Moonpig Group plc (LON:MOON), the leading online greeting card and gifting platform in the UK and the Netherlands, has provided an update on its trading performance in the current financial year.
Trading performance has remained strong. We now expect that Group annual revenue in the financial year ending 30 April 2022 will be around £300 million, with the upgrade reflecting the temporary impact of Covid-19 on customer behaviour in late December and January. Our expectations for underlying revenue in FY22 remain unchanged at approximately £265 million.
Trading in February and March has provided further evidence that supports our previously announced expectations of a permanent uplift in customer cohort frequency compared to before Covid-19. Accordingly, we remain confident in our existing expectations for the next financial year.
We continue to invest in the Group’s technology platform and operations network to increase capacity and to underpin our medium-term target for percentage underlying revenue growth in the mid-teens. Margin trends remain resilient in the near and medium term and in this context, we reiterate our medium-term target for Adjusted EBITDA margin rate of approximately 24% to 25%.
Nickyl Raithatha, Moonpig CEO, commented:
“Today’s update reflects continued strong trading performance post-lockdowns, including a very successful UK Mothers’ Day, and we remain confident in the outlook for the year ahead. Moonpig Group has delivered a permanent step change in scale over the past two years, with a larger customer base displaying higher loyalty than pre-pandemic. The long-term opportunity remains vast, and we have never been in a better position to deliver against Moonpig Group’s strategy to become the ultimate gifting companion.”