Appreciate Group - In line FY20 but significant COVID-19 adjustment
Trading for the first 11 months of the year ending 31 March 2020 (FY20) was in line with expectations until COVID-19 began to have an impact in the final weeks of the financial year and, we expect, far more significantly in the current financial year. The end-FY20 free cash balance was £30m and actions are underway to mitigate the impacts of COVID-19 while maintaining investment for medium-term digital based growth.Park Group is a provider of prepaid gift cards, multi-retailer gift vouchers and digital rewards services to corporate and consumer markets. Co.'s brands include: Love2shop, a multi-retailer gift voucher and prepaid gift card brand; Park Christmas Savings, which helps families prepare and budget for Christmas in a controlled and careful manner; flexecash®, which issues e-money; Love2shop Business Services, which provides solutions from Co.'s own multi-retailer vouchers and prepaid cards to single store vouchers and cards, gift experiences, holidays and travel; and Evolve, which is a digital rewards platform that provides commercial organizations with a means to reward individuals.
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