Moonpig revenue doubles on two-year basis but falls year-on-year
Moonpig saw its revenue decline by 8.5% year-on year to £142.6 million in the six months to 31 October, but on a two-year basis it rose by 115.2%.
The online greeting card and gifting retailer said the two-year increase was a reflection of significant customer growth, higher customer purchase frequency and an increase in attached gifting since the Covid-19 pandemic began.
Meanwhile, pre-tax profit declined to £18.7 million from last year’s £33 million, but was up 99.7% on the same half year in 2019.
Moonpig said it benefited from a very high retention of customers acquired during Covid-19 and that 89% of year-to-date revenue has been derived from existing customers.
During the period, the company expanded its gifting range and launched a branded “shop-in-shop” partnership with Virgin Wines. It also introduced fragrances and expanded its toy offering.
Nickyl Raithatha, Moonpig chief executive, said: “With revenue more than doubling over the past two years, we are confident that we have achieved an enduring transformation in the scale of our business. The long-term opportunity remains vast, and we have never been in a better position to capture this growth.”
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