- Half-year pre-tax losses narrow to £1.4m
- Sales jump 23% to £72.1m
- Second-half orders ahead of last year
Voucher and gift card specialist Park Group has narrowed its losses after a jump in half-year sales and is on course for a strong second half.
Park Group said losses in the six months to the end of September were £1.4m compared with a loss of £2.4m the prior year. Sales climbed 23.2% to £72.1m.
Park said the first-half losses were expected as its business is seasonal with the “bulk” of sales generated in the second half of the year.
It said its second half has started strongly with orders ahead of last year.
In its last full year, the voucher and gift card specialist reported a 16% rise in pre-tax profits to £10.9m.
In Park’s first-half, its corporate business, which supplies gift cards, vouchers and e-codes to retailers, reported billings up 12.8% to £66m.
The consumer business, which provides vouchers, pre-paid cards, hampers and other gift products, reported billings jumping 59% to £26.8m.
Sales online through its websites, including highstreetvouchers.com, were up 14% to £9.8m.
Looking ahead, Park Group boss Chris Houghton said the “big challenge” is developing the company’s digital capability as around half of its sales are now online. “We are improving our website and making sure it is mobile responsive, which is a challenge,” said Houghton.
Houghton said Park Group is also looking to expand into mainland Europe, including Germany, Holland, Italy, France and Spain.