Moonpig Group reports 2022 revenue of £304.3 million
Moonpig Group plc reported group revenue for the year ended April 2022 declined to £304.3 million, compared to £368.2 million for the same period last year. The company reported revenue growth of 75.8% on a two-year basis, reflecting significant growth in customer base, higher customer purchase frequency, and a further increase in attached gifting. But revenue was down 17.3% year-on-year, reflecting annualization against periods of severe lockdown restrictions and ahead of expectations at the beginning of the financial year, the company added.
The company reduced net debt to £83.8m (April 2021: £115.1m), with gross cash and cash equivalents of £101.7m (April 2021: £66.0m).
|
£m |
Year ended 30 April 2022 |
Year ended 30 April 2021 |
Year ended 30 April 2020 |
FY22 Year-on- year % |
FY22 Two-year growth3% |
|
Group revenue |
304.3 |
368.2 |
173.1 |
(17.3%) |
75.8% |
|
Adjusted EBITDA1 |
74.9 |
92.1 |
44.4 |
(18.7%) |
68.6% |
|
Adjusted EBITDA margin1 |
24.6% |
25.0% |
25.6% |
(0.4%pts) |
(1.0%pts) |
|
Reported profit before tax |
40.0 |
32.9 |
31.8 |
21.6% |
25.8% |
|
Adjusted profit before tax1 |
51.5 |
74.6 |
33.2 |
(30.9%) |
55.2% |
|
Basic earnings per share (pence)2 |
9.3p |
6.1p |
n/a |
52.5% |
n/a |
|
Net debt4 |
(83.8) |
(115.1) |
(28.3) |
27.2% |
(195.6%) |
Moonpig cited highlights from its technology and data platform:
· Grew the app to more than 43% of Moonpig orders (FY20: 16%, FY21: 37%).
· Leveraged proprietary data and AI capabilities to drive expansion of the group’s database to more than 70 million reminders set (April 2021: over 50m).
· Continued progress towards a “hyper-personalized” customer journey, including personalized landing pages for customers who click on a reminder, upcoming occasion reminders on the home page and personalized search results.
· Launch of a personalized promotions engine to drive customer behaviors associated with higher retention and frequency, such as targeted offers to incentivize first-time use of the Moonpig app and first-time gift attachment.
· Migration of Greetz onto the group platform remains on course for completion by the end of calendar year 2022.
Based on the anticipated completion of the acquisition of Buyagift by the end of July 2022, company management expects revenue for the enlarged Moonpig Group in FY23 to be approximately £350 million.
“Our first full year as a listed company has been another transformational period for Moonpig Group – financially, operationally, and strategically,” said Nickyl Raithatha, CEO. “We have significantly outperformed the targets set out at IPO, and recently announced the proposed acquisition of Buyagift, which will accelerate our journey to becoming the ultimate gifting companion.
“Moonpig Group has delivered an enduring uplift in revenue over the past two years, with a step-change in the size of our customer base, and with each of our customers purchasing more often than before. 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 behaviors.
“We remain confident in the outlook for the current year, with our loyal customers continuing to rely on Moonpig to connect with loved ones at moments that matter. The long-term opportunity remains vast and we have never been in a better position to capture it.”