Moonpig Group PLC (LSE:MOON) said trading was in line with expectations and expects full year sales to be double that of three years ago as the online greeting card and gifting platform defied inflation worries.
The group also expects to return to pre-Covid seasonality with between 58% and 60% of revenue to arise in the second half of the financial year as the average order value increased year-on-year, supported by card sales.
"Margin trends remain resilient in the absence of any significant pressure from cost inflation,” the group added.
“Moonpig Group's trading remains resilient and we are confident that full year revenue will be approximately double the level achieved three years ago,” said chief executive Nickyl Raithatha.
“Against the current macroeconomic backdrop, our continued performance reflects the strength of our data-led business model and the long-term opportunities in our markets.”
Adjusted underlying earnings (EBITDA) will also return to seasonality and be weighted towards the second half of the financial year.
“In the current economic environment, we have prioritised greeting card sales, which have a demonstrable track record of being resilient across the cycle, and we intend to continue this focus for the remainder of FY23,” the update said.