Moonpig has announced it is raising its revenue guidance for FY22 amid a period of “strong” trading, and now expects to report between £270m and £285m in revenue for the period.
In the latest update on its performance from 30 April 2021 to date, the group said that trade remains “elevated”, as customers continued to use its service despite the lifting of lockdown restrictions.
During the period, the card retailer said it invested at a higher rate in the “long-term growth drivers” of its business, including promotional activity to drive app downloads as well as a customer reminder setting, and through the ongoing development of its technology platform.
The group will nonetheless continue to monitor customer behaviour as people return to offices and conditions further normalise. For now, however, its view on underlying growth trends, and its medium-term growth and margin targets, remain unchanged.
The group previously welcomed a set of strong results in July, when it saw its full-year revenues for FY21 more than double, soaring 113% to £368.2m in the year ended 30 April 2021, as it delivered 50.9 million orders over the period while customers increased their spending over lockdown.
EBITDA also more than doubled in the year, up by 107% to £92.1m. This was again ahead of expectations at its IPO and at the top end of guidance the group provided in February 2021.
At the time, 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.
“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.”