Moonpig sees revenues double in FY21

Moonpig has seen its full-year revenues more than double, soaring by 113% to £368.2m in the year ended 30 April 2021, up from £173.1m the previous year, as it delivered 50.9 million orders over the period as customers increased their spending over lockdown.

EBITDA also more than doubled in the year, up by 107% to £92.1m. This was ahead of expectations at its recent IPO and at the top end of guidance the group provided in February 2021.

It comes as the group welcomed “strong” new customer acquisition and a higher purchase frequency over the period. As restrictions have eased, the group has seen its customer purchase frequency start to normalise from elevated levels, however, and expects this to continue until it is 5% ahead of pre-Covid-19 levels.

The group has also invested heavily in its online services over the period, growing its app to 37% of Moonpig’s orders for FY21, with the app ‘number one’ for iOS and Android on multiple occasions.

Looking ahead, the group has reported that its new financial year has started “moderately ahead of expectations”. It now expects FY22 revenue to be approximately £250m to £260m,which would mark a growth of approximately 45% to 50% against FY20. 

Nickyl Raithatha, CEO, said: “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. 

“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 personalising the customer experience and accelerating the pace at which we deploy innovation.” 

He added: “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. 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.”