Moonpig’s revenue and profit more than doubles in maiden results By Reuters

LONDON (Reuters) – British online greeting card publisher Moonpig said its annual revenue and adjusted earnings more than doubled in its maiden set of results as a listed company.

Moonpig, which commands more than 60% of the online greetings card market in Britain and the Netherlands, reported revenue of 368.2 million pounds ($508.8 million), up 113%, and adjusted core earnings of 92.1 million pounds, up 107%, in the 12 months to the end of April.

The company has been boosted by COVID-19 lockdowns causing its high street rivals to close their doors during the year, resulting in transactions rising to 50.9 million.

It said on Tuesday it expected headline revenue to decrease this year as lockdown restrictions eased, but said the year had started moderately ahead of expectations.

For this year, it forecast group revenue to be about 250 million to 260 million pounds, implying growth of 45% to 50% compared to its financial year to April 2020.

Moonpig’s shares, which listed in London in February at an offer price of 350 pence, closed at 415 pence on Monday.

($1 = 0.7237 pounds)