Revenues and profits dip slightly at savings firm

Profits and revenues fell slightly at savings and voucher firm Park Group.

The Liverpool firm announced its full year results this morning.

Revenues decreased marginally to £110.4m and adjusted operating profit was £10.9m, down from £11.3m.

Operating profit was £9.7m and profit before tax fell to £11.3m from £12.6m.

The firm said there was good growth in billings of 8.1 per cent to £194.8m and Park’s own brand products grew from 85 per cent of total billings to 89%.

There was a record volume of new customer accounts for Christmas 2018 and an 83% increase in web users interacting via a mobile device last year.

The firm strengthened its management team through important senior appointments and signed a lease for new offices in Liverpool city centre.

The hampers business was separated from the rest of the firm under a new discrete management team.

Chief executive Ian O’Doherty said: “Park delivered another good performance last year, continuing to build upon our position as the UK’s leading multi-retailer redemption product provider to the corporate and consumer markets.

“Our outlook for the current financial year is unchanged, as we anticipate continued good growth in our corporate business to be partially offset by a slower consumer Christmas savings market.

“In summary, we are pleased with the considerable progress that we are making and we are confident that delivery of the strategic business plan will lay the foundations for strong and sustained growth in future years.”