Apr 6, 2022
Moonpig: pandemic boom unwinds but online greetings card group stays upbeat
Demand for its personalised greetings cards and gifts was brisk and last year's revenues hit £368.2mn. Unfortunately those benefits had a shorter shelf life than a cheesy birthday card. The business, whose quirky moniker duplicates the school nickname of founder Nick Jenkins, pioneered the UK sale of personalised greetings cards that customers could order online. Undercutting its promise of a brave new world of online greetings, Moonpig shares trade only a whisker above its bricks-and-mortar nemesis, Card Factory, on around 21 times forward earnings. Popping out to buy a birthday card is still a thing, it seems. Moonpig may yet prove to be correct that pandemic trends have accelerated new buying habits.
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