Moonpig has reported a revenue increase of 3.8% for the first half of the year, reaching £158 million.
- The company’s adjusted EBITDA saw a slight increase, although there was a significant non-cash impairment charge impacting profits.
- International markets have shown strong growth, particularly in the US, Australia, and Ireland.
- Moonpig Plus and Greetz Plus subscription services have experienced a surge in members.
- Despite macroeconomic challenges, Moonpig remains optimistic about meeting its annual revenue goals.
Moonpig, a prominent online retailer, has shown resilience with a 3.8% increase in revenue for the first half of the financial year, amounting to £158 million. This growth has been largely driven by the Moonpig brand, which saw a remarkable 10% year-on-year revenue increase despite ongoing challenges within its Experiences division.
The company’s adjusted EBITDA rose slightly to £41.8 million. However, it faced a loss before tax of £33.3 million, attributed to a £56.7 million non-cash impairment charge related to its Experiences goodwill. In contrast, the adjusted profit before tax climbed by 9.0% to £27.3 million, spurred by enhanced trading and reduced interest costs.
On the international front, Moonpig witnessed a substantial 42.5% rise in revenue from markets in the US, Australia, and Ireland. This underscores the company’s expanding global footprint and appeal.
Significant growth in its subscription models, Moonpig Plus and Greetz Plus, highlights the company’s innovative streak with member numbers soaring to 750,000 from 200,000 the previous year. This surge demonstrates Moonpig’s ability to attract and retain a loyal customer base through value-added services.
In the face of economic uncertainties, Moonpig remains confident about its future, aiming for double-digit revenue growth and improved margins in the medium term. The company continues to focus on technology and innovation, with CEO Nickyl Raithatha emphasising the ongoing deployment of creative features like personalised handwriting using AI, as part of their growth strategy.
Moonpig remains steadfast in its growth trajectory, driven by innovation and international expansion.
