HALF YEAR RESULTS FOR THE SIX MONTHS ENDED 31 OCTOBER 2025
Continued momentum at Moonpig and a return to growth at Greetz
| Six months ended 31 October 2025 | Six months ended 31 October 2024 | Year-on-year growth % |
Revenue (£m) | 168.6 | 158.0 | 6.7% |
Gross profit (£m) | 97.0 | 93.6 | 3.7% |
Gross margin (%) | 57.6% | 59.2% | (1.6)%pts |
Adjusted EBITDA (£m)1 | 45.0 | 41.8 | 7.7% |
Adjusted EBITDA margin (%)1 | 26.7% | 26.5% | 0.2%pts |
Reported profit/(loss) before taxation (£m) | 26.6 | (33.3) | 180.1% |
Adjusted profit before taxation (£m)1 | 30.5 | 27.3 | 11.4% |
Reported earnings per share – basic (pence) | 6.1 | (11.2) | 154.3% |
Adjusted earnings per share – basic (pence)1 | 6.9 | 6.1 | 13.1% |
Dividend per share (pence) | 1.25 | 1.00 | 25.0% |
Purchase of own shares for cancellation (£m) | 30.0 | – | N/a |
1. Stated before Adjusting Items of £nil in Adjusted EBITDA (H1 FY25: £56.7m) and £3.8m (H1 FY25: £60.6m) in Adjusted profit before taxation. See Note 5 and Note 23.
Key highlights
- Revenue growth of 6.7% with the Moonpig brand growing at 9.4% and Greetz returning to growth at 1.3% in constant currency and 3.0% on a reported basis.
- Experiences revenue decreased by 8.9% year-on-year in H1 FY26. Recent trading has been encouraging, with improved performance in the second half to date.
- Adjusted EBITDA margin grew to 26.7% reflecting continued good cost discipline and operational initiatives.
- Strong Adjusted EPS growth of 13.1% driven by growth in trading, operating leverage and the impact of share buybacks.
- Active customers increased to 12.1m (October 2024: 11.7m) with growth at both Moonpig and Greetz.
- Continued momentum in gift attach rate, which increased to 17.8% (H1 FY25: 17.3%).
- Database of customer occasion reminders grew to 107m (October 2024: 96m) and use of creative features including AI-generated stickers, audio or video messages, and personalised handwriting increased by 57% year-on-year.
- Moonpig Plus and Greetz Plus subscriptions increased to 1.02m members (October 2024: 0.75m).
- Interim dividend increased year-on-year by 25.0% to 1.25 pence reflecting cashflow generation and positive outlook.
- Share buyback of £30.0m completed in H1 FY26 with intention to repurchase up to £60.0m during the year.
- Overall Group trading performance has remained in line with our expectations since the start of the second half. Our expectations for the full year remain unchanged.
Nickyl Raithatha, CEO, commented
"We have delivered a strong first half, with continued momentum at the Moonpig brand complemented by a return to growth at Greetz. Customers are engaging more deeply than ever – more than 50% of customers are now using our innovative creative features to make their cards ever more personal – and our Plus subscriber base continues to grow. Experiences has also shown encouraging recent trading, with improved performance in the second half to date, including across Black Friday. This strong momentum across the Group, together with our sustained investment in innovation, data, and AI, has underpinned our strong EPS growth.
I am proud of what our outstanding team has built together during my seven years as CEO. Today, Moonpig Group is the leading online greeting card and gifting platform in the UK and Netherlands. We have built a resilient, cash‑generative and profitable platform with a clear strategy, a highly engaged, loyal and growing customer base and a data advantage that continues to compound year after year. With real momentum and multiple growth levers to pull, the Group is well-positioned to continue capitalising on the long-term structural shift from offline to online."
Divisional performance
- Moonpig brand +9.4%, seeing increase in both orders and average order value. Revenue in New Markets (Ireland, Australia and the US) grew by 32.3% year-on-year.
- Greetz +1.3% constant currency, demonstrating continued sequential growth and exiting the period with low-to-mid single digit constant currency revenue growth.
- Experiences -8.9%, as we continue to execute the repositioning, supported by new commercial leadership, improved online user experience and the roll-out of new partners such as Pizza Express, The Traitors Live Experience, Sixes and Spotify subscriptions. Whilst these improvements were not reflected in H1 revenue, performance has improved in the second half to date.
Outlook
Overall Group trading performance has remained in line with our expectations since the start of the second half. Growth remains underpinned by consistent strong revenue growth at Moonpig and positive trading momentum at Greetz. Current trading at Experiences has been encouraging, with improved performance in the second half to date. Our expectations for the full year remain unchanged.
Investor and analyst meeting
The half year results presentation will be available on the Investor Relations section of Moonpig Group's corporate website (www.moonpig.group/investors) shortly after 7:00am on 9 December 2025.
Nickyl Raithatha (CEO) and Andy MacKinnon (CFO) will host a Q&A for analysts and investors via webcast at 8:30am. Please note that the presentation will not be repeated during the webcast.
Analysts wishing to register for the event should email investors@moonpig.com.
Investors wishing to listen to the Q&A should register via the following link:
https://sparklive.lseg.com/MoonpigGroup/events/2edcd942-79f8-4b11-ba17-6b5895f61f1f
Enquiries:
Brunswick Group
Tim Danaher, Lana Serebryana
+44 20 7404 5959
moonpig@brunswickgroup.com
Moonpig Group
Nickyl Raithatha, Chief Executive Officer
Andy MacKinnon, Chief Financial Officer
investors@moonpig.com
pressoffice@moonpig.com
About Moonpig Group
Moonpig Group plc (the "Group") is a leading online greeting cards and gifting platform, comprising the Moonpig, Red Letter Days and Buyagift brands in the UK and the Greetz brand in the Netherlands. The Group's leading customer proposition includes an extensive range of cards, a curated range of gifts, personalisation features and next day delivery offering.
The Group offers its products through its proprietary technology platforms and apps, which utilise unique data science capabilities designed by the Group to optimise and personalise the customer experience and provide scalability. Learn more at https://www.moonpig.group/.
Forward Looking Statements
This announcement contains certain forward-looking statements with respect to the financial condition, results or operation and businesses of Moonpig Group plc. Such statements and forecasts by their nature involve risks and uncertainty because they relate to future events and circumstances. There are a number of other factors that may cause actual results, performance or achievements, or industry results to be materially different from those projected in the forward-looking statements.
These factors include general economic and business conditions; changes in technology; timing or delay in signing, commencement, implementation and performance of programmes, or the delivery of products or services under them; industry; relationships with customers; competition and ability to attract personnel. You are cautioned not to rely on these forward-looking statements, which speak only as of the date of this announcement. We undertake no obligation to update or revise any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances.
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