Moonpig sales and profits soar in first full-year results since float

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Pureplay greeting card specialist Moonpig has reported soaring sales and profits in its first set of full-year results since its IPO.

For the financial year ending April 30, 2021, Moonpig reported a 113% year-on-year increase in revenue to £368.2m and 125% adjusted profit before tax increase to £74.6m.

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

The online greeting card specialist reported operating cash flow of £97.2m and adjusted operating cash conversion of 106%.

Moonpig said that during the period it expanded its group database to more than 190 million cumulative transactions and over 50 million reminders.

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

It said it expected sales in the 2022 financial year to be approximately £250m to £260m, implying growth of approximately 45% to 50% compared with the 2020 financial year.

Chief executive Nickyl Raithatha said: “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.

“We have completed a three-year technology and data replatforming 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.”