TIDMAPP
RNS Number : 8107Z
Appreciate Group PLC
20 September 2022
20 September 2022
Appreciate Group plc
AGM Statement
Trading Update
"Trading in line with the Board's expectations - continued focus
on costs, growth, and simplification"
Appreciate Group (the 'Group'), the UK's leading multi-retailer
redemption product provider to Corporate and Consumer markets,
today issues the following trading update for the current financial
year in advance of its Annual General Meeting to be held later
today.
Trading Overview
Overall trading is in line with the Board's expectations.
The Group has prioritised driving profitable billings within our
High Street Vouchers (consumer) business ahead of volumes. Our
focus in Appreciate Business Services' (corporate) market continues
to be on improving the retention levels for corporate clients while
increasing the number of new clients purchasing from us for the
first time. This sets up the Group strongly for its key trading
period in the lead up to Christmas.
Our Park Christmas Savers business is trading strongly and
in-line with expectations, underpinned by our highest level of
agent and direct customer retention rates. The new Park Christmas
Savers 2023 campaign launched earlier this month and we remain
confident that this channel can return to growth.
Twenty two new partnerships have been added to the Love2shop
brand since the beginning of the financial year and fifty-three
exclusive value adding offers have been sent to our customers.
The Group is highly seasonal in nature, with 58% of total
billings and 51% of full year contribution made in Q3 last year. We
anticipate that this will be higher this financial year as both
corporate and consumer customers reassess their spending habits and
look for the best value in the run up to Christmas, in response to
the macroeconomic challenges that everyone is facing.
Commenting, Guy Parsons, Executive Chair of Appreciate Group
plc, said:
"Since being appointed Executive Chair on 1 August 2022, the
senior management team has focused on the Group's costs and
maximising profitability. We have already identified and
implemented some immediate changes around how we communicate the
savings that recipients of a Love2shop product can benefit from,
evaluated net profit by channel to drive the most profitable
billings, as well as ensuring that we are earning a suitable risk
adjusted return from the large sums held on deposit.
"In the coming months, we will be working to accelerate the
simplification of the business, which is intended to enhance
earnings in the medium term. I expect to be able to make further
announcements in due course on progress with these plans.
"Despite the challenging macroeconomic environment, our outlook
remains in line with our expectations for the year ending 31 March
2023. I am confident that with the leadership changes underway and
a renewed focus on costs, growth, and simplification, the Group can
continue to prosper ."
MBL Acquisition
The integration of the MBL business is in-line with the Board's
expectations.
Board update
Following the appointments of Talha Ahmed as Interim Chief
Financial Officer on 6 July and Julian Coghlan as Interim Chief
Executive Officer on 1 September, the process for the selection of
a permanent CEO and CFO is progressing and further announcements
will be made in due course.
Appreciate Group Liberum MHP Communications
plc (NOMAD and broker)
Guy Parsons, Executive Richard Crawley Reg Hoare
Chairman 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
corporate 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, Appreciate Business
Services 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 helps around three hundred
thousand 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 Appreciate 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
AGMSFFFDMEESEIU
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