By Ian Walker
Moonpig Group PLC on Tuesday reported a 3.5% rise in fiscal 2021 pretax profit on more-than-doubled revenue and said that it expects further increases in revenue this fiscal year.
The recently floated online greeting-card-and-gift platform said that customer purchase frequency has started to normalize as lockdown restrictions have started easing, and this is expected to continue. However they are still expected to be 5% ahead of pre-Covid-19 levels.
Moonpig made a pretax profit for the year ended April 30 of 32.9 million pounds ($45.5 million) compared with GBP31.8 million for the comparable period a year earlier.
Adjusted earnings before interest, taxes, depreciation and amortization–one of the company’s preferred metrics which strips out exceptional and other one-off items–rose to GBP92.1 million from GBP44.4 million in fiscal 2020. The adjusted Ebitda margin slipped slightly to 25.0%, from 25.6%.
The company generated revenue of GBP368.2 million compared with GBP173.1 million and said it expects to report revenue for fiscal 2022 of GBP250 million to GBP260 million.
Over the medium term, revenue is expected to grow in the mid-teens, while the adjusted Ebitda margin is expected to be between 24% and 25%.
Moonpig started conditional trading on the London stock Exchange on Feb. 2 at 350 pence. Shares closed Monday at 424.60 pence.
Write to Ian Walker at [email protected]