Moonpig Group PLC (LSE:MOON) said revenue and profit was down compared to last year when it benefited from lockdown restrictions, but added medium-term revenue growth will be in the mid-teens range.
Adjusted pre-tax profit slumped 30.9% to £51.5mln for the year ended April 30, 2022, but grew 55.2% compared to two years ago.
The personalised greeting cards retailer said revenue was down year-on-year but ahead of expectations at the beginning of the financial year.
Group revenue slipped 17.3% to £304.3mln, but was up 75.8% on a two-year basis, with the company noting the two-year jump was due to "growth in customer base, higher purchase frequency".
The company said two-year growth rates have been included to contextualise the short-term effect of lockdown restrictions.
With the completion of the acquisition of Buyagift expected by the end of July 2022, the firm expects the enlarged Moonpig group to generate about £350mln in revenue in fiscal 2023, with the group's medium-term adjusted EBITDA margin set to between 25.0% and 26.0%.
"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," said Nickyl Raithatha, chief executive.