LONDON (ShareCast) - (Sharecast News) - Greeting cards and gifts retailer Moonpig said on Wednesday that full-year underlying earnings and adjusted pre-tax profits had slumped in the twelve months ended 31 April.

Moonpig posted an 18.7% drop in adjusted underlying earnings to £74.9m and a 30.9% year-on-year decline in adjusted pre-tax profits to £51.5m as revenues fell 17.3% to £304.3m and EBITDA margins contracted 0.4% to 24.6%.

On a reported basis, the FTSE 250-listed group said pre-tax profits of £40.0m were up 25.8% year-on-year and 21.6% on a two-year basis.

Net debt fell 28.3% year-on-year to £83.8m.

Looking forward, Moonpig said it would continue to target mid-teens percentage underlying revenue growth for the enlarged group over the medium-term, as margin trends remain "resilient" and the group's proposed acquisition of Buyagift was expected to be margin accretive.

As a result, Moonpig raised its medium-term adjusted EBITDA margin rate target to between approximately 25.0% and 26.0% and said revenues for the 2023 trading year would likely be in the vicinity of £350.0m.



Reporting by Iain Gilbert at Sharecast.com

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