Moonpig reports 6% revenue growth
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Moonpig Group plc announced all-around improved results for the fiscal year ended April 30, 2024. The company said it delivered revenue growth of 6.6% to £341.1 million driven by strong performance at the Moonpig brand. In its report, the company said organic revenue growth accelerated through the year, underpinned by the Moonpig brand, which grew revenue by 8.2% through growth in both orders and average order value. and an improving trajectory at Greetz, with revenue declines abating to 5.3% in H2 FY24 from 9.8% in H1 FY24 and 20.4% in FY23.
Across Moonpig and Greetz, growth in orders improved from a decrease of 5.1% in H1 to an increase of 5.2% in H2 FY24. At Experiences, pro forma revenue increased by 1.5% year-on-year to £48.6 million. This includes mid-single-digit million upside from temporarily higher breakage on gift boxes and vouchers that were sold during Covid with extended expiry dates; these expiry dates have now passed, so this benefit is not expected to recur in future years.
The company also noted 89% of Moonpig and Greetz revenue (FY23: 89%) was delivered from existing customers and Moonpig Plus subscriptions surpassed our expectations with over half a million members within a year of launch. Greetz Plus launched in January 2024 and is following a similar encouraging trajectory to the United Kingdom. Creativity features were used over 10 million times to add video and audio messages, “sticker” images, digital gift vouchers, and AI-driven customized messages to the inside of greeting cards.
Moonpig also launched same-day gifting, by combining e-cards with new digital gift experiences.
“We are delighted that the Group has delivered full-year growth in both revenue and profit, with trading performance strengthening across our peak trading periods in the second half of the year,” said Nickyl Raithatha, CEO. “This has been driven by our multi-year investments in technology and innovation, which continue to foster extraordinary customer loyalty.
“The Moonpig Plus subscription scheme has exceeded our expectations, passing the milestone of half a million members within one year. Our investments in new AI technologies are delivering an increasingly personalized experience for our customers. As the clear online leader in greetings cards, Moonpig Group is well positioned to benefit from the long-term structural market shift to online.”
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Year ended 30 April 2024 |
Year ended 30 April 2023 |
Year-on-year growth % |
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Revenue (£m) |
341.1 |
320.1 |
6.6% |
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Gross profit (£m) |
202.5 |
179.7 |
12.7% |
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Gross margin (%) |
59.4% |
56.1% |
3.2%pts |
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Adjusted EBITDA (£m)1 |
95.5 |
84.2 |
13.5% |
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Adjusted EBITDA margin (%)1 |
28.0% |
26.3% |
1.7pts |
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Reported profit before taxation (£m) |
46.4 |
34.9 |
32.9% |
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Adjusted profit before taxation (£m)2 |
58.2 |
55.4 |
5.0% |
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Earnings per share – basic (pence) |
10.0 |
7.8 |
28.2% |
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Earnings per share – diluted (pence) |
9.6 |
7.7 |
24.7% |
1 Before Adjusting Items of £3.5m in FY24 and £13.1m in FY23. See Adjusting Items at Note 6 and definition of Alternative Performance Measures below.
2 Before Adjusting Items of £11.8m in FY24 and £20.6m in FY23. The Group has amended its definition of Adjusting Items such that £8.3m of acquisition amortization (FY23: £7.5m) is treated as an Adjusting Item in both the current and prior year. See Adjusting Items at Note 6.