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Moonpig (MOON) says full-year revenue close to £285m, shares +5%
Moonpig Group PLC (MOON) shares climbed 5% on Thursday after the card retailer said that a 15% rise in customer purchase frequency would help it to hit revenue targets.
Moonpig closed 5% higher in London on Thursday after the online card retailer said that strong custom retention had put it on track to deliver full-year revenue at the higher end of its guidance.
In its latest interim results, Moonpig said that revenue for fiscal 2021 is set to be around £285m, with 89% of that figure coming from customers who have previously bought cards, gifts, and other products from its online store.
Sales are likely to be split evenly across the year as revenue for the six months to 31st October hit £142.6m, down 8.5% from a year ago but 115% up on pre-pandemic levels.
Moonpig noted that COVID-19 lockdown restrictions resulted in a huge upswing in demand, which hasn’t quite been matched this year but has created a large, engaged customer base willing to buy products frequently.
A soaring number of orders backs up that theory, as 19.5 million purchases were made during the first six months of the year compared to the 9.5 million back in 2019.
Moonpig’s app on Apple and Android devices is also becoming more popular, accounting for 42% of orders, as is ‘gifting’, which made up a record 48% of all revenue.
Adjusted profits for the first half were £35m, a significant 132.5% rise from the returns two years ago, while margins fell in line with internal targets of between 24% and 25%.
Moonpig chief executive Nickyl Raithatha noted: “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 strong showing paved the way for share gains as MOON ended the session 5.08% higher at 376.20p.
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