Moonpig full year revenue and EBITDA more than doubles
Moonpig has posted a doubling of full year revenue and adjusted EBITDA in its maiden results as a company listed on the London Stock Exchange.
In the year to 30 April, revenue climbed by 113% to £368.2 million after the company benefited from a successful customer acquisition strategy and higher purchase frequency.
Meanwhile, adjusted EBITDA rose by 107% to £92.1 million, which was ahead of expectations at the time of the company’s IPO and at the top end of guidance provided in February 2021. Reported pre-tax profit came in £32.9 million to mark a 3% increase on the prior year.
Nickyl Raithatha, chief executive of Moonpig, 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 re-platforming 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.”
Moonpig said its new financial year has started moderately ahead of expectations, which is consistent with the slower lifting of lockdown restrictions in the UK and the Netherlands.
It now expects full year group revenue to come in at between £250 million and £260 million, implying growth of approximately 45% to 50% compared to the year to April 2020. However, this represents a year-on-year decrease in headline revenue which Moonpig attributes to a “normalisation” of purchase frequency and a headwind from a large cohort of new customers following historical second year spending patterns.
Looking ahead, Raithatha added: “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.”