Today’s AGM hears online card specialist’s full-year revenue to ‘double’ from pre-pandemic levels
Ahead of today’s annual general meeting, Moonpig ceo Nickyl Raithatha has said the company is confident “full year revenue will be approximately double the level achieved three years ago”.
The update on the Moonpig Group performance in the UK and the Netherlands for the current financial year, from May 1, 2022, shows the online greeting card and gifting platform’s overall trading performance is in line with the company’s expectations so it is reiterating existing guidance of expecting “the business to return to pre-Covid seasonality” for the full financial year.
In a statement this morning, Tuesday, 20 September, the company said: “In the current economic environment, we have prioritised greeting card sales, which have a demonstrable track record of being resilient across the cycle, and we intend to continue this focus for the remainder of FY23.” Average order values have increased year-on-year, supported in particular by cards, and margin trends remain resilient in the absence of any significant pressure from input cost inflation, and they expect between 58% and 60% of revenue to arise in the second half of the financial year.
Nickyl added: “Moonpig Group’s trading remains resilient and we are confident that full year revenue will be approximately double the level achieved three years ago. The group continues to offer a powerful and unique combination of leading market positions, strong customer retention, high profit margins and robust cash generation.”
He said that, against the current macroeconomic backdrop, Moonpig’s continued performance reflects the strength of its data-led business model and the long-term opportunities in its markets, with the acquisition of the Experiences Division and successful migration of Greetz on to the company’s central technology platform, allowing it to “look to the future with confidence as we execute on our strategy to capture the secular shift in our markets from offline to online”.
Top: Moonpig ceo Nickyl Raithatha says trading remains resilient
