Park announces an update on trading for its financial year ended 31 March 2015 Back

Park announces an update on trading for its financial year ended 31 March 2015

Park (AIM: PKG.L), the UK's leading multi-retailer, multi-channel gift voucher and prepaid gift card provider, today announces an update on trading for its financial year ended 31 March 2015, ahead of the announcement of its Preliminary Results on Tuesday 9 June 2015.

In our Interim Results statement in early December 2014, we reported that trading in the second half of the year had started well, and that the encouraging trading levels experienced in the first half were being maintained. This level of activity has continued throughout the second half of the year, underpinned by strong trading throughout the Christmas period across all of the Company’s operations.

The Consumer business had a very successful festive season and sales for the year grew by more than 8 per cent. compared with last year. The continued strength of the UK economy and enhanced levels of consumer confidence contributed to this performance, while early orders for Christmas 2015 are also well ahead of the equivalent period last year.

The Corporate business, which supplies an extensive range of incentive and reward products, also achieved a pleasing second half performance, building on the progress achieved in the early part of the year. Sales to the incentive market and of our new employee benefit products have achieved excellent growth which, as expected, was partially offset by a reduction in the volume of sales to the credit sector. Overall the Corporate business has made excellent progress during the year.

Our online business, which supplies gift vouchers and prepaid gift cards direct to customers, continues to grow rapidly with sales up more than 25 per cent. compared with the previous year’s level of £16 million.

Park’s financial position remains strong with cash balances well ahead of last year.