Social media helps Park Group grow profits and up dividend

PARK Group said yesterday its annual pre-tax profit jumped 11 per cent to £9.5m despite a sluggish economic environment that has affected many high street firms.

The voucher and pre-paid card group, which started out as a Christmas savings club, said new websites, social media and mobile applications helped boost growth.

Customer billings on the group’s flexecash pre-paid card increased seven per cent from 2012 to £352m in the year to 31 March.

The firm has massively expanded its range of cards in recent years from the two it offered in 2010, meaning clients can now choose from a range of 24 cards accepted by 37 retailers including Debenhams and New Look.

The group pleased investors by raising its total dividend by five per cent to 2.1p per share.

Park Group’s shares yesterday closed up 1.8 per cent to 55.5p following the positive results.