4th Dec 2018 12:30
LONDON (Alliance News) - Gift card and voucher provider Park Group PLC said Tuesday that its loss for the first half of the year narrowed despite lower revenue.
The company described its trading as "highly seasonal" with a loss expected in the first half, ahead of its key trading period in the second half when "the bulk of annual revenue and profit" is generated.
For the six months to September 30, the firm's pretax loss narrowed to GBP1.5 million from GBP1.9 million a year ago.
Billings in the period increased by 3.3% to GBP109.0 million from GBP105.5 million a year prior.
Revenue meanwhile dropped 10% year-on-year to GBP27.4 million from GBP30.6 million, due to some "low margin business" not being repeated, Park said.
Chairman Laura Carstensen said: "Park performed well in the first half, consistent with our expectations for the year as a whole and we are encouraged by our order book which is ahead of the same time last year overall."
Despite the loss, Park Group upped its interim dividend by 5% to 1.05 pence per share, compared to 1.0p paid a year ago.
Looking ahead, the company said it continues to be "encouraged" by the opportunities facing the group and is "optimistic" for future growth.
Park Group shares were trading down 1.9% at 76.50 pence.
Related Shares:
PARK.L