A famous North West gift card and Christmas hamper firm has seen its revenues soar by 21.3% - despite having again operated at a loss over the past six months.
Appreciate Group, which recently changed its name from Park Group, has narrowed its first-half losses, largely thanks to billing having grown by over 10% to £120m in the six months ending September 30.
Pre-tax losses narrowed to £1.3m from £1.5m, while seasonal operating losses reduced from £2.3m to £2m for the first half at the multi-retailer redemption product provider.
The results come after the firm relocated its head office from Birkenhead to Liverpool city centre, officially changed its name to one "which more accurately describes our product range and helps to position the Group to take advantage of its growth aspiration", and began trialling a new consumer digital gifting product, Giftli - aimed at appealing to a new millennial audience.
The firm said Appreciate’s business is highly seasonal, and the losses were expected - with the majority of annual revenues and profit generated in the second half of the year.
Ian O'Doherty, CEO, said: “Appreciate Group performed well in the first half, consistent with our expectations for the year as a whole, with strong operational performances in both consumer and corporate divisions.
"This was an extremely busy period for the group as we continued to implement our strategic business plan whilst optimising the performance of the business.
“We continue to be encouraged by the significant progress we have made on delivery of our strategic business plan, including the development of new consumer products, and are optimistic about the benefits this will realise in a growing market.”
The half year results released on Wednesday also show cash balances, including cash held in trust, at £211.8m for the firm, which was founded by ex-Everton FC owner Peter Johnson and is best known for its Christmas hampers.
And in terms of consumer numbers, billing grew by 12.5% to over £40m thanks to increased customer numbers through the highstreetvouchers.com offering.
