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Moonpig reports strong trading, despite return of competition from high street rivals after they reopened

·1-min read
Moonpig has reported strong trading (Moonpig)
Moonpig has reported strong trading (Moonpig)

Online greeting cards retailer Moonpig has upgraded its sales outlook, boosted by high customer demand even as high street rivals reopened stores.

The FTSE 250 company, which also sells gifts, saw strong growth during the pandemic when card shops had to temporarily close for Covid-19 lockdowns.

‘Non essential’ retailers were allowed to reopen from the most recent restrictions in April.

Moonpig said that trading since April has “been strong”. It added: “Frequency remains elevated following a limited change in consumer mobility through the summer, despite the lifting of lockdown restrictions.”

The retailer now expects revenues in the year to April 2022 to be between £270 million and £285 million. It had previously guided £250 million-£260 million.

The company said it has invested at a higher rate in the long-term growth drivers of the business, including promotional activity to “drive strategic levers such as app downloads and customer reminder setting”.

Moonpig, which is led by Nickyl Raithatha, floated at 350p per share in February.

Analyst Andrew Wade at Jefferies said: “This looks an encouraging start to FY22.”

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