(Alliance News) - Appreciate Group PLC on Tuesday said trading in financial 2022 so far has exceeded pre-pandemic levels, as the company nears the final stage of its business transformation.
The Liverpool-based prepaid gift cards and vouchers said corporate and gifting billings this year to September 17 totalled GBP79.7 million, up 28% from GBP62.2 million last year.
Corporate and gifting billings for the period were up 3.6% on GBP76.9 million in 2020, which accounted for pre-pandemic trading.
Shares were up 5.9% at 29.23 pence in London on Tuesday afternoon.
"Having completed the simplification and repositioning activity, we now have a more robust and scalable platform," the company said about its transformation, which started in 2018.
"Our focus is on using this bedrock to deliver our growth opportunities in our key markets, whilst prioritising costs which are aligned to the strategy, at a time when the economy appears to have moved up a gear."
The vouchers company has benefitted from eased pandemic restrictions driving increased redemptions and consumer activity so far this year. It noted that overall redemptions were up 70.6% and paper voucher redemptions were up 89% compared to the same period last year.
However, Appreciate noted it still expects its Christmas Savings business to be down by 14% year-on-year.
"As the UK economy and consumer confidence shows signs of returning towards pre-pandemic levels, we are pleased to see the anticipated improvement in performance during Q2, giving us momentum as we enter our main seasonal trading period," the company added.
Separately on Tuesday, Appreciate said Chair Laura Carstensen will be stepping down after eight years with the company, most recently as a non-executive chair.
Carstensen will stay in the position until a search process and handover has happened.
By Josie O'Brien; josieobrien@alliancenews.com
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