One4All’s profit rose to 11.6 million euros last year

Profits for the company behind the One4All gift card business soared 81 percent to €11.6 million last year, new accounts submitted for the business show.

The company is owned by US fintech group Blackhawk Network. One4All’s parent company, Gift Voucher Service (GVS), was bought by An Post in 2018 for an enterprise value of 100 million euros.

The One4All gift vouchers are a popular way for employers to give tax-free rewards to employees. Up to the last budget, they were able to give their employees up to 500 euros tax-free once a year in the form of a gift voucher.

Finance Minister Paschal Donohoe announced in September that employers could now give their employees a maximum of 1,000 euros per year in up to two tranches.

Accounts of the company behind One4All show that its turnover increased by 28 percent last year to 28.6 million euros.

“The company’s principal activities are the sale of gift vouchers and gift cards redeemable at retailers in Ireland through An Post’s automated post office network, the internet, Tesco and through the company’s sake department,” reads the balance sheet.

The One4All cards can be used at a large number of retailers across the country.

Despite their popularity with employers, One4All vouchers are subject to European Union money laundering laws, which impose a €50 cap on the amount that can be spent online in a transaction using an anonymous prepaid card.

The European Commission insists anonymous prepaid cards can easily be used for money laundering and terrorist financing.

The Irish One4All company’s cumulative profits totaled EUR 44 million as of January 1 this year following its strong performance during the period.

GVS was founded in 2002 and An Post took a majority stake in the company in 2009. At the time of the sale to Blackhawk, GVS had a distribution network covering more than 13,000 post offices in Ireland and the UK, 55,000 retail outlets and the internet. One4All’s profit rose to 11.6 million euros last year

Fry Electronics Team

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