Online greetings card company Moonpig sees revenues drop as rivals reopen shops

Moonpig, which listed on the stock market in February, accounts for nearly two-thirds of the online greetings card market in Britain and the Netherlands. Picture: Pavlo Gonchar/SOPA Images/Shutterstock 

British online greetings card company Moonpig has reported an 8.5% drop in first-half revenue after the reopening of high-street rivals that were forced to close in the same period a year ago.

Revenue for the six-month period to the end of October of £142.6m (€167m), however, was still more than double the level of two years ago, which the company said reflected growth in customer numbers, order frequency and gifting.

Moonpig said it now expected its annual revenue for the full year to be at the upper end of its previous guidance range of between £270m and £285m.

The company, which delivered 19.5m orders in the period, reported adjusted core earnings of £35m, down 15.1% year-on-year, with a margin of 24.5%, consistent with its target range of 24% to 25%.

Moonpig raised its annual revenue forecast in September, saying orders remained above pre-pandemic levels even as rivals reopened stores following the lifting of lockdown restrictions.

Moonpig, which listed on the stock market in February, accounts for nearly two-thirds of the online greetings card market in Britain and the Netherlands.

Moonpig had previously estimated annual revenues – for the year to the end of next April – of between £250m and £260m.

• Reuters