Voucher specialist Park Group pre-tax profits soar

Sales grew 6% to £279.9m over the period, with over £100m transacted online.

Park Group’s corporate business operating profits increased 23% to £3.9m while its consumer business’ rocketed 59% to £4.5m.

The retailer’s Christmas hamper business customer numbers increased by 110,500 in 2010 compared with 109,500 in 2009. The retailer said its customer numbers for Christmas 2011 are 4.3% ahead compared with last year.

The group, which has no bank borrowings and is cash generative, acquired Irish business Celtic Hampers and Family Hampers, for €1m.

Park Group chairman Peter Johnson said: “This is an important development for Park as it is its first international acquisition and takes the group into the Eurozone.”

The voucher specialist launched its flexecash pre-paid card in May last year, following three years in development. £20m of value has been issued since its launch and 330 corporate clients now use the card. Johnson has high hopes for the card; it sold £20m worth of cards last year.

He said: “While the card is still a small part of Park’s business, demand has been growing rapidly and its performance has exceeded the board’s expectations. Park’s core businesses will continue to serve and develop our established customer bases and progressively capitalise on the significant growth opportunities offered by flexecash.”