Moonpig profits and sales grow despite unfriendly market conditions

In a trading update for the six months to October, 31, 2023, Moonpig reported an adjusted profit before tax of £20.8m, representing a 9.7% growth on the £18.9m in profits reported at the same time last year.

Sales grew 6.5% year-on-year to £152.1m during the period, “underpinned by Moonpig, which grew revenue year-on-year by 4.9% and has consistently delivered growth at a mid-single digit percentage rate in recent months.”

Moonpig chief executive, Nickyl Raithatha said: “We are pleased to report year-on-year growth in both revenue and profit despite the challenging macroeconomic environment, marking the Group’s return to revenue growth.

“Our focus on technology is driving this growth, underpinned by our resilient, profitable and cash generative business model, leveraging our unique use of data to drive customer loyalty.”

He added: “We continue to innovate to attract and retain our loyal customers. During the period, nearly 4 million customers used our innovative card creativity features, such as audio and video messages, AI-generated text suggestions, stickers, flexible photos and digital gifting solutions.

“As the clear online leader in greetings cards, we remain well positioned to benefit from the long-term structural market shift to online.”