Moonpig Group has said it now expects revenue for the year to 30 April to be around double the £173 million it generated in the previous 12 month period.
In a statement, Moonpig said it experienced strong demand in the first half of the year which continued throughout its third quarter. In addition, last week was the best trading week in the group’s history ahead of Valentine’s Day.
Moonpig said its purchase frequency remains unusually elevated due to Covid-19 lockdowns. It has also seen a temporary uplift in average order values due to more customers attaching gifts to their orders.
Due to an increase in marketing spend and costs incurred relating to a rise in temporary staffing levels and the partial shifting of its production mix to the UK from Guernsey, Moonpig now expects its full year underlying EBITDA margin to be in line with that of the previous year.
The company added: “The higher levels of customer purchase frequency and elevated gift attach rates are both expected to moderate as lockdown restrictions ease. Our guidance for the financial year ending 30 April 2022 is broadly unchanged.”