Online card retailer’s pandemic uplift continues as larger customer base displays higher loyalty
Moonpig expects revenue for the year to be close to its pandemic-era figure, nearly doubling to £300million, after lockdowns have led to a “permanent uplift” for the business.
Having hit £368m in sales during the pandemic, the online card retailer has forecast its figures will finish around the £300m mark for the year to 30 April, 2022, a significant increase on the £173m it pulled in during the 12 months pre-Covid to April 2020.
In the trading update issued today (5 April), the company announced: “Trading in February and March has provided further evidence that supports our previously-announced expectations of a permanent uplift in customer cohort frequency compared to before Covid-19. Accordingly, we remain confident in our existing expectations for the next financial year.”
It added that trading performance has remained strong “with the upgrade reflecting the temporary impact of Covid19 on customer behaviour in late December and January”, and expectations for underlying revenue in FY22 remain unchanged at approximately £265m.
“Today’s update reflects continued strong trading performance post-lockdowns, including a very successful UK Mother’s Day, and we remain confident in the outlook for the year ahead,” Moonpig ceo Nickyl Raithatha said.
“Moonpig Group has delivered a permanent step-change in scale over the past two years, with a larger customer base displaying higher loyalty than pre-pandemic.
“The long-term opportunity remains vast, and we have never been in a better position to deliver against Moonpig Group’s strategy to become the ultimate gifting companion,” he added.
Top: Customer loyalty – Moonpig’s online offer has earned its audience
