers throughout the period and want to thank them again for their extraordinary efforts.
“The speed at which levels of activity will return to normal remains unclear, however, we believe that as the economy emerges from lockdown, we are strongly positioned to exploit opportunities that arise in our market and deliver sustainable growth in future years.”
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