Park Group, which now focuses on the sale of multi-redemption vouchers and prepaid gift cards to consumers and corporate customers, has posted a 24 per cent increase in its operating profit for the year to 31st March 2015, up from £7.8 million for the previous year to £9.7 million. This equates to a 16 per cent growth in pre-tax profits which stand at £10.9 million, up from £9.4 million. The business also noted that its order book for Christmas 2015 was ahead of last year as at 9th June 2015.
Its corporate business in which it supplies gift cards, voucher and e-codes for staff incentives had made good progress via the development of a significant volume of new business from smaller customers which also makes it less dependent on its larger business customers. In its core consumer business which offers customers a reliable, effective and convenient way to build savings for the festive season over a 45 week period, business was up by 8.4 per cent.
The business has been engaged in an ongoing programme to improve its websites and extend its range of pre-loaded cards to include “Anywhere” and “Online” cards which allow consumers to spend with any retailer which accepts Mastercard, as opposed to being limited to those retailers contracted to Park Group’s Love2Shop programme.
Retailers who have recently signed up to participate in Love2Shop include Beaverbrooks, Currys PC World, Waterstones and the Perfume Shop. The business also produces its own Park gift catalogue for consumers to choose from, in addition to offering cards and vouchers from the likes of Amazon, Debenhams, Marks & Spencer & Sports Direct, but noted that its hamper business from which it evolved, now represents just four per cent of its total billings.
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