Moonpig Group delivers strong EPS growth and cash flow in FY25

Moonpig Group plc (LON:MOON) has announced its final results for the year ended 30 April 2025

Strong Adjusted EPS growth and high Free Cash Flow driven by the ongoing power of the Moonpig brand

Summary financial results

1.     Stated before Adjusting Items of £56.7m in Adjusted EBITDA (FY24: £3.5m), £64.6m (FY24: £11.8m) in operating profit, £62.6m (FY24: £9.4m) in profit after taxation and £nil in Free Cash Flow (FY24: £2.4m). See Note 6 for more information.

2.     Prior year figures include the benefit from excess non-redemption of experience vouchers issued during Covid with extended expiry dates

Results summary

•     Revenue of £350.1m, with the Moonpig brand growing at 8.6% year-on-year.

•     Adjusted EBITDA of £96.8m with margin of 27.6%.

•     Adjusted EPS growth of 18.1% reflecting growth in trading and lower interest costs.

•     Strong cash generation with Free Cash Flow increasing by 8.4% to £66.1m.

•     Share buyback of £25m completed in H2 FY25 with intention to repurchase up to £60m during FY26.

Strategic and operational highlights

Strong trading at Moonpig and continued progress towards growth at Greetz:

•     Moonpig and Greetz active customers grew to 12.0m (April 2024: 11.5m), with both brands increasing their customer base in the second half. Total orders grew by 4.1% with average order value rising by 2.1%.

•     Moonpig revenue increased by 8.6% year-on-year, underpinned by growth in orders.

•     Moonpig revenue in the US, Australia and Ireland grew at a combined 36.1% year-on-year.

•     Greetz revenue decrease moderated to -4.7% in FY25, or -2.4% on a constant currency basis as we leverage the technology platform. Since April 2025, revenue has been in line with prior year levels, also at constant currency.

Strong operational momentum at Experiences:

•     We are taking proactive steps to reposition the Experiences proposition against a challenging market environment.

•     H1 FY25 non-cash goodwill impairment charge for Experiences at £56.7m, classified as an Adjusted Item.

•     We expect to make continued strategic progress across the year ahead, helped by a strengthened divisional management team, the rollout of new features enabled by the completion of re-platforming during FY25 and a strong pipeline of product launches in subscription gifting, casual dining and live experiences.

Continued technology innovation and enhanced deployment of AI to drive frequency and retention:

•     Database of customer occasion reminders grew to 101 million (April 2024: 90 million) and use of creative features increased by 45% year-on-year to 15 million in FY25.

•     Moonpig Plus and Greetz Plus subscriptions increased to 920k members (April 2024: 540k) with Moonpig Plus lifting members’ average order frequency by over 20%.

•     New Initiatives contributed to recent strong momentum in gift attach rate, which returned to growth in FY25.

Outlook for FY26

Since the start of the year, trading across the Group has been in line with our expectations, including strong Father’s Day trading. Moonpig is growing at double-digit levels and Greetz revenue is in line with the prior year. At Experiences, we continue to build on recent operational momentum.

For FY26, we expect Group Adjusted EBITDA to grow at a mid-single digit percentage rate and growth in Adjusted earnings per share at between 8% and 12%, with continued strong free cash flow generation funding ongoing investment in our growth strategy and consistent returns to shareholders.

With respect to the medium term, we continue to target double-digit revenue growth, Adjusted EBITDA margin of 25% to 27% and mid-teens growth in Adjusted EPS.

Nickyl Raithatha, CEO, commented

“We are pleased to report a year of strong Adjusted EPS growth and high free cash flow, driven by the ongoing strength of the Moonpig brand. Our performance reflects the power of our business model and the benefits of our sustained investment in technology, data and AI to help our customers express themselves in ever more meaningful and personalised ways. Today, one in three cards created on Moonpig and Greetz features at least one of our innovative personalisation features – from AI handwriting to audio and video messages. Since launching AI-generated stickers for the inside of cards in February our customers have already created over four million unique images.

We recently celebrated Moonpig’s 25th birthday and we were delighted to mark this by reaching half a billion items sold since we were founded. Our database of customer occasion reminders has grown to more than 100 million and we are rapidly approaching one million members of the Moonpig Plus subscription scheme, with both milestones demonstrating the engagement and loyalty of our customers.

We have maintained strong trading momentum since our year-end, with Moonpig delivering its biggest ever Father’s Day, exceeding sales at the peak of lockdown in 2020. Looking ahead, Moonpig Group’s clear market leadership puts us in a strong position to capitalise on the long-term shift to online.”

Investor and analyst meeting

The full year results presentation will be available on the Investor Relations section of Moonpig Group’s corporate website (www.moonpig.group/investors) shortly after 7:00am on 26 June 2025.

Nickyl Raithatha (CEO) and Andy MacKinnon (CFO) will host a Q&A for analysts and investors via webcast at 8:30am. Please note that the presentation will not be repeated during the webcast.

Analysts wishing to register for the event should email [email protected].

Investors wishing to listen to the Q&A should register via the following link:

https://sparklive.lseg.com/MoonpigGroup/events/f4a9a843-cbf8-4135-9ebb-0e0eee76c206/moonpig-group-plc-fy2025-full-year-results-q-a