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RNS Number : 8625Y
Appreciate Group PLC
19 January 2022
19 January 2022
Appreciate Group plc
Q3 FY22 Trading Update
Strong Q3 Performance - YTD billings ahead of FY2020 and
FY2021
Appreciate Group plc (the 'Group'), the UK's leading
multi-retailer redemption product provider to corporate and
consumer markets, today provides an update on its key Q3 trading
period for the three months ended 31 December 2021 of the current
financial year (FY22). Due to the irregular impact of lockdowns in
FY21, we have used FY20 as the primary comparison, the financial
period prior to the pandemic, as well as providing FY21 data.
Highlights
-- Underlying Q3 billings* of GBP96.1m were 13% ahead of Q3 FY20
(GBP85.1m) and broadly similar to Q3 FY21 (GBP96.8m)
o A strong December performance with billings of GBP45.6m, up
41% versus same month in FY20 (GBP32.4m). Compared to our record
month in December FY21 billings were down 2%
o Further growth in digital billings with a 13% year on year
rise to GBP27.2m (Q3 FY20: GBP5.9m; Q3 FY21: GBP24.1m)
-- Total year-to-date billings up to 31 December 2021 were 8% up on FY20, and 10% ahead of FY21
-- Q3 was the best-ever quarter for our Corporate business with
billings of GBP77.6m (Q3 FY20: GBP68.3m; Q3 FY21: GBP77.3m)
-- Q3 billings via Highstreetvouchers.com were GBP18.4m, up 9.5%
from GBP16.8m in Q3 FY20, and down 5.4% from GBP19.5m in Q3 FY21
(which benefited from increased customer demand during tighter
lockdown restrictions)
-- Free cash as at 31 December 2021 stood at GBP36.0m (31
December 2019: GBP19.1m; 31 December 2020: GBP33.5m)
Underlying Q1 Q2 Q3 YTD Total December YTD total
billings* excluding
free school
meals scheme*
*
FY2022 GBP38.7m GBP45.7m GBP96.1m GBP180.5m GBP45.6m GBP167.6m
--------- --------- -------- --------- -------- --------------
FY2021 GBP21.3m GBP46.4m GBP96.8m GBP164.6m GBP46.6m GBP153.0m
--------- --------- -------- --------- -------- --------------
FY2020 GBP41.4m GBP40.1m GBP85.1m GBP166.5m GBP32.4m GBP166.5m
--------- --------- -------- --------- -------- --------------
% diff (FY22
vs FY21) +81% -2% -1% +10% -2% +10%
--------- --------- -------- --------- -------- --------------
% diff (FY22
vs FY20) -7% +14% +13% +8% +41% +1%
--------- --------- -------- --------- -------- --------------
* Underlying billings represents Corporate & Gifting only
and excludes Christmas savings, which largely completes between
December and April. The Christmas Savings' order book for Christmas
2021 (i.e. FY22) completed with billings of GBP164.0m.
** Year to date billings through free school meal scheme were
GBP12.9m (FY21: GBP11.5m)
ERP Progress
The first phase of the Enterprise Resource Planning
implementation was successfully delivered earlier in January 2022.
This replaced the legacy back office systems that support our
HighStreetVouchers.com website and will enable us to operate more
efficiently, whilst underpinning our plans for growth.
Reinvigorating Christmas Savings
Our marketing campaign to recruit Christmas Savings' customers
for Christmas 2022 got underway on Boxing Day, using a more
targeted and insight-based approach, integrated across multiple
channels. An update on progress of the campaign will be provided in
our year-end trading statement expected in April. View the TV
advert .
Great Place To Work certification retained
Great Place To Work certification has been achieved for the
second year in succession, including an improved Trust Index. This
reflects continued progress from our cultural transformation.
Outlook
-- We are on track to deliver in line with our expectations for the year as a whole.
-- The momentum seen in Q3 has been continued in the early weeks
of Q4 with underlying billings ahead of the previous two financial
years as at 17 January 2022. These are 8% up on FY20 and 10% higher
than FY21.
Ian O'Doherty, Chief Executive Officer, at Appreciate Group plc,
commented:
"The Group has delivered a strong peak quarter, underpinning our
expectations for the year as a whole, and providing further
evidence that our strategy to provide a robust and scalable
platform for growth is delivering.
" 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.
"We remain confident in the Group's prospects to deliver
long-term growth, notwithstanding economic and pandemic related
uncertainties."
The information contained within this announcement is deemed by
Appreciate Group to constitute inside information as stipulated
under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
Appreciate Group Liberum MHP Communications
plc (NOMAD and broker)
Ian O'Doherty, CEO Richard Crawley Reg Hoare
Tim Clancy, CFO Jamie Richards Katie Hunt
Charles Hirst
Andy Hammerton, Head
of Corporate Affairs Tel: 020 3100 2222 Tel: 020 3128 8193
Email: appreciategroup@mhpc.com
Tel: 0151 653 1700
Notes to Editors:
Appreciate Group is one of the UK's leading gifting, pre-payment
and engagement companies, and experts at creating joyful
experiences and connecting people to the things in life they enjoy
the most.
Everything Appreciate Group does is focused on creating more joy
in the world, and it is proud to be trusted to help its customers
create moments they can treasure and remember, whether they are
giving, celebrating or rewarding.
Appreciate Group is a financial services business with a wide
portfolio of brands which provide solutions for its consumer and
business customers. Its consumer-facing brands meet a range of
prepayment and gifting needs, while its business products help
corporate customers reward and recognise their employees and
clients.
Appreciate Group is home to many of the country's most-loved
gifting, pre-payment and engagement solutions including Park
Christmas Savings, highstreetvouchers.com and Love2shop, and we are
fast-becoming the home of digital innovation in gifting.
Whether it's saving towards the perfect family Christmas or
celebrating with gift cards and vouchers, we create and supply
products that millions of people trust when it comes to giving and
receiving with family, friends or colleagues.
Park Christmas Savings: As the UK's largest family Christmas
savings club, Park Christmas Savings has helped over 2.7 million
families budget for Christmas on a short-term or year-round
basis.
Love2shop: Love2shop offers gift cards and gift vouchers
available to spend at stores and attractions across the UK. They
are also used through our Love2shop Business Services providing
corporate partners with incentives and rewards for their employees
and clients.
Appreciate Group plc's shares are traded on AIM, a market
operated by the London Stock Exchange.
The Park Prepayments Protection Trust is designed to increase
protection for customers' prepayments. The Trust has three
directors, two of whom are independent of Appreciate. Details of
the trust are set out here:
https://www.getpark.co.uk/CORPORATE/declaration.pdf
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END
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