VOUCHER and gift card provider Park Group saw its share price reach its highest point for more than a decade after it unveiled another strong set of annual results.

The Alternative Investment Market-listed (AIM) firm has more than doubled in value in the last 12 months.

Yesterday, it peaked at 47.95p – its highest level since the DJ Spuddles fiasco, when Park incurred huge losses launching a flavoured frozen chip brand in the late 1990s. It closed at 46.55p last night, up 5% for the day.

AIM investors have backed the group’s consistent and profitable growth as well as its product launches, led by pre-paid card Flexecash – which is the result of three years’ development and £3m investment.

The Birkenhead group trumpeted the successful launch and significant potential of that product, as it hailed what it hopes will turn out to have been “one of the most important” in its 44-year history.

Park’s group managing director Chris Houghton said: “Flexecash has opened up quite a few new opportunities, right from extending the Christmas savings business, to online, and in the corporate markets.The card has made a contribution to profit already.”

Revenues grew 6% to £279.9m in the year to March, building on previous strong growth which has seen turnover increase by more than £50m in the last three years.

Pre-tax profits also increased to a high of £7.0m for the five years since the group recorded a hefty pre-tax loss in its 2006 financial year.

Mr Houghton highlighted Park’s “progressive dividend policy”, which has resulted in proposing a total dividend for the year of 1.7p, up 29%.

The group’s growth has seen Park add 35 “highly-skilled staff” in its technology and IT departments in Wirral.

Park Group made its name as a Christmas hamper business but it has shifted the focus of its business onto vouchers for corporate clients and the Christmas savings markets.

Park’s sales are split 60-40 between consumer and corporate markets.

Its consumer sales, which increased 8%, include Christmas saving and online sales direct to consumers, while its corporate sales are focused on companies running incentive and reward schemes.

It was a busy year for Park, which acquired Dublin-based Celtic Hampers and Family Hampers for £800,000 last October. It said the integration of the business is now “virtually complete”.

In February, Park Group paid nearly £6m to buy its head office site, having sold a secondary site for £1.8m in 2010.