Business
AGM trading update
AGM trading update.
About this update from Moonpig Group Plc
[{"type":"text","content":"\n \n \n 20 September 2022\n \n \n \n Moonpig Group plc\n \n \n \n \n AGM Trading Update\n \n \n \n Moonpig Group plc (the \"Group\"), the leading online greeting card and gifting platform in the UK and the Netherlands, is holding its Annual General Meeting today. In advance of this, the Group provides an update on its performance for the current financial year (commencing 1 May 2022) to date.\n \n \n \n \n \n Overall trading performance is in line with our expectations and hence we reiterate existing guidance for the full financial year. In the current economic environment, we have prioritised greeting card sales, which have a demonstrable track record of being resilient across the cycle, and we intend to continue this focus for the remainder of FY23. Average order values have increased year-on-year, supported in particular by cards, and margin trends remain resilient in the absence of any significant pressure from input cost inflation.\n \n \n \n \n \n As previously indicated, we expect the business to return to pre-Covid seasonality. Taking into account consolidation of the Experiences Division from 13 July 2022 onwards, we expect between 58% and 60% of revenue to arise in the second half of the financial year. This seasonality is supported by a planned increase in the concentration of resources around our peak trading periods and by the expected impact of software engineers becoming available for the development of new revenue-generating functionality following the successful migration of Greetz onto the Moonpig technology platform in September 2022. We also expect a return to the typical seasonality of Adjusted EBITDA margin rate, which will be weighted towards the second half of the financial year driven by the inherent operating leverage in our business.\n \n \n \n \n \n \n \n \n \n Nickyl Raithatha, CEO, commented:\n \n \n \n \n \n \n \"Moonpig Group's trading remains resilient and we are confident that full year revenue will be approximately double the level achieved three years ago. The Group continues to offer a powerful and unique combination of leading market positions, strong customer retention, high profit margins and robust cash generation. Against the current macroeconomic backdrop, our continued performance reflects the strength of our data-led business model and the long term oppo...