Park, the UK's leading gift voucher and prepaid gift card provider, today announces a trading update for its financial year ended 31 March 2011. Preliminary results will be announced on 14 June 2011.
All parts of the Company have performed well and successfully overcame the extreme adverse weather conditions in December, our peak delivery period.
Corporate voucher and prepaid card sales have remained strong and once again the number of clients has increased year on year.
An important development has been the successful launch of Park's innovative flexecash® card in May 2010. While still a small part of the business demand has been growing rapidly and its performance has exceeded the Board's expectations. Cards have already been sold to approximately three hundred corporate clients, most of this business being incremental. The number of retailers accepting the card, currently 24, is expected to increase significantly in the run up to Christmas 2011.
Christmas Savings orders for 2011 are ahead by five per cent compared to the same time last year. A continuing trend is the increase in volume and value of customer orders placed online, which this year was over £100 million.
Our Irish business, acquired in October 2010, has now been successfully integrated. The business provides Park with an excellent platform from which to broaden its savings range for Christmas 2011 by launching its market leading vouchers into the Republic of Ireland.
The Board expects to report a positive financial performance in line with market expectations for the year ended 31 March 2011.