Moonpig floated on the London Stock Exchange last year with a £1.2 billion valuation
(Picture: Moonpig)Online greeting cards retailer Moonpig has reported a fall in revenue in its first year as a listed company as customer lockdown habits look to have waned as the country opened up again following the coronavirus pandemic.
In its annual results to 30 April, year on year revenues dropped 17.3% from £368.2 million to 304.3 million, while adjusted profit before tax fell from £74.6 million to £51.5 million, a drop of around 30%.
The company said that taking the pandemic into account, revenue was 75.8% higher on a two-year comparative basis. However, the business has potentially taken a knock from the re-opening of competitor bricks and mortar rivals on the high street following the easing of pandemic restrictions.
Nickyl Raithatha, CEO of Moonpig, said that the company’s “first full year as a listed company” had been “transformational” financially, operationally and strategically.
“We remain confident in the outlook for the current year. We have further extended our market leadership in online cards, demonstrating the strength of our data-led business model and validating our significant investments in technology.
“Our gifting business has grown by over 100% in the past two years, and we are able to adapt with speed and agility to any changing consumer behaviours,” he added.
Moonpig floated on the London Stock Exchange last year with a £1.2 billion valuation. The business is currently in the process of buying rival gifting experience firm Buyagift for £124 million.
Buyagift caters to 3.3 million customers under its two brands Buyagift and Red Letter.
