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Retail & consumer

Moonpig raises 2022 revenue forecast thanks to lockdowns and Mother's Day

The online gift retailer reaffirmed its medium-term target of approximately 24% to 25% adjusted EBITDA margin rate

Moonpig Group PLC (LSE:MOON) said revenues could be as much as £30mln higher than forecast due to high demand during COVID lockdowns and a successful "Mother's day".

The online card retailer upgraded its group annual revenues for FY22 to £300mln.

It had predicted sales of around £270-£285mln when it updated the market in December.

Expectations for underlying revenue in remain unchanged at approximately £265mln, the company said in a statement.

The FTSE 250 company also reaffirmed its medium-term target of approximately 24% to 25% adjusted EBITDA margin rate.

"Today's update reflects continued strong trading performance post-lockdowns, including a very successful UK Mothers' Day," said Nickyl Raithatha, chief executive.

"Moonpig Group has delivered a permanent step change in scale over the past two years, with a larger customer base displaying higher loyalty than pre-pandemic. The long-term opportunity remains vast."

Moonpig shares were trading 0.25% higher at 238.60p in morning deals.

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