The board expects to report continued growth with results ahead of last year but marginally below market expectations. This is predominantly due to the later than expected roll out of a significant contract with a client in the Corporate business. The results have also been affected by costs associated with the recent changes in senior management.
The delay of this Corporate contract led to billings for the Corporate business remaining relatively flat compared with the same period last year. Roll out of the contract is now underway with revenues expected to be recognised during the course of the financial year to 31 March 2019.
The Corporate business has continued to see increased traction in the value loaded onto its flexecash® products and growth has continued in its products Evolve and Love2shop Worldwide. The number of corporate clients now using Evolve in the UK has risen from 165 at the previous year end to 269, and Love2shop Worldwide, launched in May 2017, now has 48 international organisations using the platform, an increase from 31 in November 2017.
In the Consumer business, the momentum in the first half of the year translated into a strong performance in the second half, with Park recording another successful Christmas period. Completed orders for the Consumer business were almost 4 per cent ahead of last year.
In addition, downloads of the Park Savings App, launched in January 2017, are now in excess of 170,000 and the number of consumer customers enjoying this new functionality continues to rise.
Park's innovative platforms continue to prove popular amongst target corporate markets and the enhancements to our consumer offering continues to drive growth in customer numbers.
The overall financial position of the Group remains solid, with cash balances and order books again ahead of their positions at the same time last year.