Full year results to year ended 31 March 2021 - Analyst and investor presentation - Appreciate Group Plc
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Full year results to year ended 31 March 2021 29TH June 2021 Analyst and investor presentation
New Photos?
Introductions
Ian O’Doherty Tim Clancy
Chief Executive Officer Chief Financial Officer
2 Full Year Results June 2021
1
Full Year
Highlights
A year of significant progress
Digital £23m Record
billings billings December
growth through
Improved peak Q3
Quadrupled YoY to
free school and resilient H2
£68.5m meals
PayPoint
Simplified Stabilised distribution
business network deal
(post year end)
Withdrew from non- Improvements to
core activities system reliability New network of
28,000 UK outlets
4 Full Year Results June 2021
Financial highlights
Billings Cash
Revenue
£406.5m £163.5m
£106.8m
-3.2% (2020: £419.9m) 2020: £132.3m
-5.2% (2020: £112.7m)
Despite initial lockdown / Free cash £31.4m
ceasing hampers. Greater level of deferred
(2020: £29.6m)
Strong Corporate revenue due to
demand pandemic
Adj.
PBT Full year dividend
underlying
£1.3m PBT 1.0p
2020 (£7.7m) Cancelled in 2020 due to
£4.2m COVID
2020 (£11.2m)
5 Full Year Results June 2021
Billings impacted by lockdowns
First lockdown Restrictions eased Restrictions reintroduced Third lockdown
50.0
45.0
40.0
Q1 -49% Q2 -7% Q3 +13% Q4 -11%
35.0
30.0
25.0
20.0
15.0
10.0
5.0
-
April May June July August September October November December January February March
• Q1 billings to date for 2021/22 down 8.6% on 2019/20 levels (up on 2020/21 by 82.7%)
6
Operational Highlights
Consumer Corporate
Prepayment Gifting Engagement
Billings £194.6m (48% of total) £10.7m (3% of total) £201.2m (49% of total)
Helping consumers put money aside Helping consumers convert their Helping businesses attract and
Proposition to ensure they can pay for key events kind thoughts into joyful gifts retain employees & customers
Reduced savers. Significant volume of clients thanking
Change in financial circumstances during Switch to digital – 37 products added.
COVID Impact front line and key workers.
lockdown. Retail closures during lockdown affected Immediate focus on ‘back to office’
Inability to redeem 2020 vouchers in-store. products and redemptions at physical outlets Smaller clients preserving cash
Targeted incentivised campaigns influencing 18% increase in consumer billings. Digital growth
Highlights improved payment rates and higher average Increased traffic and conversions. Free school meals initiative
order value. New UK-wide distribution via PayPoint Record new business
Trends Recovery expected in 2022 Benefit as restrictions lift Renewed focus on employee
Momentum in digital proposition appreciation; and customer acquisition
7 Full Year Results June 2021
2
Results
For the 12 months to
31st March 2021
Profit Statement
Profit Statement £m 2020/21 2019/20 Var • Billings down £13.3m (3.2%) on prior year due impact of
COVID and removal of hamper/packing (£7.8m in PY).
Billings 406.5 419.9 -13.3
• Billings include one-off Iceland deal worth £23.0m.
Revenue 106.8 112.7 -5.9
• Revenue reduction in line with the billings reduction and
Gross Profit 24.8 32.9 -8.2
removal of hamper/packing revenue.
Distribution Costs -1.8 -2.8 1.1
• Gross margin reduction due to product mix (including free
Administration Costs -21.1 -20.0 -1.0 school meals) and maintenance of promotional costs.
Operating Profit before exceptional items 1.9 10.1 -8.2 • Overheads increase due to consultancy costs relating to Valley
Finance Income 0.4 1.3 -0.9 Road and FMI sale, hamper closure and refinancing.
Exceptional Items -1.1 -3.7 2.6 • Finance income reduced due to lower interest rates and RCF
Profit before taxation 1.3 7.7 -6.4 costs (£0.2m).
Earnings per share
• Exceptional items relate to the closing of the hamper/packing
- basic 0.46p 2.96p
business.
- diluted 0.46p 2.96p
9 Full Year Results June 2021
Reconciliation of reported to adjusted
result
Adjusted profit £m 2020/21 2019/20 Var
Profit before taxation 1.3 7.7 -6.4
Add back exceptional costs: • Redundancy costs due to 40 staff in the hamper/packing
Redundancy costs 0.6 0.4 0.2 business.
Impairment of obsolete stock 0.4 0.1 0.3 • Obsolete stock write-downs relate to hampers.
Profit on sale of assets -0.2 0.0 -0.2 • Profit on sale of assets following sale of Valley Road and FMI.
Impairment of property/assets held for sale 0.0 1.8 -1.8 • The hamper trading loss is due to the continuation of fixed
Impairment of goodwill 0.2 1.3 -1.1 costs at Valley Road with no hamper revenue and lower
Profit before exceptional costs 2.3 11.4 -9.1 contract packing revenue plus the costs of winding down the
Losses - hamper operation and close site. The hamper numbers are not audited.
down of previous head office 1.8 -0.1 1.9
Profit/Loss in FMI 0.1 -0.1 0.2
Adjusted underlying management profit 4.2 11.2 -7.0
10 Full Year Results June 2021Comparison of billings and revenue
Total Billings 2020/21 2019/20 Var %
£m
Multi Retailer 351.8 354.3 -0.7%
Single Store 50.8 52.9 -3.9%
Other Income 3.9 12.7 -69.2%
Total £m 406.5 419.9 -3.2% • Multi retailer (higher margin) product billings mix
Mix % remains high at 86.5% and improved on prior year.
Multi Retailer 86.5% 84.4% 2.2%
Single Store 12.5% 12.6% -0.1% • Multi retailer (in-house) product is reported net in
Other Income 1.0% 3.0% -2.1%
revenue, single store product is reported gross.
Total Revenue 2020/21 2019/20 Var %
£m • Single-store revenue is higher than billings because of
Multi Retailer 24.7 37.9 -34.7%
Single Store 78.2 62.1 25.9% multi-retailer flexecodes which can be swapped to single
Other Income 3.9 12.7 -69.2%
store product. This flexibility has been used more by
Total £m 106.8 112.7 -5.2%
customers during lockdowns.
Mix % • Other income reduced versus prior year due to the
Multi Retailer 23.2% 33.6% -10.5%
Single Store 73.2% 55.1% 18.1% removal of hampers and contract packing.
Other Income 3.7% 11.3% -7.6%
11 Full Year Results June 2021Segmental Performance
Consumer 2020/21 2019/20 Var % Consumer
• Billings reduction due to reduced Xmas Savers.
£m
Billings 205.3 222.2 -7.6% • Other consumer billings through highstreetvouchers.com were
Revenue 53.1 62.4 -14.8%
Profit 0.5 5.3 -90.6% higher than prior year with particularly strong Q3.
Customer Numbers (000's) • Consumer profitability impacted by lower revenue and £1.1m
Xmas Savers 356 396 -10.2%
Other Consumer 168 132 27.5%
exceptional costs relating to hamper business closure.
Total Consumer 524 528 -0.8%
Corporate
Corporate • Billings were 1.8% ahead of prior year including £23.0m of
£m
Iceland free school meals.
Billings 201.2 197.7 1.8% • Underlying Corporate billings without Iceland were £178.3m,
Revenue 53.7 50.3 6.7%
Profit 2.6 6.6 -60.6% 9.8% lower than prior year due to the impact of COVID.
Client Numbers (000's) 39 42 -7.1% • Segmental profit reduction due to lower margin business and
higher administration costs.
12 Full Year Results June 2021Billings by market
Market Billings £m 2020/21 2019/20 Var %
£m
• Xmas Savers numbers based on redemption products only
Xmas Savers 193.3 204.8 -5.6% (exc hampers) was 5.6% below last year.
Other Consumer 10.1 8.4 21.1%
Customer Incentives 46.4 45.3 2.5% • Other consumer demand higher due to increased traffic to
Staff Rewards 83.3 82.8 0.6%
Employee Benefits 14.2 17.2 -17.0% highstreetvouchers.com particularly in Q3.
Intermediaries 55.2 48.0 14.8% • Customer incentives have out-performed other areas due
Total £m 402.6 406.4 -0.9% to increased marketing activities by some clients
Total Consumer 204.0 213.2 -4.3% particularly in the Financial Services sector.
Total Corporate 198.6 193.2 2.8% • Whilst staff rewards stable, employee benefits down due
to the impact of COVID.
• Intermediaries includes the one-off Iceland deal for free
Note:
Redemption products only, excludes other income school meals (£23.0m).
13 Full Year Results June 2021Corporate business has high retention and is diversified
Long standing client base with a recurring revenue drop last year Diversified clients impacted by Covid
100% £80
93.9% 95.1% 95.8%
91.8% 93.4% 93.0% 20/21 19/20
90% 90.6% 89.2% 30.0
£70
80%
Share of 2020/21 billings from client first order £m
77.3% 25.0
£60
70%
% Business recurring
£50 20.0
60%
50% £40 15.0
40%
£30
10.0
30%
£20
20% 5.0
£10
10%
0.0
0% £0
Pre 2013 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21
14Redemptions demonstrate the adaptability of the product
Redemption by sector
180,000
Redemption by Channel
160,000
350,000
140,000
300,000
120,000
250,000
100,000
200,000
80,000
150,000
60,000
40,000 100,000
20,000 50,000
0 0
Lifestyle Homeware Grocery Fashion Store Online
CY PY CY PY
• Increase in Grocery redemptions during lockdowns, lower fashion and lifestyle.
• Shift to online redemptions.
15Billings by format
Format 2020/21 2019/20 Var % • Continued movement away from paper to card and digital.
£m • Large increase in digital mix. This includes £23.0m Iceland
Paper 91.1 170.2 -46.5%
Card 243.0 218.4 11.3%
billings; without this the digital mix has still grown 7.6pts from
Digital 68.5 17.7 286.6% 4.4% to 12.0%.
Total 402.6 406.4 -0.9% • The trend towards a greater mix of higher margin regulatory
Mix % digital products has a short-term impact on cash consumption.
Paper 22.6% 41.9% -19.3%pts
Card 60.4% 53.7% +6.6%pts
Digital 17.0% 4.4% +12.7%pts
Note:
Redemption products only, excludes other income
16 Full Year Results June 2021Balance Sheet
Balance Sheet £m 2020/21 2019/20
Non Current Assets 13.7 12.4 • Non current assets increased due to increase in intangible
Right of Use Asset 4.4 3.8
assets (£5.0m), due to technology investments, offset by a
Current Assets 15.8 12.6
Assets held for Sale 0.0 3.2 decrease in the pension surplus (£2.1m).
Money held in Trust 132.1 102.7
Cash 31.4 29.6 • Right of use asset relates primarily to the head office lease.
Total Assets 197.3 164.3
• Currents assets are higher due to increased third party
stock (£1.0m) and receivables (£1.0m).
Trade and other payables -96.3 -86.9
Provisions -77.9 -53.8 • Increase in monies held in trust due to higher mix of
Non Current Liabilities -5.4 -5.3
regulatory business and delayed spending.
Net Assets 17.7 18.3
• Increase in free cash due to delayed redemption spend by
Share Capital 3.7 3.7 customers.
Share Premium 6.5 6.5
Retained Earnings 7.8 8.5 • Higher payables and provisions due to greater outstanding
Other Reserves -0.3 -0.3
balances on cards and vouchers.
Total Equity 17.7 18.3
17 Full Year Results June 2021Cash Flow
Cashflow Statement £m 2020/21 2019/20
EBITDA 3.1 11.3
Movements from/(to) trusts -29.4 -3.4 • Reduced operating cash due to increases in trusts following
Working Capital Movements 31.2 -1.0
increased mix of regulatory business.
Net cash generated from/(used in) operating activities 4.9 6.9
• Working capital movements due to increase outstanding
Interest received/(paid) 0.4 1.6 customer balances.
Tax paid -0.6 -2.9
Receipts from sale of assets 3.1 0.0 • Lower interest received due to interest rates and RCF costs.
Capital Expenditure -5.7 -5.0
Payment of lease liabilities -0.3 0.4 • Capital expenditure is technology; ERP (£3.5m) and digital
Dividends paid to shareholders 0.0 -6.0
development (£0.7m).
Net increase/ (decrease) in cash and cash equivalents 1.8 -4.9 • Sale of assets is the disposal of Budworth Properties Ltd,
Opening Cash 29.6 34.6 the subsidiary which owned Valley Road.
Closing Cash 31.4 29.6
18Growth of digital products is shifting cash to the e-monies trust, free cash
remains positive each month
PPP Trust £m Free Cash £m
£180 £45
£160 £40
£140 £35
£120 £30
£100 £25
£80 £20
£60 £15
£40 £10
£20 £5
£- £0
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Act 2018/19 Act 2019/20 Act 2020/21 Act 2018/19 Act 2019/20 Act 2020/21
Growth in trust requirements
Emonies Trust
Total Cash
£120
£250
£100
£200
£80
£150
£60
£100
£40
£20 £50
£- £-
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Act 2018/19 Act 2019/20 Act 2020/21 Act 2018/19 Act 2019/20 Act 2020/21
19 Full Year Results June 2021Summary outlook
Results in line with expectations
• A year of significant progress, with resilient second half performance
• Strong Q3 demand, growth in digital and free school meals boosted results, showing
how we can capture our share of market activity
• Significant restructuring and simplification achieved with exceptional costs incurred
• Return of the dividend at HY signifies resilient outlook, with FY dividend of 1.0p
Outlook
• New financial year impacted as spending patterns take time to return to normal
• Billings up 82.7% on 2020/21, down on 2019/20 levels by 8.6%
• Benefit from restructuring and Corporate partnership opportunities such as
PayPoint
20 Full Year Results June 20213
Our strategic
journey
Building a robust, scalable
platform on which to drive growthImplementing our strategic business plan
Clarity
We will align all our
Productivity Appeal
efforts with clarity
and focus Experience
We will be more We will broaden We will be easier to
efficient and our customer appeal work with for all our
effective to drive growth customers
22 Full Year Results June 2021PRODUCTIVITY More efficient and effective
What we have done… Impact seen…
Office relocation and consolidation Improved collaboration and technology ensured
Technology infrastructure investment seamless switch to remote working
Switched to remote working Great Place To Work accredited - above UK average,
Migrating to cloud technology attracting stronger talent from a broader pool
Chat functionality for Customer Care Supported seasonal peak despite COVID restrictions,
optimising productivity including reduced overtime
HR Solution and colleague development
Operational costs removed following withdrawal
from non core activities
23 Full Year Results June 2021APPEAL Broaden our customer appeal to drive growth
What we have done… Impact seen…
Expanded range of partners PayPoint – first physical distribution network with
Improved access to digital products 28,000 outlets across the UK
Successful partnership with Iceland Swift creation of free school meals partnership
added £23 million to billings in 2020/21
Distribution deal with PayPoint
New B2B wins almost trebled from £7.5m to £19.3m
Enhanced customer experiences
Contactless digital gift card Broadened redemption options; doubling dining and
tripling leisure choices
Strengthened social media and marketing
Traditional high levels of recurring Corporate
business with diversified corporate partners
24 Full Year Results June 2021CLARITY Align all our efforts with clarity and focus
What we have done… Impact seen…
Ceased hamper and contract packing
Over 400 non-core products removed
Sold FMI and withdrew from Ireland
Brand activation and awareness activity Sold property to fund investment in growth
Organised business around core product
Management focus on driving the core business
Invested in digital marketing and product
management skills
Online sales growth
Enhanced ESG reinforcing company identity
25 Full Year Results June 2021EXPERIENCE Easier to work with for all our customers
What we have done… Impact seen…
Developed Contactless digital gift card
Improved system resilience despite increased traffic
Invested in ERP (to be delivered in 2021) - web sessions and L2S app use both up 30%
Repositioned product set Website enhancements boosting conversion rates –
Invested in network infrastructure
up from 3.5% to 4.7% in H2 2021
Invested in cloud technology Digital billings 17% of mix (from 4.4% in 2020).
Paper down to 23% (from 42%)
Improved digital and physical experience
Reduced onboarding time for Corporate customers
from 47 days to under 4 days
Cloud migration is removing legacy hardware and
vulnerabilities, and reducing physical footprint
26 Full Year Results June 2021Significant progress on ESG – making a difference
Environment • Focus on digital proposition helps reduce use of paper products / plastic cards / transportation & delivery.
• Carbon footprint reduced following the disposal of our land and buildings in Birkenhead.
• New flexible working policy will reduce colleague travel, use of resources in the office.
• Pilot using environmentally friendly paperboard, compostable cards, as a potential alternative to plastic.
Social • Official partner of Everton in the Community (EitC).
• Funded new education programme helping teach young people digital in 60+ schools.
• Great Place to Work accredited and Business Culture Awards winner.
• Helped feed thousands of children through support for free school meals initiative.
Governance • HMT Woman in Finance Charter signatory.
• Progress in target for women in senior management positions.
• Controls environment being strengthened to meet evolving regulation.
• Plans to adopt the TCFD recommendations into risk management framework.Technology transformation continues
• Significant progress made in our technology catch up
• Increased core system stability and speed, with zero outages
during peak season despite highest ever transaction volume
• New data warehouse and cloud capability adding speed,
security and resilience
• Created new API capability supporting full third party digital
integration (Iceland/PayPoint)
• ERP phased delivery removes legacy infrastructure
dependence and delivers flexibility, scalability and yet higher
performance
• Continue to invest in technology to support product and
proposition development to underpin growth
28 Full Year Results June 2021Platform is more robust and scalable, with
growth opportunities.
Run the Business Grow Marketing Capability Build the Business
Focus on plan delivery A new marketing baseline Getting set for the future
Hit our Fix the
Commercial Activation Digital Product
Performance Foundations /
Planning Capability Investment Development
Targets ERP delivery
Leverage Commercial
Regulatory
Love2shop Partnerships
Focus
Brand e.g. PayPoint
29 Full Year Results June 2021Summary: Key dates coming up
Bedrock for future growth opportunities •
•
21 September AGM and Trading Update
23 November Half Year Results
Proposition better
Investments have helped positioned in our markets Business is more robust
us respond to COVID with opportunity to and scalable, with
challenges and accelerate leverage new initiatives growth opportunities
our migration to digital such as PayPoint
partnership
30 Full Year Results June 202131 Full Year Results June 2021
5
Appendix
Background to
Appreciate GroupInvestor Highlights
• A rich heritage of being trusted by our customers to help them enjoy moments that matters, spanning more than
Rich heritage
50 years. s
Strong
• Experienced management team with a clear strategy to drive growth and demonstrated decisive action to evolve
Management
the business through Covid-19.
team
Robust • Profitable with strong visibility of earnings and cash held in trust.
financials
Strong market • Clear market leader in Christmas savings clubs. Strong proposition for the Corporate and Gifting spaces,
position customer base of more than 400,000 clients with over 2million employees split across both B2C and B2B markets.
Multi-retailer • Multi-retailer product offering is underpinned over 200 redemption partner relationships. Multi-retailer core
product offerings provide end users with protection against interruption or failure in any particular brand/chain.
Well • Major investment in infrastructure and product development delivered, in line with strategic plan. Well placed
invested for digital growth which is expected to accelerate following pandemic.
Growth
• Foundations being laid for future growth through more robust and scalable business model.
opportunity
33 Full Year Results June 2021Our purpose
A financial services
business providing
Create more joy in the individuals and
world by being trusted businesses with solutions
to help customers with for the moments that
celebrating and matter to them … making
rewarding giving, receiving and
experiencing easier and
more joyful
34 Investor Presentation Jan 2021 - ConfidentialOur Business Model
Leading UK prepayment, gifting and engagement company serving Corporate and Consumer markets. We offer redemptions products (e.g.
gift cards, vouchers) used by Consumers for Christmas budgeting and year-round gifting, and by corporates for staff and customer incentives
and rewards.
Billings c.£185m Billings c.£35m Billings c.£170m
B2C B2B
Prepayment Gifting Engagement
Helping consumers put money aside Helping consumers convert their Helping businesses attract and
Proposition retain employees & customers
to ensure they can pay for key events kind thoughts into joyful gifts
Channels
Core product
Love2Shop Suite of Solutions
35 Full Year Results June 2021Highly experienced management team
High caliber senior management team that has delivered demonstrable success
Ian O’Doherty Tim Clancy Claire Jones James Poole Gareth Griffiths Steve Miller Gill Taylor Julian Coghlan
Chief Executive Officer Chief Financial Group Chief Marketing Legal Counsel Chief Information Chief Transformation Chief Commercial
Officer HR Director Officer Officer Officer Officer
• MBNA for 26 years
– most recently as • CFO – Assurant • Head of HR • CMO - 118118 • Consultant, • Head of Chester • CTO – • Executive Director
Chairman and CEO Solutions Europe Business Partnering Money general Counsel and Global Head Ombudsman – Adare Group
• Deputy Chair – UK • Finance Director – – Lloyds Banking • CMO - MBNA to SMEs – The of FX Operations – Services UK • Managing
Cards Association Lifestyle Services Group Legal Director Ltd MBNA • Chief People Director –
• Head of
2015 to 2017 Group • Head of Business International • Chief Legal Office • CIO UK and Officer – MBNA Kalamazoo
• Board Member of • Finance Director – Partnering – MBNA Marketing – Avis – Cox Automotive Europe – Standard • Head of Change Secure Solutions
the Interim Main Shop Direct • Head of Staffing – Budget Group • Operations and Chartered and HR – The Co- • Procurement
Board of UK • Managing MBNA • American Express Legal Director - • Global Head of operative Director – Adare
Finance - 2016 to Director – Going NextGear Capital Derivative and • HR Consultant – Group
• UK Retail • British Airways
2017 Places/My Travel UK Ltd Securities Securicor Omega Procurement
Resourcing •
plc Manager – O2 UK • Assistant General Operations and Director –
Counsel – MBNA Middle Office – Halcyon Business
Standard Solutions
Chartered Bank
36 Full Year Results June 2021Operational Processes and Cashflow Appreciate Group Breakage
earns service fee. income
Cash moved to Appreciate plc
Paper product dispatched. App. plc bank. pay supplier.
Agree product and Cash paid over Cash held in Park Customer redeems
Prepayment payment plan. ave 40 weeks. Prepayment trust. product.
Cash moved to Cash moved from
Card/digital dispatched.
E-monies trust. E-monies trust.
Cash remains in Appreciate plc
Paper product dispatched. App. plc bank. pay supplier.
Visit website and Cash paid Cash held in App. Customer redeems
Gifting place order. with order. plc bank account. product.
Card/digital dispatched. Cash moved to Cash moved from
E-monies trust. E-monies trust.
Cash paid Cash remains in Appreciate plc
Paper product dispatched.
with order. Cash held in App. App. plc bank. pay supplier.
Engagement Contact sales team
plc account or
Customer redeems
or order on portal. product.
debtor created. Card/digital dispatched. Cash moved to Cash moved from
Credit terms.
E-monies trust. E-monies trust.
Non redemption earned on expiry for all
channels. Funds remain in E-monies trust
until expiry.
37 Full Year Results June 2021Divisional breakdown
• Christmas Savers business with 350,000 savers
Consumer and c. £200m of billings.
• Other consumers with over 100,000 customers
gifting through highstreetvouchers.com
• Broad client base of over 40,000 businesses
Corporate with 2million+ employees and countless
customers generated through a sales force and
online self service portal
38 Full Year Results June 2021Competition
Retailers Multi-retailer Offerings Intermediaries
Retailers have established B2B Direct competitors offering a portfolio Resell products from third-parties
offerings, but are limited to single store of redeemers (physical & digital) aiming to be a one-stop shop
• Argos for Business • One4All (Blackhawk) • Tillo (was Reward Cloud)
• John Lewis for Business • Compliments Card (Edenred) • Hemingways
• M&S Corporate Gifts • Spree Card (Sodexo benefits & • WeGift – instant incentives
• rewards)
Amazon incentives • Variety
• Tesco Corporate Gift Cards • SVM Cards (Blackhawk)
39 Full Year Results June 2021Our products
Three formats: digital, card and paper. Digital and card are provided through our e-monies license. Paper is unregulated.
Digital Card Paper
• Product provided through e-codes or virtual • Product provided through in-house • Historically the main form of product
Mastercard Flexecash system and through • Unregulated product providing a working
Mastercard capital benefit to the Company
• Regulated through FCA e-monies license
• Regulated through FCA e-monies license • Declining in popularity
• Select recently launched providing
• Increasing in popularity
virtual Mastercards
• Select offers load to virtual wallet capability
• Opportunity to grow
Product billings split
450
400
350
300
£m
250
200
150
100
50
0
FY18A FY19A FY20A
Digital Card Paper
40 Full Year Results June 2021Redemption Partners
• Broad range of partners covering Retail,
experiential, hospitality and leisure.
• Commercial relationships with 190
redemption partners and many of the UK
most-loved brands.
• Offering customers / recipients choice of
when and where they want to spend –
in-store or online.
• New brands added in the 2020/21 financial
year include Schuh, Millets, and Foot
Locker.
41 Full Year Results June 2021Suite of solutions
Contactless Gift Card eGift Card Paper Voucher
90+ brands 100+ brands 70+ brands 150+ brands
Single Brand Gift Card Single Brand eGift Card Open Loop MasterCard
40+ brands 70+ brands Unrestricted Special Project
42 Full Year Results June 202143 Full Year Results June 2021
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