Moonpig boosts dividend and plans new buyback as profit beats forecast

Moonpig Group PLC on Thursday reiterated guidance for the current financial year, and set out mid-term aspirations, after reporting annual sales growth and profit ahead of expectations.

The London-based online greeting cards and gifting platform said pretax profit ballooned to £68.9 million in the financial year ended April 30 from £3.0 million the year prior. The prior-year figure includes a £56.7 million impairment of goodwill for its Experiences business.

On an adjusted basis, pretax profit rose 13% to £76.5 million from £67.5 million on-year, beating the company’s compiled consensus of £71.5 million.

Adjusted earnings per share jumped 20% to 18.0 pence from 15.0p the year before, ahead of 16.5p consensus.

Revenue increased 6.5% to £373.0 million from £350.1 million on-year in line with consensus of £372.7 million.

The Moonpig brand grew 8.6%, and Greetz, the firm’s brand in the Netherlands, delivered constant-currency revenue growth of 1.5% throughout the year.

‘These results demonstrate the strength of Moonpig Group’s brands, customer proposition and business model,’ said Chief Executive Catherine Faiers, who joined the business in March.

In response, shares in Moonpig rose 8.0% to 242.10p each in London on Thursday, the best performing FTSE 250 stock.

Shareholders were rewarded with a 25% increase to the total dividend to 3.75p per share from 3.0p in the year prior. This includes a final payout of 2.5p per share, raised from 2.0p per share a year ago.

In addition, Moonpig said it intends to carry out further share buybacks of up to £65 million in the current financial year, through two programmes of up to £32.5 million in each half. In the financial year just ended, Moonpig bought back £60.2 million worth of shares.

Trading in the new financial year has been in line with expectations and projections remain unchanged, the firm added.

Looking to the medium firm, Moonpig is targeting mid-to-high single digit percentage annual revenue growth and an adjusted Ebitda margin of 25% to 27%, compared to 28.0% in the financial year just ended.

It aims to deliver double-digit percentage growth in adjusted earnings per share alongside continued returns of excess capital to shareholders.

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