Gifting group Appreciate enjoys "peak" Q3
Gifting, experiences and retailer redemption programme provider Appreciate Group reported a “strong peak quarter” in Q3, shoring up its expectations for the year while providing a “robust and scalable platform for future growth”.
For the three months ended 31 December, underlying billings at the Park Christmas Savings and Love2shop owner rose 13% on pre-pandemic Q3 to £96.1 million and were broadly similar to Q3 FY21.
A strong December performance saw billings jump 41% to £45.6 million, although tough comparisons with the fiscal 2021 Christmas period (when billings scored a record month), meant they fell 2% this time. Digital billings, meanwhile, rose 13% year-on-year to £27.2 million.
Third quarter billings via Highstreetvouchers.com were £18.4 million, up 9.5% on Q3 FY20, but down 5.4% on Q3 FY21, which benefited from increased customer demand during tighter lockdown restrictions, it noted
Total year-to-date billings were 8% up on FY20, and 10% ahead of FY21.
The company said the momentum seen in Q3 has also continued in the early weeks of Q4 with underlying billings ahead of the previous two financial years as at 17 January, 8% up on FY20 and 10% higher than FY21.
CEO Ian O’Doherty said: "Our underlying billings year-to-date are now ahead of the previous two years and we are seeing continued growth in digital solutions and in our corporate proposition, which represents the bulk of this business. The results provide confidence in our brand, proposition and positions in our markets.”
He added: "We remain confident in the group's prospects to deliver long-term growth, notwithstanding economic and pandemic related uncertainties.”
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