Voucher specialist the Park Group is looking to expand internationally as it transforms into a web-based business.
The retailer – which last year made its first foray overseas with its e1m (£881,000) acquisition of Celtic Hampers and Family Hampers from Irish home shopping specialist Morses – said it was plotting a move further into Europe.
Park Group chief executive Chris Houghton said: “It’s in our medium-term plans. We’re interested in Poland. It has a similar approach [to the UK] to Christmas savings.”
Houghton said its transformation into an internet-based business would help in its overseas expansion in the next three years. Park Group operates only in the UK and Ireland at present.
He said: “The internet is the key to it. As the business becomes more web-based, we can just recreate our website for different countries.”
Park Group’s pre-tax profit soared 33% to £7m in its financial year ending March 31. Sales grew 6% to £279.9m over the period, when the voucher and hamper specialist’s online sales increased from £70m to £100m.
The group invested £1m in hardware and software as it ramps up its online business. Houghton expects the majority of its sales to come from the web in the next three years.
Park Group is also seeking growth through its flexecash pre-paid card, which it launched in May last year. Shoppers can use the card at retailers including HMV, Argos and New Look, and Park Group is aiming to increase the number of store groups from 24 to 40 by Christmas.
Houghton said the card would play an important role in the business’s future. Park Group has issued £20m of cards since it launched and Houghton said he expected to at least double sales on the flexecash card this year.