Appreciate Group is a specialised financial services business and is the UK’s leading provider of multi-retailer redemption products. Consumers can access products directly through its market-leading Christmas Savings offering while corporate customers use these products to supply a range of incentive and reward products.
In its AGM statement, Park Group says that financial year to date trading is in line with its expectations, with continued growth in the corporate business alongside a stable Christmas savings performance. The AGM was held at the group’s new offices in the centre of Liverpool, to which the core operations have been relocated as part of the strategic business plan. Park also says it is making good progress on rationalising its brand architecture and implementing its technology upgrades and that work on the planned new digitally optimised product, targeting currently untapped areas of the gift voucher market, is showing encouraging progress. A further update on the product as well as a launch date will be provided later in the year. Park has previously guided that current year profits will be dampened by c £2.0m net plan implementation costs but from FY21 onwards the company targets p&l benefits of £2–5m pa.
The market is estimated at c £6bn by the UK Gift Card & Voucher Association, and is fragmented, providing significant opportunities for growth.