CHRISTMAS savings and vouchers firm Park Group said yesterday its industry had finally put the Farepak scandal behind it as it reported a 15% surge in orders for the 2008 festive season.

Birkenhead-based Park also said revenues were growing as recession-conscious consumers were opting to save instead of spend. The company said that, for the half-year to September 30, its pre-tax losses narrowed 17% to £3.2m. The company traditionally makes a loss during this period.

Park began life in 1967 as a supplier of Christmas hampers and is now a growing financial business offering services including cash savings and corporate and consumer incentive vouchers.

Managing director Chris Houghton said: "We are very pleased with these results. Christmas, 2008, orders are up 15% on last year and our vouchers are also doing well.

"This is why we have been able to raise our interim dividend by 10%."

The company also said its cash balances now stood at £124m against £95m last year.

Near the end of 2006, rival Christmas savings firm Farepak collapsed, leaving thousands of people on low incomes with no money for the festive season.

However, Park and others in the sector have now put procedures in place to ensure savers’ money is protected.