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Merseyside-based gifting firm Appreciate Group "laid strong foundations for future years of growth" during its latest financial year during which the Covid-19 pandemic forced a huge drop in its pre-tax profits.

The AIM-listed group has reported profits of £1.2m for the 12 months to March 31, 2021, down from £7.7m in the prior year.

Its revenue also fell from £112.7m to £106.8m over the same period.

Group billings were also down by 3.2% to £406.5m from £419.9m following the early impact of the initial lockdown and ceasing of hamper packing.

However, digital billings were up almost four-fold to £68.5m from £17.7m.

Chief executive Ian O'Doherty said: "Like other businesses, we have faced many challenges over the past year, but I'm pleased to say we have put the group in the best position to weather the uncertainty.

"Having re-focussed the business on its core product and delivering for our customers and clients in the prepayment, gifting and engagement markets, and enhanced our digital capability, we have laid strong foundations for future years of growth.

"I am extremely proud of the dedication and commitment of our colleagues in delivering for customers throughout the period and want to thank them again for their extraordinary efforts.

"The speed at which levels of activity will return to normal remains unclear, however, we believe that as the economy emerges from lockdown, we are strongly positioned to exploit opportunities that arise in our market and deliver sustainable growth in future years."