Shares in Moonpig Group PLC (LSE:MOON) trotted 2.8% higher after the online greetings card group reported first-half results and confirmed the timetable for its CEO succession.
Revenue for the period was £169 million, up 6.7% year-on-year and slightly ahead of expectations, while adjusted EBITDA came in at £45 million, in line with forecasts.
The active customer base grew to 12.1 million, up from 11.7 million a year earlier, helping Moonpig brand revenue grow 9.4% to £130 million, while Greetz returned to growth, up 3% to £25 million.
Experiences continued to be a problem, with revenue declining 8.9% to £14 million. Subscriptions for the Plus paid subscription programme across Moonpig and Greetz rose to 1.02 million, now accounting for more than 20% of Moonpig UK orders. Gifting represented 43.9% of revenue.
The company also continued its expansion of the Moonpig brand in Ireland, Australia and the US, with revenue growth of 32% to £6.6 million.
The group declared an interim dividend of 1.25p, up 25% year-on-year, with £30 million of its £60 million buy-back completed.
Chief executive Nickyl Raithatha, who steps down on 31 December, called it a "strong first half, with continued momentum at the Moonpig brand complemented by a return to growth at Greetz".
He said Experiences "has also shown encouraging recent trading, with improved performance in the second half to date".
Guidance for the full year was left unchanged at mid-single-digit adjusted EBITDA growth and adjusted EPS growth of between 8% and 12% for FY26.
Raithatha's departure was announced in June. Catherine Faiers, currently chief operating officer at Auto Trader and before that at Addison Lee, Trainline and Close Brothers, was appointed in October and will take the role on 2 March 2026.
Broker Peel Hunt said the results were "bang in line but there are elements in the statement that are encouraging here".
"Experiences has had a couple of good months, with the website improving functionality and appeal, and the product file better (Pizza Express, Traitors Experience and Sixes all popular).
"Profit delivery is in line with the company's expectations and so is current trading, so there will be no change to forecasts but it feels as though momentum is solid enough here."