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The company that sells One4All gift cards in Ireland last year paid out a €40m dividend from the strong profits recorded by the business in recent years. Accounts filed by GVS Gift Voucher Shop DAC show that the dividend pay out in 2023 coincided with the company recording pre-tax profits of €11.35m.
This was a 6.5pc drop on the pre-tax profits of €12.14m in 2022 as revenues last year dipped by 4.
5pc from €34.56m to €32.99m.
In 2021, pre-tax profits were €11.57m. The principal activities of the company are the sale of gift cards, both physical and digital, redeemable at merchant locations in Ireland and online, via distribution partners such as An Post, Tesco and Dealz, the internet and its corporate sales department.
The directors state that 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 One4All retailer portfolio has expanded to over 60,000 stores across retail, services and online in Ireland and the UK. Separate consolidated accounts for its parent firm, TSC Ventures DAC, show that GVS revenues across Ireland and the UK in 2023 totalled €77.
32m. The parent firm recorded pre-tax profits of €29.75m that included €9.
2m in bank interest income. The GVS business also generates funds from Inactive Balance Charge where a monthly inactive balance charge of €1.45 will be charged after the card has been in issue for 18 months and the charge will continue until the balance on the card is zero.
The accounts for TSC Ventures show that the largest proportion of revenues was €38.74m which include card administration fees such as inactive balance charges and issuance fees. 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 2023, the value of unredeemed balances on One4all gift cards in Ireland was €199.23m which was held in a special client bank account. The company generated €2.
83m in interest income during 2023. No breakdown in revenues for GVS Gift Voucher Shop DAC is provided. Numbers employed by the company last year decreased from 76 to 61 as staff costs declined from €4.
22m to €3.56m. GVS, GVS Prepaid (Europe) Limited 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 €100m deal in 2018..
