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Park Group profits up 11%

Park Group, the Christmas savings and pre-paid card business, saw its profits rise by 11% to £9.5 million in the year to 31 March.

GENERAL MERCHANDISE

Park Group profits up 11%

Billings increased 7% to £352 million while revenue was unchanged at £279 million. Finance income rose to £2 million from £1.7 million in the prior year.

The group attributed the rise in billings to its use of the internet, smartphone technology and social media to drive the business and to important new product launches throughout the year.

Park Group said it Facebook pages, which are used to promote specific products, post regular competitions and ask customers to recommend friends, now have over 30,000 followers and have already generated over £0.3 million in orders for Christmas 2013.

The success of the company’s Flexecash prepaid card, launched in 2010, also had a positive impact on the business and now has close to 900 corporate users with £160 million of value loaded across approximately 2.4 million individual cards.

The group’s corporate and consumer businesses both made progress in the year. Corporate billings rose by over 8% to £152.6 million while consumer billings increased by 7% to £199.4 million.

Chairman Peter Johnson said: "The transformation of Park over recent years has been very significant."Park continues to build on the leading market positions of its operations serving the consumer and corporate sectors, delivering high levels of service backed by product innovation and investment."The economic outlook remains flat but we look forward with confidence, focused on delivering another sound performance for all our stakeholders." 

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