99.9% approval rating for Nickyl Raithatha as update confirms strong sales performance
Moonpig CEO Nickyl Raithatha earned a resounding seal of approval at the online greetings retailer’s AGM this week, as more than 99.9% of votes were in favour of his re-election as a director.
The news came at the group’s annual general meeting on Wednesday, 18 September, following a trading update for the current financial year that growth has been underpinned by consistent strong sales and orders performance at Moonpig and is supported by steady progression at the Dutch arm Greetz towards positive sales growth.
The annual report and financial statements were passed at the AGM with just 288 votes against, and 305,868,091 for, while the directors remuneration report was approved with 94.22% of the poll as 17,692,378 were not in favour.
He had the most votes, with 306,384,880 in favour and just 3,018 against, while chair Kate Swann, independent non-executive directors David Keens, ShanMae Teo and Niall Wass also topped the 99.9% mark, with less than 17,000 votes against each.
Chief financial officer Andy Mackinnon hit 99.98% popularity, while independent non-executive director Susan Hooper managed 97.46%.
Nickyl commented: “Our ongoing investment in technology innovation and AI means that Moonpig Group is now consistently delivering year-on-year growth in revenue, profit and cash flow, driving sustained positive momentum in our trading performance.
“We are committed to innovation to attract and retain loyal customers and remain well positioned to benefit from the long-term structural market shift to online.”
The trading update for the year commencing 1 May added: “Group trading performance remains in line with expectations and we reiterate existing guidance. Given ongoing macro headwinds in gifting, trading remains challenging at Experiences and we remain focused on delivering our transformation plan.”
It explained the Moonpig Plus membership subscriber base continues to grow, with encouraging renewal rates following its launch anniversary. Website conversion rates and new customer acquisition have both improved, and the active customer base is now in consistent month-on-month growth.
The statement said: “Technology investment is core to Moonpig Group’s strategy and we have a track record of delivering revenue growth through feature development. The Group has a strong roadmap of future innovations that we expect to drive further growth.
“We continue to expect FY25 revenue growth after adjusting for temporarily higher breakage on experience vouchers in FY24 at a mid-to-high single digit percentage rate, underpinned by growth in orders at the Moonpig brand.
“Our medium-term targets remain unchanged, we are targeting double digit percentage annual revenue growth, an adjusted EBITDA margin rate of approximately 25% to 26% and growth in adjusted earnings per share at a mid-teens percentage rate.”
