Hardman & Co Research: Appreciate Group (APP): Interim results: solid progress, digital delivering
We reviewed Appreciate’s (APP) business model in our initiation, Solid core + digital disruption = unique model, published on 1 September. On 23 November, APP released its interim results, reporting a modest seasonal loss, in line with the nature of its business. The key takeaways were i) continued progress in the rollout of the digital model, including both distribution and efficiency, ii) reversion to more normal customer patterns of redemption and in larger corporate client behaviour, and iii) growth in redemption partners, especially in hospitality, leisure and food. The Xmas Savings business is being reinvigorated. The full-year outlook is in line with expectations.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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