Park Group customer billings rise by 12%
18 December 2012 | by The Retail Bulletin
Park Group, the Christmas savings and pre-paid gift card company, saw its customer billings rise by 12% to Â£54.6 million in the six months to 30 September.The North West based company, which usually makes a loss in its first half due to the seasonal nature of its business, made a pre-tax loss of £4.1 million in the period, down from £4.4 million in 2011. Revenues rose 2% to £46.9 million.
The company said its corporate and consumer businesses billings were well ahead of last year. Corporate increased by 11% to £46.2 million while consumer rose 24% to £8.5 million.
Park Group’s Flexecash prepaid card maintaining rapid sales growth with over £140 million of value loaded since its launch in 2010.
The company also launched new transactional websites in the period to cater for increasing smart phone and tablet computer use.
Non-executive chairman Peter Johnson said: "The strong performance of the first half is being maintained across the company with orders well ahead of the equivalent period last year.
"The innovation, drive and enthusiasm within Park is delivering exciting new products and applications, none more so than 'flexecash', which is taking the company into product and customer areas which were previously closed to us.
"The combination of technological advances and marketing initiatives, together with the bedrock of our traditional business, gives us real confidence in the continued growth of Park."
In the year to 31 March 2012, the company’s revenue was £279 million and pre-tax profit was £8.5 million.
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