LONDON (Alliance News) - Park Group PLC on Tuesday reported growth in profit in its last financial year as an increase in billings from its consumer business offset a decline in the corporate business, while trading in the current year so far is "encouraging".
The voucher and prepaid card provider said its pretax profit in the year ended March 31 grew to GBP11.9 million from GBP10.9 million the year before, as revenue rose to GBP302.5 million from GBP293.3 million.
Park Group said it delivered an increase in billings in most areas within the corporate business, but this wasn't enough to offset a significant reduction in demand in the consumer credit sector, while the consumer business continued to grow strongly with billings and profit well ahead of the previous year.
Total billings grew to GBP385.0 million from GBP372.9 million the year before, with corporate billings down to GBP173.5 million from GBP176.1 million, and consumer billings up to GBP211.5 million from GBP196.8 million. Excluding consumer credit, corporate billings would have increased by GBP14 million, Park Group said.
Park Group will pay a total dividend of 2.75 pence per share, which is up on the 2.40p it paid the year before.
Park Group added that the order book for Christmas 2016 is ahead of this time last year.
"Early indications for the current year are encouraging. Park's financial position remains solid, with cash balances well ahead of the equivalent period last year. We have a consistent and sustainable strategy executed by experienced, highly capable management and a sound business that meets our customers' needs," Chairman Laura Carstensen said in a statement.
"We look forward with confidence and remain focussed on delivering yet another year of progress," she added.
Shares in Park Group were trading up 0.3% at 73.44 pence on Tuesday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.