Business
Half-year results announcement
Half-year results announcement.
About this update from Moonpig Group Plc
[{"type":"text","content":"\n\n\n5 December 2023\n \nMoonpig Group plc (\"Moonpig Group\" or the \"Group\")\n \nHALF YEAR RESULTS FOR THE SIX MONTHS ENDED 31 OCTOBER 2023\n \nReturn to technology-driven revenue growth\n \nCurrent trading in line with our expectations and guidance unchanged\n \nSummary financial results\n \n\n\n\n\n\n\n\nSix months ended\n31 October 2023\n\n\nSix months ended\n31 October 2022\n\n\nYear-on-year\ngrowth %\n\n\n\n\nGroup revenue (£m)\n\n\n152.1\n\n\n142.8\n\n\n6.5%\n\n\n\n\nGross profit (£m)\n\n\n89.0\n\n\n77.2\n\n\n15.3%\n\n\n\n\nGross margin (%)\n\n\n58.5%\n\n\n54.1%\n\n\n4.4%pts\n\n\n\n\nAdjusted EBITDA (£m)1\n\n\n41.4\n\n\n34.6\n\n\n19.9%\n\n\n\n\nAdjusted EBITDA margin (%)1\n\n\n27.2%\n\n\n24.2%\n\n\n3.0%pts\n\n\n\n\nReported profit before taxation (£m)\n\n\n18.9\n\n\n9.1\n\n\n107.8%\n\n\n\n\nAdjusted profit before taxation (£m)1\n\n\n20.8\n\n\n18.9\n\n\n9.7%\n\n\n\n\nBasic earnings per share (pence)\n\n\n4.1\n\n\n1.7\n\n\n141.2%\n\n\n\n\nAdjusted basic earnings per share (pence)1\n\n\n4.6\n\n\n4.3\n\n\n7.0%\n\n\n\n\n 1 Before Adjusting Items of £1.9m in H1 FY24 and £9.8m in H1 FY23. See Note 3 and Note 19.\n \nResults summary\n· Revenue growth of 6.5% year-on-year to £152.1m. Pro forma revenue growth (adjusted for acquisitions) was 2.1%.\n· Adjusted EBITDA growth to £41.4m (H1 FY23: £34.6m) reflecting improved gross margin rate and disciplined cost control.\n· Adjusted Profit before Taxation of £20.8m (H1 FY23: £18.9m) reflecting stronger trading offset in part by higher interest charges and the amortisation of technology platform investments.\n \nStrategic and operational highlights\n \nThe Group delivered revenue growth in H1 FY24:\n· Trading performance has been underpinned by Moonpig, which grew revenue year-on-year by 4.9% and has consistently delivered growth at a mid-single digit percentage rate in recent months.\n· Greetz revenue decreased by 9.8% year-on-year during H1 FY24 with a continued trajectory of improvement in trading across the period.\n· At Experiences, pro forma revenue increased by 4.5%, albeit with lower new voucher sales. There has been good delivery against our strateg...