Business
Trading Update and New Revolving Credit Facil...
Trading Update and New Revolving Credit Facil....
About this update from Moonpig Group Plc
[{"type":"text","content":"\n\n \n \n\n\n\n\n14 March 2024Moonpig Group plcTrading Update and New Revolving Credit FacilityTrading update Moonpig Group plc (the \"Group\"), the leading online greeting card and gifting platform in the UK and the Netherlands, today provides an update on its trading performance in the current financial year ending 30 April 2024. Trading performance has remained in line with expectations across all of our brands. Growth has been underpinned by strong performance at Moonpig, which saw volume growth across the Christmas, Valentine's Day and Mother's Day peak trading seasons. Accordingly, whilst the external environment remains challenging, expectations for full year revenue and Adjusted EBITDA remain unchanged. We continue to make good progress with the deployment of customer-facing technology features that we expect to drive revenue growth. Nine months following its launch, our Moonpig Plus subscription membership service now has over one quarter of a million subscribers and Greetz Plus has been equally well received by our Dutch customers since it was introduced in January 2024. During the financial year to date, customers have used our innovative card creativity features to enhance nine million personalised greeting cards, bringing them to life with audio and video messages, stickers, digital gift experiences and AI-generated message inspiration. The Group is highly cash generative and we remain focused on deleveraging. We continue to expect that we will reduce the ratio of net debt to Adjusted EBITDA to below 1.5x by 30 April 2024. Nickyl Raithatha, CEO, commented: \"We are delighted that revenue remains in consistent growth at the Moonpig brand. Our continued focus on technology investment means that Moonpig Group is now consistently delivering year-on-year growth in revenue and profit. This is underpinned by our resilient, profitable and cash generative business model, leveraging our unique use of data to drive customer loyalty. We continue to innovate to attract and retain our loyal customers and remain well positioned to benefit from the long-term structural market shift to online.\" New Revolving Credit Facility The Group is also pleased to announce that it has agreed a new four-year, committed, multi-currency revolving credit facility (\"RCF\") of £180m with a syndicate of bank...