Online greetings and gift specialist Moonpig’s full year results to 30 April 2022, released earlier this week on June 29, revealed that group revenues fell 17.3% to £304m, over the previous year’s £92.1m, while adjusted profit before tax dropped around 30% to £51.5m from £74.6m.
However, on the plus side, Moonpig’s gift revenue has increased from 41.7% in FY2020, to 46.1% in FY2021 and 47.7% in FY2022, hitting its highest share of the company’s total revenue at 48%, with the company looking to build on this with the acquisition of Buyagift.com. Based on the deal’s successful conclusion by the end of July, the company expects revenue for the enlarged group to be around £350m this financial year.
“Our first full year as a listed company has been another transformational period for Moonpig Group – financially, operationally and strategically,” commented Moonpig chief executive Nickyl Raithatha. “We have significantly outperformed the targets set out at IPO, and recently announced the proposed acquisition of Buyagift, which will accelerate our journey to becoming the ultimate gifting companion.”
He continued: “Moonpig Group has delivered an enduring uplift in revenue over the past two years, with a step-change in the size of our customer base, and with each of our customers purchasing more often than before. We have further extended our market leadership in online cards, demonstrating the strength of our data-led business model and validating our significant investments in technology. Our gifting business has grown by over 100% in the past two years, and we are able to adapt with speed and agility to any changing consumer behaviours.”
Nickyl stated that the company remained confident in the outlook for the current year. “The long-term opportunity remains vast and we have never been in a better position to capture it.”
Top: Moonpig’s full-year results show a 17.3% sales slump, although gift revenue is increasing.
