Moonpig profits soar 125% since IPO

The online greeting card platform Moonpig has its raised revenue expectations on the back of strong summer trading.
Moonpig believes data collected on customer behaviour will provide important insights.
// Moonpig revenue rises 113% year-on-year to £368.2m for the financial year ending April 30
// The online gift and cards retailer also reported adjusted EBITDA of £92.1m

Moonpig has seen its sales and profits increase in its first set of full-year results since floating on the London Stock Exchange.

For the financial year ending April 30, Moonpig reported a 113 per cent year-on-year increase in revenue to £368.2 million and 125 per cent adjusted profit before tax increase to £74.6 million.

The online gift and cards retailer also reported adjusted EBITDA of £92.1 million, ahead of expectations at the time of the float earlier in the year and at the top end of its guidance in February.

READ MORE: Moonpig appoints Royal Mail for Sunday deliveries

Moonpig also reported operating cash flow of £97.2 million and adjusted operating cash conversion of 106 per cent.

It expanded its group database to over 190 million cumulative transactions and over 50 million reminders.

The current financial year started “moderately ahead of expectations” due to slower lifting of lockdown in the UK and Netherlands.

Moonpig said it expected sales in the 2022 financial year to be approximately £250 million to £260 million, representing growth of around 45 per cent to 50 per cent compared to 2020 financial year.

“The past year was a milestone year for Moonpig Group as we accelerated the delivery of our strategy to become the ultimate gifting companion, doubled both revenue and adjusted EBITDA, dispatched over 50 million customer orders and floated on the London Stock Exchange,” Moonpig chief executive Nickyl Raithatha said.

“We have completed a three-year technology and data re-platforming project, which allows us to leverage our unique gifting dataset in new ways by personalising the customer experience and accelerating the pace at which we deploy innovation.

“The scale of our proprietary data, with over 50 million reminders set, is a growing source of competitive advantage.

“Our customer proposition continues to improve, with enhancements to our card and gifting ranges, and more delivery options than ever before.

“In the past year we have delivered an enduring transformation and step-change in the scale of our business.

“The long-term growth opportunity remains vast, with the majority of the card and gifting market still offline, and we have never been in a better position to capture this growth.

“I want to personally thank the whole Moonpig group team for their hard work and for making this all possible in such fast moving and challenging circumstances.”

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