Park Group posts 4.1% rise in profits as voucher sales increase
Merseyside-based Park Group, the gift voucher and prepaid gift card business, has posted a 4.1% rise in annual profit as it increased in billings in both its corporate and consumer businesses.
For the year to the end of March, the group’s pre-tax profit rose by 4.1% in the year to reaching £12.9m compared to £12.4m the year before while operating profit grew to £11.6m from £10.9m.
Total billings increased by 2% £412.8m and revenue of £296.2m compared to £310.9m the year before was posted.
“Billings is a more meaningful measure of the level of activity of the group than revenue,” the company said. “This is due to our revenue from prepaid cards being reported on a ‘net’ basis and our Love2shop vouchers on a ‘gross’ basis. This year we have had some one off costs associated with the changes to our senior management, but following an extensive recruitment process and well executed transition, we are confident we have the right people in place with the resources and experience to drive our continued growth.”
Orders for Christmas 2018 were at a similar level to the previous year at this stage in the cycle, the company said.
The period saw changes at the top for the group, following the announcement that CEO Chris Houghton was to retire after more than 30 years, with Ian O’Doherty appointed as his replacement in February.
Laura Carstensen, chairman, said: “Our commitment to growth is as strong as ever and we have started the year well. As a group we are at an exciting point in our development and have some great opportunities to build on our legacy and on the success of another solid set of results with billings and pre-tax profits both continuing to increase along with total dividends.”
