29 June 2022

 

Moonpig Group plc ("Moonpig Group" or the "Group")

 

FINAL RESULTS ANNOUNCEMENT FOR THE YEAR ENDED 30 APRIL 2022

 

Transformational first full year post-Initial Public Offering ("IPO")

 

 

Summary financial results

 

£m	Year ended 30 April 2022	Year ended 30 April 2021	Year ended 30 April 2020	FY22 Year-on- year %	FY22 Two-year growth3 %
Group revenue	304.3	368.2	173.1	(17.3%)	75.8%
Adjusted EBITDA1	74.9	92.1	44.4	(18.7%)	68.6%
Adjusted EBITDA margin1	24.6%	25.0%	25.6%	(0.4%pts)	(1.0%pts)
Reported profit before tax	40.0	32.9	31.8	21.6%	25.8%
Adjusted profit before tax1	51.5	74.6	33.2	(30.9%)	55.2%
Basic earnings per share (pence)2	9.3p	6.1p	n/a	52.5%	n/a
Net debt4	(83.8)	(115.1)	(28.3)	27.2%	(195.6%)

1 Before adjusting items of £11.6m in FY22 and £41.7m in FY21. See definition of Alternative Performance Measures below.

2 Earnings per share not disclosed for periods arising prior to the Group's formation as a result of the pre-IPO reorganisation in February 2021.

3 Two-year growth rates have been included to contextualise the short-term effect of lockdown restrictions upon trading.

4 Net debt is a non-GAAP measure and is defined as total borrowings less cash and cash equivalents.

 

Results summary

·      Revenue growth of 75.8% on a two-year basis, reflecting significant growth in customer base, higher customer purchase frequency and a further increase in attached gifting. Revenue was down 17.3% year-on-year, reflecting annualisation against periods of severe lockdown restrictions and ahead of our expectations at the beginning of the financial year.

·      Adjusted EBITDA margin rate of 24.6% (FY21: 25.0%), consistent with medium-term targets provided in April 2022.

·      We have seen no material impact on gross margin rate from cost inflation.

·      Reduction in net debt to £83.8m (April 2021: £115.1m), with gross cash and cash equivalents of £101.7m (April 2021: £66.0m), reflecting the strong cash generative nature of our business.

 

Strategic and operational highlights

Enduring two-year transformation in the scale of our business:

·      Delivered 39.8m orders, helping our customers to connect with people they care about (FY20: 24.3m, FY21: 50.9m).

·      Very high retention of customers, including those acquired during FY20 and FY21, with 87% of the Group's total revenue derived from existing customers (FY20: 79%, FY21: 75%).

·      Success in engaging customers and encouraging them deeper into our data-driven ecosystem has enabled the Group to extend its leadership position in UK online cards; market share in calendar year 2021 was 4.4x¹ larger than that of its nearest online competitor (2019: 2.8x larger).

·      Since year end, we have announced the proposed acquisition of Buyagift, the UK's leading gift experience platform, which will deliver a step-change in our gifting proposition.

·      The acquisition is at an attractive valuation with cash consideration of £124m, compared to an unaudited FY22 EBITDA of £14m and is expected to drive over 20% accretion to annualised Adjusted EPS from acquisition. The acquisition is on track to complete by the end of July 2022.

 

Market-leading technology and data platform continues to drive our growth flywheel:

·      Grew the app to over 43% of Moonpig orders (FY20: 16%, FY21: 37%).

·      Leveraged proprietary data and AI capabilities to drive expansion of the Group's database to over 70m reminders set (April 2021: over 50m).

·      Continued our progress towards a "hyper-personalised" customer journey, including personalised landing pages for customers who click on a reminder, upcoming occasion reminders on our home-page and personalised search results.

·      Launch of a personalised promotions engine to drive customer behaviours associated with higher retention and frequency, such as targeted offers to incentivise first time use of the Moonpig app and first time gift attachment.

·      Migration of Greetz onto the Group platform remains on course for completion by the end of calendar year 2022.

 

Continued progress on enhancing our leading customer proposition:

·      Highest ever gifting share of total revenue, at 48%, reflecting further progress in our strategy to become the ultimate gifting companion (FY20: 42%, FY21: 46%).

·      Significant expansion in Moonpig's range of flowers and plants, including the Cath Kidston flowers range.

·      Launch of 500 new branded gifting SKUs at Greetz including Toblerone and Miss Patisserie.

·      Launch of a UK jewellery range with brands including Lisa Angel, Posh Totty and Joma Jewellery.

·      Continued expansion of our Global Design Platform, which now features over 43,000 card designs (30 April 2021: 27,000) and 52% of publishers now creating designs for Greetz as well as Moonpig.

 

Outlook

Confident in outlook for FY23, reconfirming existing guidance:

·      We are pleased with the start to the new financial year and remain confident in our existing expectations for Group trading in FY23.

·      Based on the anticipated completion of the acquisition of Buyagift by the end of July 2022, we expect revenue for the enlarged Moonpig Group in FY23 to be approximately £350m.

·      In the medium-term, we continue to target mid-teens percentage underlying revenue growth for the enlarged Group. Margin trends remain resilient in the near and medium-term, and the proposed acquisition of Buyagift is expected to be margin accretive. In view of this, we have recently raised the Group's medium-term Adjusted EBITDA margin rate target to between approximately 25.0% and 26.0%.

 

Nickyl Raithatha, CEO, commented:

 

"Our first full year as a listed company has been another transformational period for Moonpig Group - financially, operationally and strategically. We have significantly outperformed the targets set out at IPO, and recently announced the proposed acquisition of Buyagift, which will accelerate our journey to becoming the ultimate gifting companion.

 

Moonpig Group has delivered an enduring uplift in revenue over the past two years, with a step-change in the size of our customer base, and with each of our customers purchasing more often than before. We have further extended our market leadership in online cards, demonstrating the strength of our data-led business model and validating our significant investments in technology. Our gifting business has grown by over 100% in the past two years, and we are able to adapt with speed and agility to any changing consumer behaviours.

 

We remain confident in the outlook for the current year, with our loyal customers continuing to rely on Moonpig to connect with loved ones at moments that matter. The long-term opportunity remains vast and we have never been in a better position to capture it."

 

Investor and analyst meeting

 

The full year results presentation will be available on the Investor Relations section of Moonpig Group's corporate website www.moonpig.group/investors shortly after 7:00am, this morning 29 June 2022.

 

Nickyl Raithatha (CEO) and Andy MacKinnon (CFO) will host a Q&A for analysts and investors via webcast at 9:30am. Please note the presentation will not be repeated during the webcast. Anyone wishing to join the Q&A should register via the following link: https://www.lsegissuerservices.com/spark/MoonpigGroup/events/f1d5b255-6d65-4462-8c4c-6e8b966fcd68.

 

Enquiries:

 

Brunswick Group                                                                                               +44 20 7404 5959

Sarah West, Fiona Micallef-Eynaud                                                                                moonpig@brunswickgroup.com

 

Moonpig Group                                                                                                   investors@moonpig.com

Nickyl Raithatha, Chief Executive Officer

Andy MacKinnon, Chief Financial Officer

 

About Moonpig Group

 

Moonpig Group is a leading online greeting card and gifting platform, comprising the Moonpig brand in the UK and the Greetz brand in the Netherlands. In both markets, the Group is the clear online market leader in cards.

 

The Group's leading customer proposition includes an extensive range of cards, a curated range of gifts, personalisation features and next day delivery offering.

 

The Group offers its products through its proprietary technology platforms and apps, which utilise unique data science capabilities designed by the Group to optimise and personalise the customer experience and provide scalability. Learn more at http://www.moonpig.group.

 

Forward Looking Statements:

 

This announcement contains certain forward-looking statements with respect to the financial condition, results or operation and businesses of Moonpig Group plc. Such statements and forecasts by their nature involve risks and uncertainty because they relate to future events and circumstances. There are a number of other factors that may cause actual results, performance or achievements, or industry results to be materially different from those projected in the forward-looking statements.

 

These factors include general economic and business conditions; changes in technology; timing or delay in signing, commencement, implementation and performance of programmes, or the delivery of products or services under them; industry; relationships with customers; competition and ability to attract personnel. You are cautioned not to rely on these forward-looking statements, which speak only as of the date of this announcement. We undertake no obligation to update or revise any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances.

Business review

 

Overview

Over the last four years, Moonpig Group has completed its transformation into a data-powered technology platform. A relentless focus on creating and sustaining long-term customer relationships based on our proprietary data and algorithms has delivered above our expectations, with an enduring step up in the loyalty of our customers in the past year. We have unique insights into consumer behaviour around gifting, celebrating and relationships and this has driven our growth and strategy. Continued investments in our card and gift ranges, our two leading brands, and most significantly in our technology platform and data science capabilities have deepened our competitive advantages and further extended our market leadership in the UK and the Netherlands.

 

In particular, I look forward to welcoming Buyagift (which operates the Buyagift and Red Letter Day brands) to the Group. The proposed acquisition will significantly enhance our overall gifting proposition, unlock innovation through digital gifting and provide us with a profitable presence in the standalone gifting market. As we look forward to our first post-pandemic year, we have never been better placed to accelerate our strategy, leveraging our scale, proposition and platform to deliver millions more special moments to our customers and their loved ones.

 

The Group traded strongly during FY22, with performance underpinned by three factors that are all critical to Moonpig Group's long-term success, namely the delivery of strategic initiatives to accelerate our data-driven customer retention flywheel, progress in enhancing our attached gifting proposition, and continued profitable investment in our brands:

 

·      The Group's success in engaging customers and encouraging them deeper into our data-driven ecosystem through reminders and personalised recommendations has been key to FY22 performance. It has enabled Moonpig.com to extend its leadership position in UK online cards, such that its market share in calendar year 2021 was 4.4x¹ larger than its nearest online competitor (2019: 2.8x¹ larger). This reflects the Group's world-class proprietary technology platform, the scale and depth of its data on consumers' relationships and gifting intentions and its ability to apply this through self-learning algorithms, all of which is supported by two powerful consumer brands.

·      We have continued to drive growth in gifting revenue mix, from 41.7% of revenue in FY20, to 46.1% in FY21 and 47.7% in FY22. Enhancements to our gifting range and to the recommendation algorithms driving our cross-sell page continue to drive customer propensity to attach a gift to their card.

·      Marketing performance has remained consistently strong during the year. We have been able to acquire new customers at a faster rate than before the start of the pandemic, in an environment for new customer acquisition that has been largely normalised in both the UK and the Netherlands following the release of lockdown measures.

 

It has also been a year of significant investment, which will underpin future revenue and profits, supporting our continued confidence in the outlook for the year ahead. We have increased the number of data scientists, analysts and engineers in the business to 195 (April 2021: 153) to accelerate the pace of technology delivery, and we are on track with the migration of Greetz onto our central technology platform, which is due for completion before the end of 2022. Two major investments in operational infrastructure, to fit out new leasehold facilities in Tamworth in the UK and Almere in the Netherlands, are progressing well.

 

Leveraging data and technology

Ongoing investment in technology and data is key to our growth plans. Alongside work on the Greetz platform migration, we have rolled out a range of new functionality to the Moonpig brand:

 

·      Progress towards delivering a "hyper-personalised" customer journey:

o  Personalised landing pages for customers who click on a reminder.

o  Upcoming occasions and reminders on the web home page.

o  Personalised hero messaging on landing pages.

o  Ordering of product search results based on personalised click rank algorithms.

 

·      A personalised promotions engine to drive customer behaviours associated with higher retention and frequency:

o  Targeted offers to incentivise first time use of the Moonpig app and first time gift attachment.

o  Personalised offers on the cross-sell page to drive gift attachment for specific purchase missions.

 

·      Launch of the dedicated Moonpig Ireland website including Irish language cards, with dispatch from facilities in Ireland allowing speedy delivery.

 

·      New features that make it even more effortless for customers to find the perfect card and the perfect gift, including:

o  A new online editor for the customisation of cards and personalised gifts.

o  An improved search service to help consumers navigate our constantly expanding cards range.

o  An improved user interface for card size format up-sell.

o  A new cross-sell touchpoint on the basket page of the website journey allowing customers a further opportunity to attach a gift before finalising their order.

 

Our algorithms are optimised across 230m cumulative transactions¹ as at 30 April 2022 (April 2021: 190m) and our online market leadership means that each day we capture more than four times² the additional customer data than the nearest competitor, constantly widening our relative competitive advantage. We have grown the database of calendar reminders, which are key to customer retention, to over 70m as at 30 April 2022 (April 2021: over 50m).

 

Our mobile apps offer the best experience for our customers, with a consistently higher lifetime value once customers migrate on to the apps. For the Moonpig segment, we have raised the proportion of orders placed on the app to 43% in FY22 (FY21: 37%). We have continued to improve the app experience, with a new iOS editor which makes it easier to upload a photo of a handwritten message, write a message with an Apple Pencil or invite multiple friends or colleagues to add messages to a group card. The development of a new app for Greetz is ongoing as part of the technology migration project.

 

We have begun trialling Moonpig Plus, a subscription service which offers a package of discounts and other benefits in return for an annual fee. The trial is available to a small proportion of customers, and we intend to test different variants over time to determine the proposition and pricing structure that is best suited to promoting customer purchase frequency and lifetime value.

 

Work to transition Greetz onto the Group's technology platform remains on schedule for completion by the end of calendar year 2022. As well as unlocking opportunities for strengthening retention and lifetime value for our Dutch customers, once the migration project is complete, all the Group's technology resource will become available to focus on accelerating the development of new, customer-facing and revenue-generating functionality that can be leveraged by both of our card-first brands.

 

Building our brands

A key pillar of our strategy is to ensure that the customer is always excited to send, and the receiver is always delighted to open, their Moonpig or Greetz product. It underpins the loyalty of our customers and drives a virtuous customer acquisition cycle as recipients become customers.

 

We finished the year with both brands in a strong position. In the UK, the scale of the Moonpig business means that we have been able to implement an "always on" approach to above the line marketing, in contrast to the previous concentration of marketing activity during peak trading periods. At Greetz, we have executed a refresh of the brand visual identity, supported by the "Voor jou" marketing campaign.

 

The Group's marketing activity is focussed on new customer acquisition. This marketing has remained effective following the end of lockdown, driving higher revenue from new customers than before the arrival of the pandemic.

 

A particular focus in FY22 has been to elevate the recipient's experience through the launch of new packaging across our gifting range, together with premium packaging for gifts at higher price points. The new packaging features a layer-on-layer unboxing journey which will make the Moonpig recipient experience stand out from the competition and help to promote viral customer base growth by encouraging recipients to become future customers.

 

We have continued to expand UK delivery options with the launch of Royal Mail's Tracked 24 service. This has enabled both our latest-ever non-peak card cut off time of 9:00pm for next day delivery and the launch of Sunday ordering for Monday delivery. Working with Royal Mail, we now also offer Sunday delivery for gifts every weekend.

 

Expanding our range

We aim to have the perfect card and gift for every relationship and every occasion. We now have our largest-ever range of greeting cards, with over 43,000 designs available on our Global Design Platform (April 2021: 27,000). The platform is increasingly diverse and international, with 52% of our publishers creating cards for Greetz as well as for Moonpig. To support the Moonpig Ireland launch we sourced Irish designers to create 1200 unique designs for this new market, including 400 Irish language cards. Our diverse card range is very inclusive, reflecting a broad selection of life and religious celebrations, as well as depicting multiple ethnicities, so that whoever our customers are they can find a card which is authentic to them. We have also increased the number of licensed brands that we work with by 116% compared to 2020, with our recently introduced gaming proposition now forming 11% of revenue from this category.

 

Our strategy to drive our gifting business is through broadening our range in parallel with enhancing the algorithms driving our cross-sell recommendations and we have made significant progress on this during the year:

 

·      Significant expansion in Moonpig's range of flowers and plants.

·      Launch of 500 new branded gifting SKUs at Greetz.

·      Strengthening Moonpig's range of toys with brands including Mattel, Barbie and Nerf.

·      Launch of a UK jewellery range with brands including Lisa Angel, Posh Totty and Joma Jewellery.

·      Gifting partnerships, such as with Virgin Wines and Cath Kidston flowers.

 

These improvements in the merchandising range, together with more powerful algorithms providing increasingly personalised recommendations drove an increase in gifting share of revenue to 47.7% (FY21: 46.1%, FY20: 41.7%).

 

Strategy acceleration through Buyagift

On 23 May 2022, we announced the proposed acquisition of Buyagift, which will accelerate the Group's strategy to become the ultimate gifting companion. Buyagift's portfolio of gift experiences will deliver a step-change to the breadth and relevance of the Group's gifting range without requiring additional inventory. It will enable us to combine the Group's proprietary dataset on gifting intent with an expanded offering to produce highly relevant gifting recommendations, allow us to leverage location-based data relating to recipients, and enable us to drive network effects as the gift redemption process brings recipients into the Moonpig ecosystem.

 

In addition to the strong strategic rationale for the acquisition, there are compelling financial benefits. Buyagift is profitable and highly cash generative, with a track record of strong growth and we are excited by the ways that we can further transform the business using the Group's proven playbook. We see significant potential for the cross-selling of gifting experiences to Moonpig Group's loyal customers. We look forward to working with the Buyagift team to deliver an enhanced proposition for our customers and to create value for our shareholders.

 

Maintaining high ethical, environmental and sustainability standards

During FY22, we made good progress on delivering against our ESG strategy, which commits the Group to eight long-term ESG goals focused on the environment, its people and the communities in which we operate.

 

We achieved our goal for the sustainable sourcing of paper, card, envelopes and packaging, delivering this for 100% of SKUs in our core markets of the UK, the Netherlands and Ireland, and 98.4% of SKUs globally. We delivered a 23% reduction in Scope 1 and 2 greenhouse gas emissions, offset all our Scope 1 and 2 emissions from the previous year through donation to The Woodland Trust and additionally planted 66 hectares of trees (FY21: nil).

 

We made good progress on increasing the combined representation of women and ethnic minorities, who accounted for 53% of the Leadership Team3 on 30 April 2022 (April 2021: 45%). We raised the proportion of female new hires into technical roles to 37% (up from 28% in FY21 but below our long-term target of at least 45%) through broadening our candidate sources and partnering with networks such as SheCanCode and Women In Tech.

 

During the year, the Moonpig Group Foundation donated £189,000 to charity (FY21: £44,000); this brings our cumulative donation through the Foundation to £233,000, 23% of our five-year goal of £1m.

 

Demand for technology sector talent is intense, across all functional areas of expertise. This is reflected in our employee engagement score, which decreased year on year from 68% in FY21 to 65% in FY22 (based on the average of two surveys carried out in each year4). Areas of focus identified from the survey results are financial reward, well-being and career development.

 

Outlook

We are pleased with the start to the new financial year and remain confident in our existing expectations for Group trading in FY23. Based on the anticipated completion of the acquisition of Buyagift by the end of July 2022, we expect revenue for the enlarged Moonpig Group in FY23 to be approximately £350m.

 

In the medium-term, we continue to target mid-teens percentage underlying revenue growth for the enlarged Group. Margin trends remain resilient in the near and medium-term, and the proposed acquisition of Buyagift is expected to be margin accretive. In view of this, we have recently raised the Group's medium-term Adjusted EBITDA margin rate target to between approximately 25.0% and 26.0%.

 

Notes

1.     Comprising Moonpig since launch and Greetz post acquisition since 1 September 2018.

2.     Source: OC&C, June 2022.

3.     Comprises the Group Leadership Team (including Executive Directors) and their direct reports who are also members of the Extended Leadership Team.

4.     For consistency with the basis of calculation of the annual bonus target relating to Group employee engagement score.

 

Financial review

 

Overview

The Group delivered strong trading performance during FY22, confirming the transformation in scale of our business across the last two years. Retention rates for cohorts of customers that were acquired during lockdown are in line with those historically observed for previous cohorts; we continue to acquire new customers at a higher monthly run rate than before the lockdown; and a higher proportion of our customers attached a gift to their card orders than in any previous year.

 

Our proprietary data platform, which has been designed to drive a virtuous cycle of strong customer retention and lifetime value, has enabled us to increase our share of the online single greeting cards market in the UK from 60% in 2019 to 68% in calendar year 2021, and in the Netherlands from 65% in 2019 to 67% in 2021¹. We are the clear online leader in both of our core markets, and the distance between the Group and our nearest competitors has continued to widen.

 

We have invested to further strengthen our data-driven competitive advantages, for instance increasing the proportion of orders placed on the app, accelerating the setting of customer reminders and continuing to improve our algorithms and online user experience. Alongside this, we have materially expanded our range and service offering and invested in marketing to underpin awareness for both of our leading brands.

 

We remain confident in the outlook for the year ahead, as the loyalty of the Group's customer relationships drives recurring revenue from each annual customer cohort and greeting cards have historically demonstrated very high resilience to economic recession. We expect gifting in general to be more resilient than consumers spending on themselves, and in the current economic environment we will ensure our range continues to reflect changing consumer needs. Our relatively low price points, and exposure to special occasion purchase patterns supporting this durability.

 

Financial performance

	Year ended 30 April 2022	Year ended 30 April 2021	Year ended 30 April 2020	FY22 Year-on-year %	FY22 Two-year growth %3
Revenue £m	304.3	368.2	173.1	(17.3%)	75.8%
Gross profit £m	150.1	186.0	91.7	(19.3%)	63.7%
Gross margin %	49.3%	50.5%	53.0%	(1.2%pts)	(3.6%pts)
Adjusted EBITDA £m1	74.9	92.1	44.4	(18.7%)	68.6%
Adjusted EBITDA margin %1	24.6%	25.0%	25.6%	(0.4%pts)	(1.0%pts)
Reported profit before tax £m	40.0	32.9	31.8	21.6%	25.8%
Adjusted profit before tax £m1	51.5	74.6	33.2	(30.9%)	55.2%
Earnings per share - basic (pence)2	9.3p	6.1p	n/a	52.5%	n/a
Earnings per share - diluted (pence)2	9.1p	6.0p	n/a	51.6%	n/a

1 Before adjusting items of £11.6m in FY22 and £41.7m in FY21. See definition of Alternative Performance Measures on pages 51 and 52.

2 Earnings per share not disclosed for periods arising prior to the Group's formation as a result of the pre-IPO reorganisation in February 2021.

3 Two-year growth rates have been included to contextualise the short-term effect of Covid-19 upon trading.

 

The Group delivered revenue of £304.3m in FY22, representing growth of 75.8% compared to FY20. This step-change in scale across two years has been driven by an uplift in the size of the Group's customer base, an increase in the average number of orders per customer, and growth in the proportion of orders with an attached gift. Revenue decreased by 17.3% year-on-year, reflecting annualisation against periods of severe lockdown restrictions during FY21, but was ahead of our expectations at the beginning of the financial year.

 

The two-year reduction in gross margin rate of 3.6% pts primarily reflects the implementation from FY21 onwards of discretionary promotional activity within the Moonpig segment to drive app downloads and reminder setting. Promotional activity has low efficacy for driving incremental orders because of existing high purchase intent for greeting card orders, however it is a lever for driving changes in customer behaviour.

 

The year-on-year reduction in gross margin rate reflects the category mix impact of higher gifting sales, driven by the continued successful execution of our strategy of cross-selling gifts during the greeting card purchase journey. Although attached gifting sales are at a lower-than-average gross margin rate, they are in general not dilutive to Adjusted EBITDA margin rate as there is negligible incremental marketing cost.

 

Gross margin rate has not been materially impacted by cost inflation, either for greeting cards or gifts. There has been an increase in shipping costs, however this has been mitigated (as in previous years) by the announcement of higher stamp prices by the UK regulated postal service, which has been passed on to customers.

 

Adjusted EBITDA was £74.9m (FY21: £92.1m), with an Adjusted EBITDA margin rate of 24.6%. Reported profit before tax was £40.0m (FY21: £32.9m) with the year-on-year increase driven by non-recurrence of both IPO related transaction costs and a one-off share based payment charge that arose in December 2020 prior to Admission in connection with the reorganisation of the share option scheme operated by the Group's predecessor parent undertaking.

 

Orders and Average Order Value ("AOV")

	Year ended 30 April 2022	Year ended 30 April 2021	Year ended 30 April 2020	FY22 Year-on-year %	FY22 Two-year growth %
Orders (m)	39.8	50.9	24.3	(21.9%)	63.6%
AOV £ per order	£7.7	£7.2	£7.1	5.9%	7.4%
Group revenue £m	304.3	368.2	173.1	(17.3%)	75.8%

 

The Group delivered 39.8m total orders in the year to 30 April 2022, which was 63.6% higher than in the year to 30 April 2020 and down by 21.9% versus prior year.

 

Average order value increased by 5.9% year-on-year, driven by continued growth in attached gifting. The two-year growth rate of 7.4% is impacted by the implementation from FY21 onwards of promotional incentives to accelerate the delivery of strategic objectives including the migration of Moonpig customers from web to app and customer reminder setting; this activity continued in FY22, annualising part-way through the year.

 

Gifting Mix of Revenue %

	Year ended 30 April 2022	Year ended 30 April 2021	Year ended 30 April 2020	FY22 Year-on-year %	FY22 Two-year growth %
Attached gifting % of total revenue	42.7%	40.2%	35.4%	2.5%pts	7.3%pts
Standalone gifting % of total revenue	5.0%	5.9%	6.4%	(0.9%pts)	(1.3%pts)
Total gifting % of total revenue	47.7%	46.1%	41.7%	1.6%pts	6.0%pts

 

Total gifting mix of revenue has increased from 41.7% in FY20, to 46.1% in FY21 and 47.7% in FY22. This established multi-year progression reflects successful execution against the Group's strategy to grow attached gifting. It has been driven by the ongoing evolution of our recommendation algorithms, by enhancements to on-site search and navigation that increase the opportunities for attaching a gift across the customer journey and by the continued improvement of our gifting merchandise range.

 

Revenue

	Year ended 30 April 2022	Year ended 30 April 2021	Year ended 30 April 2020	FY22 Year-on-year %	FY22 Two-year growth %
Moonpig £m	234.7	281.7	126.5	(16.7%)	85.5%
Greetz £m	69.7	86.4	46.6	(19.4%)	49.5%
Group revenue £m	304.3	368.2	173.1	(17.3%)	75.8%

 

Group revenue increased by 75.8% on a two-year basis, with the two-year growth rate at Moonpig of 85.5% higher than that at Greetz of 49.5% reflecting the significant investment in the Moonpig technology platform across the last four years. Greetz will be migrated to this technology platform by the end of calendar year 2022. The year-on-year decrease in Group revenue of 17.3% reflects annualisation against periods of severe lockdown restrictions in both the UK and the Netherlands.

 

Gross margin rate %

	Year ended 30 April 2022	Year ended 30 April 2021	Year ended 30 April 2020	FY22 Year-on-year %	FY22 Two-year growth %
Moonpig	49.5%	51.9%	56.3%	(2.4%pts)	(6.8%pts)
Greetz	48.9%	46.2%	43.9%	2.7%pts	5.0%pts
Group gross margin rate %	49.3%	50.5%	53.0%	(1.2%pts)	(3.6%pts)

 

The two-year reduction in the Moonpig segment's gross margin rate of 6.8%pts reflects the implementation from FY21 onwards of discretionary and controllable promotional activity within the Moonpig segment to drive app downloads and reminder setting. Price promotions have low efficacy for driving incremental orders because of existing high purchase intent for greeting card orders, however they are a lever for driving changes in customer behaviour. The one-year reduction reflects the mix impact from higher sales of attached gifting.

 

At Greetz, gross margin rate has strengthened on both a one-year basis (2.7%pts) and a two-year basis (5.0%pts), converging towards the gross margin rate of Moonpig. This reflects the ongoing alignment of Greetz towards the Group's card-first strategy together with delivery of operational efficiencies.

 

At both Moonpig and Greetz, gross margin rate has not been materially impacted by cost inflation.

 

Adjusted EBITDA margin %

	Year ended 30 April 2022	Year ended 30 April 2021	Year ended 30 April 2020	FY22 Year-on-year %	FY22 Two-year growth %
Moonpig	25.2%	27.8%	31.5%	(2.6%pts)	(6.4%pts)
Greetz	22.7%	16.0%	9.6%	6.7%pts	13.1%pts
Group	24.6%	25.0%	25.6%	(0.4%pts)	(1.0%pts)

 

Since Admission, the Group has operated to a medium-term target for Adjusted EBITDA margin rate¹ of approximately 24% to 25%. Operating leverage is an inherent characteristic of the Group's business model; however, management's view is that the Adjusted EBITDA margin rate upside that would otherwise arise as the business increases in scale should be reinvested to underpin future revenue growth. The Group's overall margins remain resilient, and the Group's FY22 Adjusted EBITDA margin rate of 24.6% was consistent with the medium-term target range. Going forward, this medium-term target range has been raised to between approximately 25% and 26% in view of the proposed acquisition of Buyagift.

 

At the Moonpig segment, Adjusted EBITDA margin rate decreased to 25.2% (FY21: 27.8%), reflecting the operational leverage impact from lower revenue together with intentional investment in the Group's technology platform, in the Group's operations network and in promotional activity to drive app downloads and reminder setting.

 

At Greetz, Adjusted EBITDA margin rate increased to 22.7% (FY21: 16.0%) continuing the trend of increasing profitability. Greetz had a 15-year track record of negligible operating profit prior to its acquisition in August 2018, since which it has been transformed through the application of the Group's card-first strategy and operational playbook. Further opportunities for improvement in revenue growth and profitability will become available following migration onto the Group's technology platform, which remains on-schedule for completion by the end of calendar year 2022.

 

Operating leverage means that the phasing of Adjusted EBITDA margin rate within each year is impacted by revenue levels. In FY22, EBITDA margin rate was relatively consistent between the two halves of the year, in particular reflecting the temporary uplift in revenue during the first half of the year because of elevated customer purchase frequency during emergence from lockdown. Under the normalised trading conditions anticipated for FY23, we expect a return to the typical seasonality of Adjusted EBITDA margin rate, which will be weighted towards the second half of the year due to the timing of our peak trading periods.

 

Alternative Performance Measures

The Group has identified certain Alternative Performance Measures ("APMs") that it believes provide additional useful information on the performance of the Group. These APMs are not defined within IFRS and are not considered to be a substitute for, or superior to, IFRS measures. These APMs may not be necessarily comparable to similarly titled measures used by other companies.

 

Directors and management use these APMs alongside IFRS measures when budgeting and planning, and when reviewing business performance. Executive management bonus targets include an Adjusted EBITDA measure and long-term incentive plans include an Adjusted Basic Earnings Per Share ("EPS") measure.

 

	IFRS Measures FY22 £m	Adjusted Measures FY22 £m	IFRS Measures FY21 £m	Adjusted Measures FY21 £m	IFRS Measures FY20 £m	Adjusted Measures FY20 £m
Pre-IPO share-based payment charges		(7.0)		(27.1)		-
Pre-IPO bonus awards		(3.6)		(4.3)		-
M&A related transaction costs		(0.9)		-		-
Remeasurement of Greetz pension indemnity		-		(1.8)		2.3
Greetz pension provision		-		2.1		(2.8)
IPO related transaction costs		-		(10.6)		-
Other		-		-		(0.9)
Total Adjusting Items		(11.6)		(41.7)		(1.4)
Revenue	304.3	304.3	368.2	368.2	173.1	173.1
PAT	31.4	41.7	20.8	61.3	30.7	32.1
Taxation	(8.5)	(9.9)	(12.1)	(13.3)	(1.1)	(1.1)
PBT	40.0	51.5	32.9	74.6	31.8	33.2
PBT margin	13.1%	16.9%	8.9%	21.8%	19.1%	19.9%
Net interest	9.0	9.0	5.8	5.8	1.3	1.3
EBIT	48.9	60.5	38.7	80.4	33.1	34.5
EBIT margin	16.1%	19.9%	10.5%	21.8%	19.1%	19.9%
Depreciation and amortisation	14.4	14.4	11.7	11.7	10.4	10.4
EBITDA	63.3	74.9	50.4	92.1	43.5	44.4
EBITDA margin	20.8%	24.6%	13.7%	25.0%	25.1%	25.6%

1  See definition of Alternative Performance Measures below.

 

 

Adjustment has been made for the one-off compensation arrangements granted prior to IPO and described in the Prospectus as the Legacy Items and the All-Employee IPO Awards (together "Legacy Incentives"). These Legacy Incentives comprise a combination of cash and share-based payments and those that have not yet vested and will vest across each of the subsequent financial years ending 30 April 2023 and 2024. The combined cost of these arrangements was £10.6m in FY22, and the expected future costs are £10.0m in FY23, £3.1m in FY24 and nil thereafter. The Group believes that it is appropriate to treat these costs as an adjusting item as they relate to a one-off award, designed and implemented whilst the Group was under private equity ownership (and are reasonably typical of that market and appropriate in that context).

 

The Group now operates in a new environment. The Remuneration Policy approved at the 2021 AGM reflects the Group's listed company context, hence similar awards are not expected in future. Share-based payment charges arising because of the operation of the Group's post-Admission Remuneration Policy are not treated as adjusting items and the cost is not deducted from the calculation of each of the APMs defined below.

 

M&A-related transaction costs of £0.9m arising in FY22 comprise non-contingent advisers' fees incurred up to 30 April 2022 in connection with the proposed acquisition of Buyagift. If the acquisition completes as expected, the Group expects to incur further advisers' fees, stamp duty and other costs directly relating to the transaction in the region of approximately £5m in FY23.

 

Adjusting items associated with the Greetz pension case recognised in FY21 (both the provision for historical pension liabilities and the associated indemnification asset due from the sellers of Greetz) relate to the remeasurement of balances recognised in connection with an M&A transaction that are material, non-recurring and outside the ordinary course of business.

 

Costs arising in connection with the IPO have been isolated in recognition of the nature, infrequency and materiality of this capital markets transaction.

 

Restructuring and other costs in 2020 relate to the reorganisation of the Group's operating model in order to prepare the Group for Admission to the London Stock Exchange in 2021.

 

The definitions for the adjusted measures in the table are as follows:

·      Adjusted PAT is profit after tax, before Legacy Incentive costs, M&A transaction costs, charges or credits relating to the Greetz pension provision and associated indemnity asset, IPO transaction costs and restructuring and other costs.

·      Adjusted PBT is profit before tax, before Legacy Incentive costs, M&A transaction costs, charges or credits relating to the Greetz pension provision and associated indemnity asset, IPO transaction costs and restructuring and other costs. Adjusted PBT margin is Adjusted PBT divided by total revenue.

·      Adjusted EBIT is profit before tax, interest, Legacy Incentive costs, M&A transaction costs, charges or credits relating to the Greetz pension provision and associated indemnity asset, IPO transaction costs and restructuring and other costs. Adjusted EBIT margin is Adjusted EBIT divided by total revenue.

·      Adjusted EBITDA is profit before tax, interest, depreciation, amortisation, Legacy Incentive costs, M&A transaction costs, charges or credits relating to the Greetz pension provision and associated indemnity asset, IPO transaction costs and restructuring and other costs. Adjusted EBITDA margin is Adjusted EBITDA divided by total revenue.

 

Depreciation and amortisation

Depreciation and amortisation increased to £14.4m (FY21: £11.7m), with the increase reflecting increased investment in the size of our technology team and accelerated amortisation of technology intangible assets arising upon their replacement.

 

Total depreciation and amortisation relating to the Group's existing business is expected to increase to between approximately £17.0m and £19.0m in FY23, reflecting the full-year impact of investment in technology development and the commencement of depreciation of fit-out costs and the right-of-use assets relating to the Group's new leasehold operational facilities.

 

Annualised depreciation and amortisation at Buyagift is expected to be approximately £2m in FY23. There may in addition be amortisation of acquired intangible assets (such as the customer list), once a valuation and purchase price allocation exercise has been performed following completion of the proposed acquisition.

 

Net finance expense

Net finance expense was £9.0m (FY21: £5.8m) comprising £7.6m relating to the Group's Senior Facilities Agreement, £0.7m relating to lease liabilities and £0.7m in respect of the monetary foreign exchange loss on a Euro-denominated intercompany loan balance (with the corresponding intercompany gain recognised as Other Comprehensive Income in accordance with IAS 21). The year-on-year increase reflects a full year of interest on the Senior Facilities Agreement, which was entered into on 7 January 2021 in connection with the Demerger.

 

Net finance expense is expected to increase in FY23 because of the proposed acquisition of Buyagift, which is expected to complete by the end of July 2022:

 

·      In any half-year for which the Group's opening senior net leverage ratio is below 2.0x, the applicable annual margin over SONIA is 3.00% for the £175.0m term loan, 2.75% for the £20.0m original RCF and 2.50% for the proposed £60.0m additional RCF that has been committed by certain of the Group's existing lenders in connection with the proposed acquisition. A commitment fee equal to 35% of applicable margin is paid on an undrawn RCF.

·      The Senior Facilities Agreement contains a margin ratchet, which means that the increase in net leverage associated with the proposed acquisition is expected to increase the applicable margin for all facilities by between 0.25% and 0.50% in the second half of FY23, dependent on the actual leverage position as at 31 October 2022; thereafter the combined Group is expected to de-leverage rapidly.

·      Other expected interest expense in FY23 comprises amortisation of facility arrangement fees of approximately £2m per annum and a deemed interest charge on lease liabilities of approximately £1m.

 

Taxation

The Group tax charge was £8.5m (FY21: £12.1m), which represents an effective tax rate of 21.3% (FY21: 36.8%). The statutory rates of corporation tax that prevailed during the period were 19.0% in the UK and 25.0% in the Netherlands.

 

The FY21 effective tax rate was atypical as it reflected the non-deductible nature of the Legacy Incentives and IPO-related transaction costs, together with losses surrendered by way of group relief by entities formerly under common control which the Group utilised to offset its own taxable profits in accordance with prevailing tax regulations.

 

In FY23, it is likely that the Group's effective tax rate will decrease slightly, as the proportion of profits earned in the UK will increase following the proposed acquisition of Buyagift. The Group's effective tax rate is thereafter likely to rise as it will be impacted by the announced increase in the UK statutory rate of corporate tax from 19.0% to 25.0% with effect from 1 April 2023.

 

Profit Before Taxation ("PBT") and Earnings Per Share ("EPS")

Group PBT increased to £40.0m (FY21: £32.9m), driven by non-recurrence of both IPO related transaction costs and the one-off share-based payment charge that arose prior to Admission in December 2020 in connection with the reorganisation of the share option scheme operated by the Group's predecessor parent undertaking.

 

Basic EPS for FY22 was 9.3p based on the weighted average number of ordinary shares outstanding during the period of 342,112,621 less 3,076,329 shares subject to potential repurchase. After accounting for the effect of employee share arrangements, diluted earnings per share was 9.1p.

 

Adjusted basic EPS was 12.3p. Adjusted basic EPS adjusts for the impact of the Adjusting Items (as set under APMs).

 

Cash flow

Cash generated from operating activities of £63.9m in FY22 was lower than the £64.4m generated in FY21, reflecting lower Adjusted EBITDA offset by lower levels of adjusting items, as detailed previously.

 

The Group operates to an inventory-light model with short supply chains. Inventory was £10.1m as at 30 April 2022, down from £14.9m as at 30 April 2021 when buffer inventory was held to allow for any supply chain disruption during the spring 2021 lockdown. We have seen no signs of supply chain disruption resulting from economic or geopolitical developments in 2022.

 

Trade and other payables decreased by £10.8m compared to the £29.7m increase in FY21, reflecting the unwind of the atypically high balances on 30 April 2021 which arose as a result of strong trading, investment in brand marketing and the build-up of buffer inventory referred to above.

 

The Group has an asset-light business model and most capital expenditure relates to software development. Capital expenditure decreased year-on-year to £9.7m (FY21: £10.8m) but is expected to increase in future as a result of ongoing additional technology investment and one-off investment to expand our operations footprint:

 

·      Intangible capital expenditure on software development is expected to increase from £8.3m in FY22 to between approximately £13m and £15m in FY23. We have taken the decision to step-increase levels of technology investment and intend to maintain it at or above this level in future years. Once the Greetz technology platform migration has been completed, the engineers that have been dedicated to this project will be available to work on the development of revenue-generating and customer-focused new technology and data functionality to be deployed across both brands.

·      Tangible capital expenditure is expected to be higher in FY23 at between approximately £11m and £13m because of expenditure incurred outside of the ordinary course on the fit-out of new operations facilities in Tamworth in the UK and Almere in the Netherlands. Annual tangible capital expenditure is then expected to reduce to below £2m in subsequent years.

 

The Tamworth lease commenced in February 2022 and resulted in the initial recognition of a £6.6m right-of-use asset in FY22. The Almere lease commenced in June 2022 and will result in the initial recognition of a £4.5m right-of-use asset in FY23. Both leases are for a ten-year term.

 

Net cash used in financing activities was an outflow of £9.3m (FY21: £14.9m inflow), comprising £6.5m of interest payments on the Group's Senior Facilities Agreement and £3.1m of lease repayments and lease interest. During FY22, there were no changes to utilisation of the £175.0m five-year term loan and the £20.0m five-year multi-currency RCF remained undrawn.

 

Adjusted Operating Cash Conversion

The Group's operating cash inflow was £59.6m (FY21: £97.2m inflow), representing Adjusted Operating Cash Conversion of 79.6% (FY21: 105.5%). The Group is cash generative and operating cash flow in each of the preceding three full financial years has been within the range of 90% to 115% (as set out in the FY21 Annual Report and Accounts). Adjusted Operating Cash Conversion was lower in FY22 because of the unwind of an atypically high trade and other payables balances at 30 April 2021, which is referred to above.

 

Adjusted Operating Cash Conversion is a non-GAAP measure and is defined as operating cash flow divided by Adjusted EBITDA, expressed as a ratio. Adjusted Operating Cash Conversion informs management and investors about the cash operating cycle of the business and how efficiently operating profit is converted into cash.

 

	Year ended 30 April 2022 £m	Year ended 30 April 2021 £m	Year ended 30 April 2020 £m
Profit before tax	40.0	32.9	31.8
Add back: Net finance costs	9.0	5.8	1.3
Add back: Adjusting items (excluding share-based payments)	4.5	14.6	1.4
Add back: Share-based payments	7.0	27.1	0.0
Add back: Depreciation and amortisation	14.4	11.7	9.9
Adjusted EBITDA	74.9	92.1	44.4
Less: Capital expenditure (fixed assets)	(9.7)	(10.8)	(7.7)
Adjust: Impact of share-based payments	0.7	-	-
Add back: (Increase) / decrease in inventories	4.8	(12.0)	(0.2)
Add back: (Increase) / decrease in trade and other receivables	(0.3)	(1.8)	(1.1)
Add back: Increase / (decrease) in trade and other payables	(10.8)	29.7	15.6
Operating cash flow	59.6	97.2	51.0
Adjusted Operating Cash Conversion	80%	106%	115%
Add back: Capital expenditure (fixed assets)	9.7	10.8	7.7
Add back: Increase / (decrease) in debtors and creditors with undertakings formerly under common control	(0.4)	(3.1)	3.5
Less: Adjusting items (excluding share-based payments)	(4.5)	(14.6)	(1.4)
Less: Non-cash movement with undertakings formerly under common control	-	(25.4)	0.0
Less: Research and development tax credit	(0.5)	(0.5)	(0.3)
Cash generated from operating activities	63.9	64.4	61.0

 

Capital structure

Under the five-year Senior Facilities Agreement put in place on 7 January 2022, the Group's committed facilities comprise a Term Loan B of £175.0m and a RCF of £20.0m. Fees capitalised on the balance sheet as at 30 April 2022 were £4.8m (April 2021: £6.3m).

 

Net debt is a non-GAAP measure and is defined as total borrowings less cash and cash equivalents. Group net debt as at 30 April 2022 was £83.8m (April 2021: £115.1m), comprising total debt of £185.5m (April 2021: £181.1m) less cash and cash equivalents of £101.7m (April 2021: £66.0m). The year-on-year decrease in net debt reflects an increase in cash of £35.7m offset by an increase in lease liabilities of £3.3m as a result of the new UK lease commencing during the year (less the unwind of the existing leases in the year).

 

Actual net debt to Last Twelve Months Adjusted EBITDA as at 30 April 2022 was 1.12x (April 2021: 1.25x), based on Adjusted EBITDA of £74.9m, reflecting the Group's strong trading performance and cash flow generation.

 

Proposed acquisition of Buyagift

On 23 May 2022, the Group announced the proposed acquisition of the entire issued share capital of Buyagift for cash consideration of £124m. The Acquisition, which is expected to complete before the end of July 2022, will be funded through gross cash available on the Group's balance sheet and through £60.0m of additional RCF, which have been committed by certain existing lenders as an extension to the Group's existing Senior Facilities Agreement.

 

Following completion, the combined Group's pro forma net debt to Adjusted EBITDA as at 30 April 2022 would have been approximately 2.3x. We expect this leverage ratio to increase by approximately half a turn by 31 October 2022 (based on pro forma Adjusted EBITDA for the preceding twelve months) driven by working capital seasonality, after which the combined Group will de-leverage rapidly to below 2.0x by April 2023.

 

Looking forward, our capital allocation priority will remain organic investment to drive growth. We are, for instance, currently investing to enhance the flexibility and scalability of our operations footprint. We would consider further M&A opportunities, but only where value-accretive and complementary to both our strategy and our current financial model. The Company does not intend to pay dividends as the Group invests in growth. We intend to keep capital structure and dividend policy under review and may revise these from time to time.

 

Outlook

We are pleased with the start to the new financial year and remain confident in our existing expectations for Group trading in FY23. Considering the planned timing of deployment for revenue growth initiatives, we expect the rate of revenue growth for the Group's existing business to be higher in the second half of the year. Based on the anticipated completion of the acquisition of Buyagift by the end of July 2022, we expect revenue for the enlarged Moonpig Group in FY23 to be approximately £350m.

 

In the medium-term, we continue to target mid-teens percentage underlying revenue growth for the enlarged Group. Margin trends remain resilient in the near and medium term, and the proposed acquisition of Buyagift is expected to be margin accretive. In view of this, we have recently raised the Group's medium-term Adjusted EBITDA margin rate target to between approximately 25.0% and 26.0%.

 

Under the normalised trading conditions anticipated for FY23, we expect a return to the typical seasonality of Adjusted EBITDA margin rate, which will be weighted towards the second half of the year due to the timing of our peak trading periods.

 

Notes

1.    Source: OC&C estimates prepared June 2022. Data for 2019 has been updated for additional public disclosure by competitors since the OC&C commercial due diligence performed in 2020 in connection with Admission. UK Other Specialists include Card Factory, Thortful, TouchNote, Clintons, Paperchase, Hallmark, Boomf and Papier. Chart excludes non-card specialists which accounted for £28m of the £239m total online segment in 2020. For the Netherlands, the market share of the three largest online specialist greeting cards operators (c. 65% of the total online cards market).

 

Condensed Consolidated Financial Information

Condensed Consolidated Income Statement

For the year ended 30 April 2022

 

	Note	2022 £000	2021 £000
Revenue	3	304,333	368,183
Cost of sales		(154,225)	(182,137)
Gross profit		150,108	186,046
Selling and administrative expenses	4,5	(102,604)	(148,874)
Other income	4	1,433	1,482
Operating profit		48,937	38,654
Finance income	6	-	686
Finance costs	6	(8,977)	(6,472)
Profit before taxation		39,960	32,868
Taxation	8	(8,521)	(12,097)
Profit after taxation		31,439	20,771
Profit attributable to:
Equity holders of the Company		31,439	20,771
Earnings per share (pence)
Basic	9	9.3	6.1
Diluted	9	9.1	6.0

 

All activities relate to continuing operations.

 

The accompanying notes are an integral part of this condensed consolidated financial information.

 

Condensed consolidated Statement of Comprehensive Income

For the year ended 30 April 2022

 

	Note	2022 £000	2021 £000
Profit for the year	4	31,439	20,771
Items that may be reclassified to profit or loss
Exchange differences on translation of foreign operations		190	(232)
Total other comprehensive income/(expense)		190	(232)
Total comprehensive income for the year		31,629	20,539

 

The accompanying notes are an integral part of this condensed consolidated financial information.

 

Condensed Consolidated Balance Sheet

As at 30 April 2022

 

 

	Note	2022 £000	2021 £000
Non-current assets
Intangible assets	10	34,028	36,322
Property, plant and equipment	11	21,241	18,001
Other non-current assets	13	1,928	1,412
		57,197	55,735
Current assets
Inventories	12	10,117	14,882
Trade and other receivables	13	4,292	4,302
Current tax receivable		256	237
Cash and cash equivalents	14	101,677	66,020
		116,342	85,441
Total assets		173,539	141,176
Current liabilities
Trade and other payables	15	43,302	60,595
Provisions for other liabilities and charges	16	1,837	1,697
Contract liabilities	17	2,247	3,422
Lease liabilities	18	2,151	2,406
Borrowings	18	213	389
		49,750	68,509
Non-current liabilities
Trade and other payables	15	6,312	1,645
Borrowings	18	169,950	168,682
Lease liabilities	18	13,169	9,626
Deferred tax liabilities	8	2,168	3,238
Provisions for other liabilities and charges	16	1,509	816
		193,108	184,007
Total liabilities		242,858	252,516
Equity
Share capital	20	34,211	34,211
Share premium	20	278,083	277,837
Merger reserve		(993,026)	(1,000,586)
Retained earnings		576,507	550,183
Other reserves	20	34,906	27,015
Total equity		(69,319)	(111,340)
Total equity and liabilities		173,539	141,176

 

The accompanying notes are an integral part of this condensed consolidated financial information.

 

Approved by the Board of Moonpig Group plc on 28 June 2022.