Pretax profits at the company that sells One4All gift cards in Ireland jumped by 13 per cent to €7.54 million last year.
The principal activities of the business are the sale of gift cards – both physical and digital – that can be used at a wide range of stores in Ireland and online. The company sells the vouchers directly and also through a number of distribution partners, including Tesco, An Post and Dealz.
Accounts filed by GVS Gift Voucher Shop DAC show profits were running ahead of the 7.5 per cent growth in revenue to €29.79 million in the year to the end of January 3rd this year.
The accounts do not provide a breakdown in those revenues but figures for its immediate parent, TSC Ventures DAC show that 53 per cent or €48.9 million of group revenues across Ireland and the UK came in 2025 from other card administration fees such as inactive balance charges and issuance fees.
RM Block
The GVS business generates funds from its inactive balance charge where a inactive balance charge of €1.45 which is levied on each card every months from 19 months after it is issued. The charge continues until the balance on the card is zero.
A geographical breakdown of the TSC group’s revenues show that €30.42 million, or roughly a third of the €92 million in total revenue, was generated in Ireland in 2025.
Last year, the Irish business paid a €30 million dividend to TSC Ventures DAC which, in turn, paid the €30 million to its shareholders.
GVS Gift Voucher Shop’s directors say they are satisfied with the performance of the company “and are confident that sufficient appropriate systems and controls are in place to ensure future turnover and profit growth”.
The business recorded a profit after tax of €6.53 million, once a €1 million corporation tax charge is accounted for.
A separate entity owned by TSC Ventures, GVS Prepaid (Europe) Ltd, is responsible for the management and safeguarding of Irish client funds held in One4All gift vouchers.
At the end of 2025, the value of unredeemed balances on One4All gift cards in Ireland was €201.9 million which was held in a special client bank account. The company generated €1.25 million in interest income during 2025.
Numbers employed at GVS Gift Voucher Shop dipped last year by seven to 53 but staff costs rose marginally from €2.98 million to €3.09 million.
GVS Gift Voucher Shop GVS Prepaid (Europe) and TSC Ventures are all ultimately owned by US company Blackhawk Network Holdings. The California-headquartered fintech acquired GVS from shareholders that included State-owned An Post in a €100 million deal in 2018.
