U.K. online greeting card brand Moonpig Group reported strong results in its first earnings report as a publicly-traded company. (The company went public in the last year.) Group revenue doubled to £368.2 million, compared to £173.1 million the prior year, for the year ending April 30, 2021. The company said revenue growth was driven by strong customer acquisition and higher purchase frequency.
During the period, the company completed a three-year rebuild of the proprietary Moonpig platform and added improvements like augmented reality, e-cards, Group Cards and Sunday delivery. The company also unveiled new marketing programs for its Moonpig and Greetz brands,
According to a company report, the new financial year has started moderately ahead of expectations, consistent with the slower lifting of lockdown restrictions in the United Kingdom and the Netherlands. As restrictions have eased, Moonpig has seen customer purchase frequency start to normalize from elevated levels and expects this to continue until the frequency is approximately 5% ahead of pre-Covid-19 levels.
“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,” says Nickyl Raithatha, CEO, Moonpig Group. “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 personalizing 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.
“In the past year we have delivered an enduring transformation and step-change in the scale of our business,” he added. “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. I want to personally thank the whole Moonpig Group team for their hard work and for making this all possible in
such fast-moving and challenging circumstances.”