Moonpig lifts revenue guidance after limiting post-lockdown sales drop

© Reuters. FILE PHOTO: Moonpig and THG (The Hut Group) logos are seen on laptop in front of displayed stock graph in this illustration taken, January 12, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

LONDON (Reuters) -Moonpig, the British online greetings card company that listed in February, reported a better-than-expected 8.5% drop in first-half revenue after the reopening of high street rivals from COVID lockdowns last year.

Revenue for the period to end-October of 142.6 million pounds ($188.3 million) was more than double the level of two years ago, which the company said reflected growth in customer numbers, order frequency and gifting.

It said on Thursday it now expected its annual revenue for the full year to be at the upper end of its previous guidance range of between 270 million and 285 million pounds.

Shares in Moonpig, which were sold at 350 pence in its listing, were trading up 5.5% at 377 pence late morning.

Analysts at Jefferies, who rate Moonpig a “buy”, said the 8.5% fall was “a touch better” than the 10% fall they had anticipated.

Chief Executive Nickyl Raithatha said Moonpig had increased the share of revenue from gifts – a key target – to 48%.

Moonpig, which delivered 19.5 million orders in the period, reported adjusted core earnings of 35.0 million pounds, down 15.1% year-on-year, with a margin of 24.5%, consistent with its target range of 24.0% to 25.0%.

($1 = 0.7574 pounds)

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