Moonpig Group (LSE:MOON), the UK and Netherlands-focused online greeting card and gifting platform, told shareholders ahead of today's Annual General Meeting that trading has matched expectations since the financial year began on 1 May.
At its core Moonpig brand, revenue growth is being driven by both higher order volumes and rising average order value, the latter helped by product upsell and modest growth in gift attach rates.
Greetz, the group's Dutch operation, continues to post modest year-on-year growth on both a reported and constant currency basis.
Experiences, the group's gifting and events arm, is seeing online gross transaction value grow, though reported revenue remains lower year-on-year following a managed exit from certain third-party retail partnerships and reinvestment of commission income into the recipient proposition.
Moonpig expects Experiences revenue to return to year-on-year growth during the second half of the financial year.
The group reiterated its financial framework, targeting mid-to-high single digit percentage annual revenue growth, an adjusted EBITDA margin of 25% to 27%, and double-digit percentage growth in adjusted earnings per share, alongside continued share buybacks.
"I am pleased with the progress we have made in the year to date and the disciplined execution of our strategy across the group," said chief executive Catherine Faiers, adding that the group "remains confident in our outlook for the year."
News Intelligence what this means for the company
Moonpig reaffirmed its FY27 guidance at its AGM after trading matched expectations in the first four months of the financial year. The core Moonpig brand is growing via higher order volumes and average order value, Greetz (Netherlands) is posting modest growth, and Experiences is expected to return to year-on-year revenue growth in H2 after a managed exit from certain retail partnerships. The company's financial framework—mid-to-high single digit revenue growth, 25–27% adjusted EBITDA margin, and double-digit EPS growth—remains intact.
The reaffirmation is reassuring but not transformative: trading is simply tracking plan. The adjusted EBITDA margin target of 25–27% sits below FY26's 28.0%, signalling either a planned step-back or a conservative reset; the company has not explained which. Experiences' path back to growth in H2 is a near-term watch, but the absence of any surprise—positive or negative—leaves the investment thesis unchanged.
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