Park expects to deliver ‘strong’ results
PARK Group, the Christmas savings and pre-paid gift card provider reported further progress and expects to deliver a “strong” financial results .
The company also said managing director Chris Houghton has been promoted to chief executive with immediate effect as a result of founder Peter Johnson’s move from executive to non-executive chairman.
In a trading statement the Birkenhead-based group said it has maintained the “significant progress” it had seen in the first half of the year across all areas of the business.
The flexecash prepaid card product, launched less than two years ago, is growing in popularity, with 47 leading retailers either accepting or agreeing to accept it as a means of payment. They include Argos, Boots, Debenhams, Iceland, Matalan and Marks & Spencer.
Total value of flexecash cards issues since launch is more than £75m, Park said.
The firm’s Christmas savings business also performed well. Christmas 2011 delivered sales volumes which were ahead by more than 5% when compared with the prior year. Indications for Christmas 2012 are similarly encouraging with an increase in orders of approximately 6%.
Park said: “The strong performance of our businesses has resulted in record cash balances, which are currently some 21% (£11m) ahead of the level a year ago.
“This will increase finance income and presents further potential for profit growth should interest rates return to more normal historic levels.”
Annual results for the year to March 31, will be published in early June.
