The company that sells One4all gift cards in Ireland has reported a profit of €5.8 million last year. Figures from its parent company indicate more than half of its revenue comes from inactive balance charges and other administration fees.
GVS Gift Voucher Shop oversees the sale in Ireland of One4all gift cards, which can be purchased online as well as through a number of vendors such as An Post, Tesco and Dealz. The cards are accepted by thousands of retailers nationwide.
The company made a profit after tax of €5.8 million in 2024, which was down more than 41 per cent on the €9.8 million it made the year before.
Turnover of €27.7 million was also down on the €33 million reported in 2023. Cost of sales increased marginally from €13.2 million to €14.6 million, while administrative expenses fell from €9.1 million to €6.8 million.
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The directors said they were satisfied with the performance of the company and confident in future turnover and profit growth.
They did not pay a dividend during the financial period, having paid out €40 million the year before. However, the accounts included a note to indicate a dividend of €30 million was declared and paid last Monday, November 3rd.
The company’s parent is TSC Ventures, which has a number of subsidiaries that sell gift cards in Ireland and the UK. GVS accounts for the vast bulk of its Irish revenue. It is, in turn, owned by US fintech giant Blackhawk Network Holdings.
Blackhawk acquired GVS in 2018 from shareholders that included State-owned An Post, which had a 53.6 per cent holding, in a €100 million deal.
While GVS did not provide a breakdown of how much of its revenues were generated from inactive cards, accounts for TSC Ventures show more than half its revenues came from unused cards.
Its turnover for 2024 was up marginally to €79.6 million, with the increase primarily put down to the activities of its subsidiaries in Ireland and Britain.
The company included a breakdown for Ireland that showed its business here generated €28.3 million of the group’s turnover, down from €33.6 million in 2023. The group made an overall profit of €26 million, up from €25.3 million.
The accounts also show more than half of those revenues came from card administration fees, such as inactive balance charges and issuance fees. Slightly less than half came from commission, while just under €2 million was generated through transaction fees.
The average monthly number of employees at GVS Gift Voucher Shop during the financial period was down one to 60, while the company spent just under €3 million on staff.
