LONDON (Alliance News) - Park Group PLC Tuesday said its second half has started well, with orders for the Christmas period "well ahead" of the same period last year, and reported a narrowed pretax loss for its first half.
The gift-voucher and prepaid gift card company is strongly second half weighted - primarily due to the Christmas period falling in its second half - meaning it usually makes a loss in the first half.
For the half year to end-September the company reported a pretax loss of GBP1.4 million, narrowed from a pretax loss of GBP2.4 million a year before, as revenue rose to GBP72.1 million from GBP58.5 million. Billings increased to GBP92.8 million, up from GBP75.4 million.
Growth was boosted by a strong performance from new products, along with a 24.1% rise in billings for its prepaid card flexecash. Its online business continued to expand, with billings through its websites rising 14% compared to the previous year.
The marketing campaign for the 2016 festive season, which started in September, has started well and early order indications are "very encouraging", Park said.
Park proposed an interim dividend of 0.85 pence, up from 0.80p a year before.
"The second half has started well, as we enter the key delivery period, with orders significantly ahead of the same period last year. Park looks forward with confidence and is well placed to deliver another strong performance," said Chief Executive Officer Chris Houghton in a statement.
Shares in Park were up 2.1% at 96.75 pence Tuesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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