Moonpig Group PLC (LSE:MOON) has reported a fall in full-year profits despite the greetings card group seeing an increase in revenue.
Adjusted profit before taxation fell by 6.9% to £48mln, the company said in a statement, while revenues in the year to 30 April 2023 grew by 5.2% to £320.1mln.
Gross margins increased by 6.8% to 56.1%, while adjusted underlying earnings (EBITDA) jumped 12.4% to £84.2mln.
"Today's results demonstrate the resilience of our business model which is rooted in the stability of the greeting cards market and our unique use of data to drive customer loyalty,” commented Moonpig chief executive Nickyl Raithatha.
Trading so far in the year has been in line with expectations, the company said.
Looking ahead, Moonpig added that it expects full-year revenue growth at a mid to high single-digit percentage range, with adjusted EBITDA expected to remain “resilient.”
“As the clear online leader in greetings cards, Moonpig Group is well positioned to benefit from the long-term structural market shift to online,” Raithatha noted.