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Moonpig praises ‘resilient’ performance for record sales ahead of Mother’s Day

Moonpig UK

Moonpig has reported its largest ever-week of sales ahead of Mother’s Day.

According to the greeting card retailer, trading “remained resilient” across the second half of the year to date.

It confirmed expectations for group annual revenue and adjusted EBITDA remain unchanged at £320 million for the year ended 30 April 2023.

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As a result, Moonpig attributes its “disciplined approach to indirect cost management” and its “flexible business model” to the figures reported.

The online-only retailer stated that it “remains confident” in the structural growth opportunity in its markets and the “fundamental strength, resilience and agility” of the business.

Moonpig added it is currently “well positioned” due to its recent investments in technology and the completion of its re-platforming.

“Our teams are focused on the development of customer-facing functionality to drive revenue growth,” it said.

This follows the company’s investment in its technology hubs in London, Manchester and Amsterdam, building a tech platform designed to harness data science and AI.

“Today’s update is a testament to the resilience of our business model, as demonstrated by a record UK Mother’s Day,” Moonpig CEO Nickyl Raithatha said.

“Moonpig Group’s leading market positions, strong customer retention, high profitability and robust cash generation equip us to navigate all stages of the economic cycle.

“We are excited to return to revenue growth in the year ahead, underpinned by continued investments in our technology, marketing and operational capabilities. As the clear online leader in greetings cards, Moonpig Group is well positioned to benefit from the long-term structural market shift to online.”

The group also expects revenue growth across FY24 with the rate of growth weighted towards the second half of the year but remains mindful of the macroeconomic environment.

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