Return of the business card helps London-based Moo deliver record earnings
The founder and CEO of Camden-based Moo hailed the staying power of the humble business card today after the printing firm posted record earnings.The company, which now makes most of its turnover in the US, said pre-tax earnings for 2021 topped $10 million (£8.4 million), while sales climbed 12.1% to $93.2 million.
North America accounted for 79% of revenues in 2021, an increase of 6 percentage points year-on-year,To help drive further growth in the US, the company opened a new North America manufacturing site in East Providence, Rhode Island.
Revenues for 2022 were expected to jump 26% to $118 million — still short of the $140 million the firm achieved prior to the pandemic in 2019.
Moo founder and CEO Richard Moross said that to his amazement, business cards were still the company’s most popular product despite predictions they would fall out of favour as a result of Covid and fewer face-to-face meetings.
He said: “The story of their demise is much overhyped.”
“People need to make high- quality interactions in a challenging macroeconomic environment. We’re not seeing any softening in demand as those are more valuable than ever, people really want those meetings to count.”
The business, which was founded in 2006, has recently expanded its product range to include branded water bottles, and won a much-coveted Red Dot design award for its tainless-steel vacuum flask, developed as an alternative to single-use plastic bottles within the workplace.
“Most branded corporate merchandise is traditionally low quality and disposable and we want to change that,” said Moross.