LONDON (Alliance News) - Park Group PLC Thursday said it is benefiting from the improvement in consumer sentiment in the UK, with its order books ahead year-on-year in the first-half, saying the encouraging performance provides it with optimism for the second-half.
The gift voucher and prepaid gift card business said its corporate business is trading strongly, with improving retention rates and higher levels of new business year-on-year. Its consumer arm is producing a similarly strong performance, with orders around 10% up on the comparable period last year.
The group's online business, HighStreetVouchers.com, has also shown strong demand, with orders up 26% year-on-year.
The group said cash balances are ahead year-on-year, though it said its return on this cash was being impacted by the low interest rates available in the money market.
The group said it is normally loss-making in the first-half, with nearly three quarters of its revenue generated in the second-half. It said it is encouraged by the higher demand seen across its business in the period, which it attributed to an improvement in market conditions along with new products and ongoing developments in its customer service and interaction.
Park Group shares were up 1.8% to 58 pence on Thursday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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