Moonpig says on track for full-year but Experiences revenue declines

Moonpig Group PLC on Wednesday said it remains confident in the outlook for the financial year ahead despite a drop in revenue at its Experiences business.

In a trading statement before Wednesday's annual general meeting, the London-based online greeting cards and gifting platform said the outlook for financial 2027 remains unchanged with trading in the current financial year, which started on May 1, in line with expectations.

Despite this, Moonpig shares were marked down 6.6% at 243.60 pence each in London on Wednesday morning, the biggest faller in the FTSE 250 index, which itself was up 0.4%.

For the Moonpig brand, which represents around 75% of group sales, revenue growth is being driven by both orders and average order value, the company said.

"Order growth reflects the continued expansion of the active customer base, while average order value is increasing through product upsell and modest growth in gift attach rate."

Dutch online card and gifting business Greetz continues to deliver modest year-on-year growth on both a reported and constant currency basis, Moonpig said.

At Experiences, online gross transaction value continues to grow, although reported revenue remains lower year-on-year, it said.

This reflects the managed exit from some third-party retail partnerships and the reinvestment of commission revenue. Moonpig expects revenue at Experiences to move into year-on-year growth during the second half of the financial year.

Moonpig said its financial framework remains unchanged.

"Our goal is to deliver sustainable, high-quality growth supported by strong returns and consistent capital allocation," it said.

The compay is targeting mid-to-high single digit percentage annual revenue growth and an adjusted earnings before interest, tax, depreciation and amortisation margin of 25% to 27%. It aims to deliver double-digit percentage growth in adjusted earnings per share alongside the continued return of excess capital through share buybacks.

In the financial year that ended April 30, Moonpig reported an adjusted Ebitda margin of 28.0% and adjusted EPS of 18.0p.

Chief Executive Catherine Faiers said she was "pleased" with the progress made in the year to date and remains confident in the outlook for the year.

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