Tillo reported more than $4 billion in cumulative gift card processing on March 24, 2026, as it marked its tenth anniversary. Its snapshot included more than 4,000 brands, 40 markets, 25 currencies, over 300 business buyers and more than 165 employees. Those figures describe network scale, rather than annual revenue or profit. [S01]
Subsequent accounts provide a more detailed financial picture. Reward Cloud Limited, the legal company trading as Tillo, filed its 2025 consolidated annual report on September 29, 2026. The comparisons below use that later filing, approved on September 25, and retain the distinction between annual gift-card value, recognised revenue and earnings. They were not part of the March anniversary disclosure. [S02] [S04] [S05]
Annual gift-card value gives the milestone a reporting period
The strategic report records £1.371 billion in retail value of gifts sold during 2025, compared with £1.018 billion during 2024. This supplies two annual observations for the group’s operating activity. It differs from the anniversary’s cumulative dollar-denominated processing total in both period and currency, so the figures cannot be joined into one growth series. [S04]
Retail value of gifts sold
Operational KPI for the Reward Cloud consolidated group, years ended December 31.
GBP million
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Source
Management-reported operational measure in the strategic report, rounded to £0.1 million in the source. The auditor’s financial-statement opinion does not separately assure this KPI. Reported group totals, not a constant-scope organic growth series.
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| Category | Retail value of gifts sold |
|---|---|
| 2024 | 1,018.0 GBP million |
| 2025 | 1,371.0 GBP million |
Tillo connects reward buyers with participating brands through shared platform integrations. The annual value shows activity flowing through that network; a catalogue count shows the range potentially available. Neither measure establishes how evenly business is distributed among brands or how frequently each buyer transacts. The filing does not publish those concentration measures. [S02] [S04]
Recognised revenue reflects several commercial arrangements
Consolidated turnover increased from £28.187 million in 2024 to £33.711 million in 2025. The accounts separate commissions and platform fees, licence and transaction fees, and interest income. Interest earned on advance customer deposits contributed £1.872 million in 2025 and was included within turnover under the company’s accounting policy. [S04]
Consolidated turnover
Recognised group revenue, years ended December 31; amounts converted from pounds to millions.
GBP million
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Source
Audited consolidated figures. Turnover combines revenue recognised gross for some principal transactions, fees or margins for agent transactions, and interest income. It is not the face value of all gift cards sold.
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| Category | Consolidated turnover |
|---|---|
| 2024 | 28.187 GBP million |
| 2025 | 33.711 GBP million |
The distinction is substantive. When the group buys codes in advance and takes inventory risk, it recognises gross transactional revenue as principal. Where it fulfils orders without that risk, it recognises the transaction fee or margin as agent. The accounts also estimate income attributable to unredeemed codes. Dividing turnover by all gift-card value would therefore mix different accounting treatments and would not produce a uniform contractual take rate. [S04]
Profitability depends on estimates and the cost of expansion
Operating profit fell from £3.642 million in 2024 to £1.225 million in 2025. A revised estimate of income from unredeemed gift-card balances reduced 2025 turnover and pre-tax profit by £2.04 million. Directors based the revision on enhanced redemption-behaviour data and treated it as a change in estimate for 2025; the 2024 comparison was not restated. [S04]
Consolidated operating profit
Reported group operating profit, years ended December 31.
GBP million
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Source
Audited reported results, including the £2.04 million 2025 reduction from the revised unredeemed-code estimate. Operating profit is not EBITDA, and the chart does not remove the adjustment or construct a hypothetical earnings result.
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| Category | Consolidated operating profit |
|---|---|
| 2024 | 3.642 GBP million |
| 2025 | 1.225 GBP million |
Costs also changed. Administrative expenses rose from £14.245 million to £17.900 million, while average monthly group employment increased from 127 to 146. The latter is an annual average and should not be compared directly with the anniversary’s later 165-plus employee snapshot. The strategic report associates investment in people and international expansion with the higher expense base. [S01] [S04]
The accounts confirm that a Tenzing fund acquired the group in May 2025. They also record the acquisition of Amilon on September 3, 2026 as a subsequent event, with no acquisition amounts recognised in the 2025 figures. These dates keep the ownership and expansion story aligned with the period being measured. [S04]
The anniversary’s 56.1% compound EBITDA growth claim since 2017 remains a different measure with no accompanying absolute annual earnings series. Its separate 99.8% compound growth claim does not clearly name the underlying measure. The filed accounts add observed annual results without treating either promotional growth claim as a substitute for defined financial statements. [S01] [S04]
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Suzie Elis
Suzie Elis covers gift card products, digital gifting and distribution for Gift Card News.