Park Group looks to strengthen position

Gift voucher specialist, Park Group, believes it is taking steps that will strengthen its proposition as it looks to build on "another good performance", despite both revenue and pre-tax profits taking small hits.

For the year to 31 March 2019, the company reported revenue of £110.4m compared to £111.1m the prior period. Adjusted pre-tax profits were also down slightly from £12.6m to £12.5m, while the overall figure slipped from £12.6m to £11.3m. Billings increased from £412.8m to £426.9m.

Park Group noted that it had continued to build upon its position in the UK and had made "tangible progress" on the strategic business plan announced towards the end of the 2018 calendar year in terms of investment in its workforce, premises and technology.

"This investment is establishing a more robust and scalable business model that will strengthen our ability to take advantage of the growth opportunities in our markets," it added.

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.

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