Merseyside's Park Group PLC has posted a 24% increase in pre-tax profits for the year to 31st March.
The performance is being hailed as encourging by the firm's founder and boss Peter Johnson but there are warnings that the firm is not immune to the recession.
Park's year end results posed on the Stock Exchange show that Operating Profit at £2.8m was 17.9 per cent lower than the £3.4million recorded last year.
Wirral-based Park praised its "solid and loyal" customers with its margin up to £6.2m compared to £5m last year earlier while revenue grew by 11 per cent to £250.5m.
Christmas Savings business revenue increased 15.4% year-over-year to £165.5 million, and represented 66.1% of Park's total revenue, while revenues from Corporate Voucher business rose 4.2% to GBP 85.0 million, contributing 33.9% of total revenue.
Chairman Peter Johnson said: "I am pleased to report that Park Group has delivered another sound set of results with growth in our two principal divisions, Christmas Savings and Corporate Vouchers.
"This encouraging performance has been achieved against a backdrop of increasingly demanding economic conditions and reflects the resilience of our business model.
"It is over forty years since Park was founded and it is pleasing and reassuring to note that over the years, irrespective of economic circumstances, our customer base has remained solid and loyal.
"While no company is immune from the current recession I am confident that Park Group has the proven strategy to continue to deliver value and service to its customers
and financial returns for its shareholders."
The company said its prior year results have been "restated" to reflect the regulatory guidance issued in respect of accounting for brochure and stationery costs.
Going ahead, the company said its trading in the current year has started steadily at broadly the same level as twelve months ago although finance income is being affected by the current low interest rate environment.
According to the company, orders for Christmas 2009 are holding-up well and corporate voucher sales are showing an increase from last year.
Mr Johnson added: "I am pleased to report that in the year to 31 March 2009 the Christmas Savings business increased revenue by 15.4 per cent to £165.5 million (2008: £143.5 million).
"Operating profit improved significantly rising 258.2 per cent to £2.0 million (2008: £0.6 million).
"Christmas Savings, which contributes 66.1 per cent of Park's total revenue and 41.6 per cent of operating profit, is based on the original Park business.
"It provides a managed service to hundreds of thousands of individuals and families who wish to budget for Christmas in a disciplined and structured manner using Park's 45 week prepaid instalment plan.
"The Corporate Voucher business achieved further progress during the year and
increased revenue by 4.2 per cent to £85.0 million (2008: £81.6 million).
"Operating profit was 17.9 per cent lower at £2.8 million (2008: £3.4million). In the year we have continued to develop the infrastructure to support a growing product range and increasing customer base.
"The decline in operating profit for Corporate Vouchers reflects increased costs associated with that infrastructure and an adjustment to the level of provisioning associated with changes arising from consumer spending patterns in the year."
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