Downturn lifts revenues at Park Group

9th Dec 2010 08:37

Voucher and prepaid card business Park Group served up a 49% increase in half year revenue and returned to profit as demand increased from cost conscious customers. The group, which started out as a supplier of Christmas hampers, said revenue increased to £50.9m for the six months to 30 September 2010 from £34.2m the year before after a strong performance from its Christmas savings and corporate businesses. The group also reported a pre-tax profit of £541m compared to a loss of £4.2m earlier. Sales at The Christmas savings business, the company's budget plan which helps families prepare and budget for Christmas, surged 37% to £5.8m. Highstreetvouchers.com , its online gift voucher retailer, generated sales of £2.7m in the half year, up 75% from the same time a year before. Chairman Peter Johnson commented, "The company is well positioned to move ahead strongly. Overall we look forward with confidence to delivering another period of sound performance."An interim dividend of 0.5p has been declared, up from 0.44p in 2009.