But savings club says outlook brighter for second half
Park Group, the company behind the country's biggest Christmas savings club, has reported a first-half loss before tax of£4.9 million for the six months to September 30.

The group, which traditionally makes a first-half loss, said this half's losses were 7.1 per cent higher than the same period last year because of 'the increased level of overheads and promotional activity supporting a much larger business than last year'.

Total group revenue was up 42.1 per cent to£34.8 million for the six month period.

The company said its agency Christmas order book showed a 25.7 per cent growth year on year, which will increase this season's sales to£210 million.

It also revealed that it placed all its customers' savings into three separate companies 'outside the group's banking guarantee structure to ensure that customers' payments are ring-fenced'. Last month, Park made a£1 million donation to the Farepak fund.

Executive chairman Peter Johnson said: 'I would like to thank all our customers and staff who remained loyal to the group throughout an unprecedented period of media attention as a result of Farepak. I have already said publicly that 'one bad apple does not make the whole barrel bad' and I would like to reiterate this comment.'

A profile interview with Peter Johnson can be seen in tomorrow's issue of Retail Week.