REG - Moonpig Group plc - Half-year Financial Report
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RNS Number : 7117K Moonpig Group plc 09 December 2025
9 December 2025
Moonpig Group plc ("Moonpig Group" or the "Group")
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 Six months ended Year-on-year growth %
31 October 2025 31 October 2024
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
(http://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
(https://sparklive.lseg.com/MoonpigGroup/events/2edcd942-79f8-4b11-ba17-6b5895f61f1f)
Enquiries
Brunswick Group
+44 20
7404 5959
Tim Danaher, Lana Serebryana
moonpig@brunswickgroup.com
Moonpig Group
investors@moonpig.com, pressoffice@moonpig.com
Nickyl Raithatha, Chief Executive Officer
Andy MacKinnon, Chief Financial Officer
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/ (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.
Business review
Overview
The first half of FY26 saw strong financial delivery, with Group revenue
growing 6.7% year-on-year. Momentum continued at Moonpig, while Greetz
returned to modest year‑on‑year growth, with revenue growth of 1.3% in
constant currency and 3.0% on a reported basis, as we increasingly leverage
the unified technology platform to deliver operational and commercial
benefits. At Experiences, where revenue decreased by -8.9% in a challenging
trading environment, we remained focused on operational delivery. Group
profitability strengthened, with Adjusted EBITDA growing by 7.7%, Adjusted PBT
increasing 11.4% and Adjusted EPS up by 13.1%.
We remain the clear market leader in online cards in both the UK and the
Netherlands, holding a 70% share of the UK online single cards market and
around 65% in the Netherlands through Greetz (source: OC&C, October 2024).
These are structurally attractive, underpenetrated markets, with online card
penetration still only 6% by volume and 15% by value in the UK. In H1 FY26, we
continued to strengthen our leadership positions by enhancing personalisation,
broadening our trusted brand partnerships and improving the customer
experience.
Our platform leverages data, technology and AI to build customer loyalty and
grow customer cohort value over time. At Moonpig and Greetz, 90.9% of revenue
in H1 FY26 was generated from existing customers (H1 FY25: 88.3%),
demonstrating the depth and resilience of our customer relationships. Our
reminders ecosystem continued to scale, with 107m reminders set (31 October
2024: 96m), while Plus membership grew to 1.02m subscribers (31 October 2024:
0.75m) across Moonpig and Greetz. Customers are increasingly using our
innovative creative features to make over half of all cards more personal and
meaningful. These assets together strengthen retention, increase customer
lifetime value and reinforce the compounding advantages of our platform.
Performance in H1 again demonstrated the strength of our business model, which
enables us to scale efficiently while maintaining high margins. We drive
growth through three compounding levers: more active customers, higher
purchase frequency, and rising average order value - particularly through gift
attachment. Our Adjusted EBITDA margin remained high at 26.7%, reflecting high
gross margins and low reliance on paid acquisition. With low inventory,
negative working capital and modest capex, we are structurally asset light.
This model has supported disciplined reinvestment in technology, new customer
acquisition and automation at our Tamworth fulfilment centre, while generating
£64.5m of Free Cash Flow across the last twelve months ended 31 October 2025
(seasonally weighted into the second half of the year). This strong cash
generation is enabling up to £60.0m of share buybacks in FY26 and the payment
of dividends, while supporting our expectation that year-end net leverage will
be around 1.0x.
We continued to pursue our self-funded, phased international expansion
strategy in Ireland, Australia and the US, with combined revenue across these
markets growing by 32.3% to £6.6m in H1. Profitability in Ireland is now
supporting expansion in other geographical markets, and we have focused
incremental investment on Australia, accelerating its path towards
demonstrating the viability of scaled customer acquisition at acceptable unit
economics. We hired our first employee based in Australia. The US remains at
an earlier stage of development, with our efforts focused on testing,
iteration and optimisation to refine the proposition and improve unit
economics.
The Experiences segment made tangible operational progress, including a
broader and more contemporary product range, new branded partners, and
upgrades to the online user experience. Whilst these improvements were not yet
reflected in H1 revenue, Experiences has had an encouraging start to the
second half, with improved performance to date, including across Black Friday.
The run-up to Christmas is an important trading period for Experiences, with
November and December typically representing around four tenths of annual
revenue.
We enter the second half of the year with momentum and a clear focus on our
strategic growth drivers: growing our active customer base, scaling our key
frequency drivers - the reminders ecosystem, Plus subscriptions and card
creative features - and increasing average order value through higher gift
attach rates supported by new trusted brand partnerships. Our platform,
underpinned by exceptional customer loyalty and the competitive advantage
created by our proprietary data, remains well positioned to deliver growth in
revenue, Adjusted EPS and Free Cash Flow.
Leveraging data and technology
We use technology and data to drive growth in two core ways. First, we make
continual improvements to the user experience through high frequency
experimentation. Each month, we run controlled tests across carefully
segmented customer groups, assessing the impact of new features on conversion,
order value and retention. Where effective, changes are rolled out quickly,
ensuring customers benefit from improvements without delay. Second, we apply
AI to our proprietary customer data to personalise the journey. By combining
advanced algorithms with behavioural insight, we help customers find the right
card and gift more easily, which in turn supports higher engagement, purchase
frequency and average order value.
We have continued to strengthen card personalisation, with higher usage driven
both by improved discoverability of creative features and by enhancements to
the editor. We released sticker placeholders to help customers discover and
use our creative features more easily; this has had a clear impact, with
personalised elements now appearing in more than half of all card orders. At
the same time, we improved the editor experience more broadly, with better
AI-powered stickers and smarter text generation. These upgrades make it
simpler and more enjoyable to create expressive cards, deepening customer
connection and encouraging more frequent repeat orders.
We continued to build our other major loyalty levers - the reminders ecosystem
and Plus subscriptions. A redesigned soft opt-in on our apps raised reminder
collection rates. Directing customers from reminder prompts into personalised
galleries made the feature more relevant and easier to act on. We began
rolling out SMS reminders to widen the reach of this already powerful channel.
In Plus, more compelling sign-up modules, clearer page designs and
behavioural-psychology-based messaging improved sign-up performance and
reinforced perceived membership value.
We simplified login and registration to reduce friction. Password-less login
is now available across web and apps, supported by a logic-based flow that
guides customers towards the optimal authentication method. We also enabled
new users to set up an account with a single one-time code. These improvements
help customers return more easily, keep their reminders connected and complete
their purchases smoothly.
We improved search and navigation to help customers find the right card with
less effort. New models using visual embeddings and named-entity recognition
now understand what customers mean, even when their searches are vague or
misspelled. A key step has been the launch of dynamic card galleries, which
personalise the gallery instantly based on the milestone a customer chooses -
so choosing "7 years" updates every editable design to that age. This creates
the feel of a wider, more tailored range and makes browsing easier and more
intuitive. Over time, we plan to extend this dynamic functionality to names,
photos and other personalised details.
We refined our delivery proposition to give customers more choice while
improving cost efficiency. Our updated delivery scheduler introduced an 'I'm
Flexible' option that lets non-time‑sensitive customers select the first
available untracked delivery date, simplifying decisions and reducing reliance
on higher‑cost services without affecting conversion. We also launched
tracked card delivery in Ireland and a new 48-hour tracked service for gifts
in the UK, enabling earlier dispatch at lower cost. These enhancements keep
our delivery experience dependable and competitively priced.
We made meaningful progress in rolling out AI-enabled customer service. Our
new AI chat system already resolves around a third of all queries, and
customers consistently rate these interactions far more highly than
human-handled ones. This gives customers faster, more reliable support while
reducing our cost-to-serve, with further gains expected as usage grows. We
believe there is potential for the significant majority of customer service
interactions to be resolved by AI.
Finally, at Experiences, we focused on making the online journey smoother and
more intuitive. Ahead of Christmas, we refreshed landing pages with clearer
value messaging, added city‑level filters to help customers browse by
location and upgraded product pages with larger imagery and video. We also
improved product details pages so that customers arriving from third‑party
links can more easily explore related experiences, supporting higher
conversion and encouraging repeat use.
Building our brands
The strength of our brands is reflected in the depth of customer loyalty and
our ability to profitably acquire customers and retain them. In H1 FY26, the
total active customer base across our card-first brands increased by 3.0% to
12.1m with growth across both Moonpig and Greetz. This reflects the strength
of our optimised marketing platform, which continues to acquire customers at
scale within our 12‑month payback threshold. Growth was further supported by
technology improvements such as social sign‑on, which simplified account
creation.
Our reminders ecosystem continues to scale, with the number of occasion
reminders increasing to 107m at 31 October 2025 (31 October 2024: 96m). Nearly
40% of Moonpig orders are placed within seven days of a customer receiving the
relevant reminder, underlining the importance of this proprietary channel in
driving repeat purchase and retention.
• Subscriptions to Moonpig Plus and Greetz Plus grew to a combined
1.02m members (31 October 2024: 0.75m). Plus members remain our most engaged
customers, setting more reminders, purchasing more frequently and exhibiting
higher gift attachment rates than non-members.
• We continued to enhance and expand usage of our innovative
creative features, which differentiate our proposition and reinforce repeat
purchase behaviour. Creative feature adoption now exceeds 50% of all cards
created in H1 FY26, up from around one third in FY25.
We continue to evolve our approach to customer acquisition in line with shifts
in the marketing landscape. New social media channels such as TikTok are
becoming increasingly important, and while generative AI models are not yet
significant drivers of commerce-related search behaviour, we remain ahead of
developments in Generative Engine Optimisation (GEO). We are also running
sponsored social campaigns with key gifting partners to raise awareness of our
gifting range and are investing more behind targeted "micro missions" such as
Exam Results, Easter and Thank You Teacher to stimulate purchase frequency and
support demand during months otherwise dominated by everyday birthday and
anniversary occasions.
Reliable delivery is central to how our brand is perceived, and we are
evolving our delivery proposition at pace. Moonpig Guaranteed Delivery,
launched on an all‑year‑round basis in late FY25, is now chosen by
customers for around 40% of UK card‑only orders. We see headroom for further
growth in tracked delivery mix in future periods.
We are also building brand awareness in new markets as the foundation for
long-term growth. We continue to operate New Markets as a single profit pool,
reinvesting incremental profit into customer acquisition. Total revenue across
these markets grew to £6.6m in H1 FY26 (H1 FY25: £5.0m), comprising Ireland
(£2.7m), Australia (£2.6m) and the US (£1.3m). We are prioritising
Australia for incremental investment to establish a clear pathway to scale in
at least one geography, aiming to reach payback metrics that enable sustained
investment.
Evolving our range
One of our three growth levers is increasing average order value, with growth
in gift attach rate the primary driver. We drive gift attach rate in three
ways: improving the user experience, strengthening our recommendation
algorithms and broadening our gifting range. Gift attach rate increased
year-on-year by 0.5 percentage points to 17.8% (H1 FY25: 17.3%), with stronger
growth at Moonpig of 0.7 percentage points, reflecting the continued roll-out
of new trusted brand partners.
Trusted brands continue to be a core differentiator in gifting, driving higher
attach rates and strengthening customer confidence in our offer. We expect
progress to continue, supported by a strong launch pipeline. New partners
added in H1 FY26 included JoJo Maman Bébé, Next Flowers and Laura Ashley
Flowers, with further partners such as Lush, Master of Malt and Boots' Liz
Earle pamper brand due to launch in H2.
We are transitioning Greetz flowers fulfilment to the Group's UK provider from
early calendar year 2026 once its Netherlands facility becomes fully
operational. This is expected to deliver a modest increase in gross margin
rate alongside improvements in range construction and customer experience.
We successfully launched a range of postcards at Greetz across summer 2025.
Postcards have greater cultural relevance in the Netherlands compared to the
UK and sales are generally incremental due to low substitutability for
greeting cards. The postcard designs were generated by AI, providing an
opportunity to explore the capabilities of the latest generative models in
this area. Meanwhile, we are testing both human and AI design for greeting
card designs to support Moonpig for Business.
Our focus in New Markets is to evolve the proposition to lift customer
lifetime value towards a level that can support increased scale of investment
in these markets:
• Pricing tests in the US have been encouraging, with card prices
increased from $4.99 to $9.99, better aligning with customer expectations and
hence driving an improvement in website conversion.
• Delivery capability has been strengthened, with Australia now
fulfilling from two centres in Sydney and Melbourne to provide 1-2 day
delivery in these states.
• The gifting range continues to broaden: Ireland now offers a
materially expanded range of gifts across multiple categories and introduced a
limited selection of fresh flowers for the first time; Australia offers around
100 SKUs, with work underway to close gaps in alcohol and fresh flowers; and
in the US we have introduced personalised mugs and added a small initial range
of physical gifts to complement the existing retail gift card offering.
Control of in‑house fulfilment continues to unlock meaningful operational
improvements. In November 2025, we completed two major projects: insourcing
fabrication of our giant card format, which improves production control and
reduces third‑party costs; and introducing automated parcel sortation, which
enables us to route gifting orders through multiple fulfilment services,
including lower‑cost Tracked 48 options for items with a longer delivery
window. These improvements enhance reliability, reduce cost and support both
gift attach rate and customer experience.
Alongside these improvements in fulfilment, we continued to enhance our card
range. Our global design platform powers our card range, connecting us with
designers and licensors worldwide to deliver fresh, relevant creativity for
every occasion. In H1 FY26, we added new partnerships with Hallmark, Red Bull
Racing, Miffy and Yellowstone, broadening our appeal across sport, character
and lifestyle themes.
At Experiences we delivered meaningful progress in strengthening our range.
New commercial leadership is helping us accelerate development, and we have
refreshed the proposition with new partners across casual dining (such as
Pizza Express), subscription gifts (such as Arena Flowers, Virgin Wines,
Spotify Premium and a wide range of magazines), social experiences (such as
Sixes social cricket and F1 Arcade), immersive experiences (such as The
Traitors Live Experience) and days out (such as Clarkson's Farm). Ahead of the
November and December peak, we also secured a stronger programme of
supplier‑funded discounts and expanded our range of Buyagift‑exclusive
products to support conversion during key trading weeks.
For gift experiences sold on Moonpig, we have learned that card-first
customers prefer simple, flexible options rather than highly
location‑specific or complex products. In response, we now present many
experiences as versatile "gift vouchers" rather than individual activities. In
preparation for Christmas 2025, we have recently introduced new multi‑choice
vouchers that can be printed inside a greeting card - such as a £40 "Spa
Days" voucher redeemable at over 500 locations with partners including
Champneys, Elemis, Lush, Bannatyne and Greenwoods Hotel & Spa.
Maintaining high ethical, environmental and sustainability standards
In FY25, we introduced a refreshed sustainability strategy shaped by our
Double Materiality Assessment. The strategy sets four goals across three
priority areas: climate change, waste and circularity, and technology security
and data privacy.
On climate change, our goals are to reduce our direct (Scope 1 and 2)
emissions by at least 50% by 2030 and at least 90% by 2050, while securing
SBTi‑aligned net‑zero targets from suppliers representing 67% of our
indirect (Scope 3) emissions by 2030 and delivering a 97% reduction in
emissions intensity by 2050. For FY26 we are targeting an increase in the
proportion of Scope 3 emissions covered by supplier net‑zero commitments
from 28.8% at 30 April 2025 to 36% at 30 April 2026 through our programme of
structured supplier engagement. In parallel, we are developing a comprehensive
decarbonisation roadmap and climate transition plan aligned with the
Transition Plan Taskforce (TPT) framework.
Turning to waste and circularity, our goal is to reduce overall waste and
packaging generation in line with Extended Producer Responsibility (EPR)
guidance, improving the efficiency of material use and ensuring responsible
end‑of‑life outcomes. During the period, we focused on building the data
foundations required to set a robust baseline for waste and packaging. This
will allow us to track progress consistently and to target reductions in
packaging use and waste generation in the years ahead.
In technology security and data privacy, our goal is to implement an
information security management system aligned with the NIST Cybersecurity
Framework by 2030. During the period, we completed detailed gap assessments
across all technology systems, providing a clear view of the actions required
to achieve full alignment. We also continued to enhance our cybersecurity
posture through targeted investment. Our FY26 internal audit roadmap includes
reviews of data protection controls and disaster recovery planning.
We remain committed to improving diversity in the technology sector. In H1
FY26, women accounted for 62% (FY25: 44%) of new hires into technical roles -
spanning technology security, engineering, product and analytics - and women
and ethnic minorities together represented 48% (FY25: 54%) of our Extended
Leadership Team.
Financial review
Introduction
We delivered another period of strong performance in H1 FY26, underpinned by a
business model with clear structural advantages: a resilient and predictable
revenue base, the competitive advantage created by proprietary technology and
data assets, the compounding effect of our three core revenue drivers and a
capital-light platform that consistently converts profit into Free Cash Flow.
These fundamentals continue to support growth and attractive returns.
Moonpig Group's revenue base remains high quality. At Moonpig and Greetz 90.9%
of revenue (H1 FY25: 88.3%) was generated from existing customers - those who
had made a purchase prior to the start of the financial year. Stable cohort
dynamics at our card-first brands underpin consistent revenue growth,
reinforce resilience and contribute to steadily rising customer lifetime
value.
Technology remains our core engine of revenue growth, with data forming a
structural moat. Every day, we collect more than twice as much data as the
rest of the greeting card market combined, deepening our competitive
advantage. Our database of customer occasion reminders, which increased by
11.3% year-on-year to 107m (31 October 2024: 96m), enables us to engage with
customers directly and at nil cost at moments of high gifting intent.
Our strategy for Moonpig and Greetz is grounded in three clear and compounding
revenue drivers: expanding our active customer base, increasing order
frequency and growing average order value - particularly through growth in
gift attachment. Our ability to acquire customers at under 12 months' payback
and deepen their value over time supports sustainable revenue growth over the
medium term.
Our platform is structurally profitable and capital light. We maintain high
gross margins, operate with negative working capital and manage capital
expenditure within a disciplined ROI framework. With low inventory risk and
operational leverage across fulfilment and technology, the Group consistently
delivers strong Free Cash Flow on an annual basis.
Financial overview
Six months ended Six months ended Year-on-year growth %
31 October 2025 31 October 2024
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%
Free Cash Flow (FCF) (£m) 8.6 10.1 (15.2)%
Net leverage (£m) 1.24:1 1.25:1 0.3%
1 Stated before Adjusting Items of £nil in Adjusted EBITDA (H1
FY25: £56.7m), £3.8m (H1 FY25: £60.6m) in operating profit/(loss) and
£2.9m (H1 FY25: £59.6m) in profit after taxation. See Note 5 and Note 23.
Our financial results for H1 FY26 reflect strong operational execution, with
revenue growing by 6.7% to £168.6m, Adjusted profit before taxation rising by
11.4% to £30.5m and Adjusted basic EPS increasing by 13.1% to 6.9 pence.
Revenue growth reflects continued momentum at Moonpig and a return to modest
revenue growth at Greetz, partly offset by challenging H1 trading at
Experiences.
The lower gross margin rate reflects changes in revenue mix - for example,
growth in tracked delivery, which carries an unchanged absolute margin but a
lower percentage margin rate, and the expansion of New Markets, where
early-stage scale is at lower gross margin. These effects were more than
offset at Adjusted EBITDA margin level by careful management of staff costs
and indirect operating expenditure. Growth in Adjusted basic EPS therefore
reflects top-line growth, sustained Adjusted EBITDA margins, discipline in
capital expenditure, and a lower share count following the repurchase and
cancellation of shares.
Free Cash Flow for the period was £8.6m (H1 FY25: £10.1m), reflecting the
normal seasonal phasing of trading and working capital, with operating cash
inflows weighted towards the second half of the year. The year-on-year
movement reflects additional capital expenditure on insourcing and automation
at our UK fulfilment centre. On a last twelve months basis, Free Cash Flow was
£64.5m (last twelve months ended 31 October 2024: £63.7m). As expected, net
leverage increased from 0.99x at 30 April 2025 to 1.24x (31 October 2024:
1.25x), reflecting the timing of operating and financing cash flows. We remain
on track for year-end leverage of around 1.0x, consistent with our medium-term
target.
The Board has declared an increase in the interim dividend of 25% to 1.25p (H1
FY25: 1.00p), with a view to moving dividend cover over time towards our
medium-term target range of 3.0x to 4.0x. As previously announced, the Group
intends to repurchase up to £60.0m of shares in FY26, to be executed through
two programmes of £30.0m in H1 and H2 respectively, in addition to shares
repurchased by the Moonpig Group plc Employee Benefit Trust (EBT).
Revenue
Six months ended Six months ended Year-on-year growth %
31 October 2025 31 October 2024
Moonpig and Greetz orders (m) 17.2 16.8 2.5%
Moonpig and Greetz AOV (£ per order) 9.02 8.54 5.6%
Moonpig and Greetz revenue (£m) 155.0 143.1 8.3%
Moonpig revenue (£m) 130.0 118.8 9.4%
Greetz revenue (£m) 25.1 24.3 3.0%
Moonpig and Greetz revenue (£m) 155.0 143.1 8.3%
Experiences revenue (£m) 13.5 14.9 (8.9)%
Group revenue (£m) 168.6 158.0 6.7%
Greetz revenue - local currency (€m) 29.2 28.8 1.3%
Revenue at Moonpig and Greetz increased by 8.3%, driven by growth in both
orders and average order value (AOV):
• The active customer base - a commonly-used online metric
comprising customers who have made a purchase in the last twelve months - rose
to 12.1m at 31 October 2025 (30 April 2025: 12.0m; 31 October 2024: 11.7m)
with customer numbers increasing at both Moonpig and Greetz. This reflects the
strength of our optimised marketing platform, which continues to acquire
customers at scale within our 12-month payback threshold. Growth was further
supported by technology improvements such as social sign-on which simplified
account creation.
• Orders per active customer for the last twelve months remained at
2.95, consistent with the prior period. However, progress on frequency drivers
continued: the number of occasion reminders increased by 11.3% to 107m (31
October 2024: 96m) and Plus subscription membership rose by 36.5% to 1.02m (31
October 2024: 0.75m). Plus now accounts for more than 20% of Moonpig UK
orders.
• Average order value increased by 5.6% year-on-year. Key
contributors included growth in gift attach rates; postage mix (including
higher uptake of Moonpig Guaranteed Delivery) and optimisation of pricing and
promotions, offsetting growth in Plus member discounts.
Moonpig delivered strong revenue growth of 9.4% year-on-year, Greetz returned
to modest growth, with revenue increasing by 1.3% on a constant currency basis
and 3.0% on a reported Sterling basis. Revenue momentum at Greetz has
continued to gradually build, and we exited the half year with constant
currency growth in the low-to-mid single digit percentage range.
Experiences revenue decreased by 8.9% year-on-year in H1 FY26. We have made
significant operational progress, including replacing the commercial
leadership team, improving online user experience and onboarding new partners
and products across key categories including casual dining, days out,
immersive experiences and subscription gifting. Whilst these improvements were
not yet reflected in H1 revenue, Experiences has had an encouraging start to
the second half, with improved performance to date, including across Black
Friday. The run-up to Christmas is an important trading period for
Experiences, with November and December typically representing around four
tenths of annual revenue.
Gifting mix of revenue
Six months ended Six months ended Year-on-year growth %
31 October 2025 31 October 2024
Moonpig and Greetz cards revenue (£m) 94.6 86.3 9.7%
Moonpig and Greetz attached gifting revenue (£m) 56.9 53.3 6.8%
Moonpig and Greetz standalone gifting revenue (£m) 3.5 3.5 (1.7)%
Moonpig and Greetz revenue (£m) 155.0 143.1 8.3%
Experiences gifting revenue (£m) 13.5 14.9 (8.9)%
Group revenue (£m) 168.6 158.0 6.7%
Moonpig / Greetz gift attach rate 17.8% 17.3% 0.5%pts
Moonpig / Greetz total gifting revenue (£m) 60.4 56.8 6.3%
Moonpig / Greetz gifting revenue mix (%) 39.0% 39.7% (0.7)%pts
Group gifting mix of revenue (%) 43.9% 45.4% (1.5)%pts
Cards revenue increased by 9.7% year-on-year driven by postage mix, including
customers switching from first class postage to our tracked Moonpig Guaranteed
Delivery service, growth in orders, a larger Plus subscription base and higher
uptake of card upsell and multi-buy.
Attached gifting revenue at Moonpig and Greetz increased by 6.8%. This
reflects 2.5 percentage points from growth in orders and a 3.1 percentage
point uplift from gift attach rate, with the remainder relating to changes in
pricing and promotions.
Attach rate increased by 0.5 percentage points to 17.8% (H1 FY25: 17.3%), with
Moonpig seeing a stronger 0.7 percentage points rise as we added more trusted
brand partners. We expect this trend to continue, supported by a strong
pipeline of new launches. Recent additions include JoJo Maman Bébé, Next
Flowers and Laura Ashley Flowers, with Lush, Master of Malt, Boots' Soap &
Glory and Liz Earle pamper brands due to launch in H2.
Consistent with previous periods, standalone gifting has not been an area of
strategic focus, as we continue to prioritise growth in greeting cards and
attached gifting to drive purchase frequency and customer lifetime value.
Gross margin rate
Six months ended Six months ended Year-on-year growth %
31 October 2025 31 October 2024
Moonpig gross margin (%) 55.8% 57.5% (1.7)%pts
Greetz gross margin (%) 46.6% 46.2% 0.4%pts
Moonpig and Greetz gross margin (%) 54.3% 55.6% (1.3)%pts
Experiences gross margin (%) 95.0% 94.2% 0.8%pts
Group gross margin (%) 57.6% 59.2% (1.6)%pts
Moonpig gross margin rate decreased year-on-year by 1.7 percentage points to
55.8%. The primary impact relates to the effect of revenue mix through higher
gift attachment and greater use of tracked postage - where absolute gross
margin is unchanged but percentage margin is lower and expansion at New
Markets, where early-stage scale is reflected in a gross margin rate of
approximately 50 percent. The remainder relates to higher shipping costs and
fulfilment wages.
Moonpig gross margin rate in H2 will include benefits from insourcing the
fabrication of giant cards and implementing automated parcel sortation to
access lower-cost delivery options for gift orders on longer lead times, in
both cases from November 2025.
Greetz gross margin rate was broadly in line with prior year. We will
transition Greetz flowers fulfilment to the Group's UK provider in H2 FY26
once its Netherlands facility becomes fully operational. This is expected to
deliver modest upside to gross margin rate in the final quarter of the year,
alongside improvements in range construction and customer experience.
Experiences gross margin rate increased by 0.8 percentage points, reflecting a
higher mix of direct sales and digital voucher delivery, which carries lower
postage and packaging costs. Gross margin remains structurally high due to the
agency-based revenue model, under which revenue is recognised as commission
from partners; cost of goods is primarily packaging and distribution of
physical gift boxes.
Adjusted EBITDA margin
Six months ended Six months ended Year-on-year growth %
31 October 2025 31 October 2024
Moonpig Adjusted EBITDA margin % 30.0% 31.1% (1.1)%pts
Greetz Adjusted EBITDA margin % 15.4% 11.9% 3.5%pts
Moonpig and Greetz Adjusted EBITDA margin % 27.7% 27.8% (0.1)%pts
Experiences Adjusted EBITDA margin % 15.7% 13.6% 2.1%pts
Group Adjusted EBITDA margin % 26.7% 26.5% 0.2%pts
At Moonpig, Adjusted EBITDA margin rate decreased by 1.1 percentage points to
30.0%, reflecting the 1.7 percentage point year-on-year reduction in gross
margin rate. This was offset in part by normal and planned indirect cost
management, together with a £1.4m year-on-year reduction in share-based
payment expense.
Greetz Adjusted EBITDA margin rate increased by 3.5 percentage points to
15.4%. This comprised a 0.4 percentage point improvement in gross margin rate
and lower staff costs, following a restructuring of Netherlands headcount
completed in the final quarter of FY25.
Experiences Adjusted EBITDA margin rate increased by 2.1 percentage points, of
which 0.8 percentage points relates to the year-on-year increase in gross
margin rate and the remainder relates to the delivery of cost efficiencies. At
Experiences, Adjusted EBITDA margin rate is particularly weighted towards the
second half of each year, reflecting greater operational leverage and a higher
degree of revenue seasonality compared with our other business segments.
Depreciation, amortisation, finance costs and taxation
Six months ended Six months ended Year-on-year growth %
31 October 2025 31 October 2024
Adjusted EBITDA (£m) 45.0 41.8 7.7%
Depreciation and amortisation (£m) (8.9) (9.2) 3.2%
Adjusted EBIT (£m) 36.1 32.6 10.7%
Net finance costs (£m) (5.7) (5.3) (7.0)%
Adjusted profit before taxation (£m) 30.5 27.3 11.4%
Adjusted taxation (£m) (7.8) (6.2) (25.2)%
Adjusted profit after taxation (£m) 22.7 21.1 7.9%
Depreciation and amortisation (excluding acquisition-related amortisation)
decreased to £8.9m (H1 FY25: £9.2m), reflecting capital expenditure in both
FY24 and FY25 being towards the lower end of our medium-term target range of
4% to 5% of revenue.
Net finance costs increased to £5.7m (H1 FY25: £5.3m), with lower interest
charges more than offset by unrealised net foreign exchange losses on loan
balances:
• Interest on bank borrowings decreased to £3.8m (H1 FY25: £4.0m),
reflecting lower average utilisation and a reduced margin under the
leverage-based ratchet in the facility agreement.
• Amortisation of fees remain unchanged year-on-year at £0.5m (H1
FY25: £0.5m).
• Imputed interest on the Experiences merchant accrual decreased to
£0.9m (H1 FY25: £1.1m), reflecting a lower balance. The Experiences merchant
accrual is treated as a financial liability and discounted to present value in
accordance with IFRS 9.
• Interest on lease liabilities decreased to £0.3m (H1 FY25:
£0.4m), reflecting scheduled lease repayments.
• The net foreign exchange gain/(loss) on financing activities
decreased by £0.9m year-on-year. Monetary foreign exchange movements on
Euro-denominated intercompany loan balances resulted in a £0.2m loss (H1
FY25: £0.4m gain), with the corresponding intercompany gain recognised in
other comprehensive income under IAS 21. There was also a £0.1m loss (H1
FY25: £0.2m gain) arising from the revaluation of the Group's
Euro-denominated external debt.
The Adjusted taxation charge was £7.8m (H1 FY25: £6.2m). Expressed as a
percentage of Adjusted profit before taxation, the Adjusted effective tax rate
was 25.4% (H1 FY25: 22.7%). The prior year effective tax rate was lower than
the prevailing rates of corporation tax due to the positive impact of deferred
tax movements relating to share-based payment arrangements, driven by changes
in the Group's share price. The reported taxation charge was £6.8m (H1 FY25:
£5.2m), with the difference from Adjusted taxation relating to deferred tax
on acquisition related intangible assets.
Alternative Performance Measures
The Group has identified certain Alternative Performance Measures (APMs) that
it believes provide additional useful information on the performance of the
Group. These APMs are not defined within IFRS and are not intended to
substitute or be considered as superior to IFRS measures. Furthermore, these
APMs may not necessarily be comparable to similarly titled measures used by
other companies. The Group's Directors and management use these APMs in
conjunction with IFRS measures when budgeting, planning and reviewing business
performance.
Six months ended Six months ended
31 October 2025 31 October 2024
Adjusted Adjusting IFRS Adjusted Adjusting IFRS
Measures(1)
Items(1)
Measures(1)
Items(1)
Measures Measures
EBITDA (£m) 45.0 - 45.0 41.8 (56.7) (14.9)
Depreciation and amortisation (£m) (8.9) (3.8) (12.7) (9.2) (3.9) (13.1)
EBIT (£m) 36.1 (3.8) 32.3 32.6 (60.6) (28.0)
Finance costs (£m) (5.7) - (5.7) (5.3) - (5.3)
Profit / (loss) before taxation (£m) 30.5 (3.8) 26.6 27.3 (60.6) (33.3)
Taxation (£m) (7.8) 0.9 (6.8) (6.2) 1.0 (5.2)
Profit / (loss) after taxation (£m) 22.7 (2.9) 19.9 21.1 (59.6) (38.5)
Basic earnings per share (pence) 6.9p (0.8p) 6.1p 6.1p (17.3p) (11.2p)
EBITDA margin (%) 26.7% - 26.7% 26.5% - (9.4)%
EBIT margin (%) 21.4% - 19.2% 20.7% - (17.7)%
PBT margin (%) 18.1% - 15.8% 17.3% - (21.1)%
1 See Adjusting Items at Note 5.
2 Figures in this table are individually rounded to the nearest
£0.1m. As a result, there may be minor discrepancies in the subtotals and
totals due to rounding differences.
Adjusting items comprise the following:
Six months ended Six months ended Year-on-year movement
31 October 2025 31 October 2024
Acquisition amortisation (£m) (3.8) (3.9) 0.1
Impairment of goodwill (£m) - (56.7) 56.7
Operating profit impact of Adjusting Items (£m) (3.8) (60.6) 56.8
Taxation on acquisition amortisation (£m) 0.9 1.0 (0.1)
Taxation on impairment of goodwill (£m) - - -
Taxation on Adjusting Items (£m) 0.9 1.0 (0.1)
Post-tax impact of Adjusting Items (£m) (2.9) (59.6) 56.8
Acquisition amortisation of £3.8m (H1 FY25: £3.9m) relates to the
amortisation of intangible assets arising on the acquisition of the Greetz and
Experiences segments. This is treated as an Adjusting Item as it does not
reflect the underlying performance of the Group but is a result of the
accounting requirements for a business combination under IFRS 3. Adjusted
taxation excludes the credit to reported taxation relating to the unwind of
the deferred taxation liability that was recognised alongside the intangible
assets arising on business combination.
Impairment of goodwill is classified as an Adjusting Item. The non-cash
impairment charge was £nil (H1 FY25: £56.7m), with the prior period amount
relating to Experiences.
Determining which items should be classified as Adjusting Items involves the
exercise of judgement. We do not treat share-based payment charges as
Adjusting Items on the basis that they are recurring costs associated with
delivery of financial performance. All share-based payment charges in the
current and comparative periods have been deducted from reported and Adjusted
metrics.
Six months ended Six months ended
31 October 2025 31 October 2024
Share-based payment charges (£m)(1) (1.7) (3.1)
1 Share-based payment charges are stated inclusive of a national
insurance credit of £0.7m (H1 FY25: charge of £0.5m). The credit in national
insurance reflects a true up to take into account the Group's latest
expectation of the NI which will be due on shares as they vest using the share
price at the reporting date, 31 October 2025.
Adjusted Basic EPS for H1 FY26 increased by 13.1% to 6.9p (H1 FY25: 6.1p),
reflecting the year-on-year increase in Adjusted profit after taxation and
lower weighted average basic shares due to share buybacks. After accounting
for the effect of employee share arrangements, Adjusted diluted EPS was 6.7p
(H1 FY25: 5.9p); in practice, the Group intends to satisfy future vesting
under such schemes through market purchases of shares rather than through
dilution. Reported basic EPS for H1 FY26 was an earnings per share of 6.1p (H1
FY25: loss per share of 11.2p) reflecting the charge for Adjusting Items.
Six months ended Six months ended Year-on-year growth %
31 October 2025
31 October 2024
Adjusted basic EPS (pence) 6.9 6.1 13.1%
Reported basic EPS (pence) 6.1 (11.2) N/a
Adjusted diluted EPS (pence) 6.7 5.9 13.6%
Reported diluted EPS (pence) 5.8 (10.8) N/a
Weighted average issued share capital (number of shares) 327,297,450 344,361,127 (5.0)%
Weighted average diluted share capital (number of shares) 340,332,490 357,904,639 (4.9%)
Opening issued share capital (number of shares) 333,845,736 343,310,015 (2.8%)
Closing issued share capital (number of shares)(1) 320,362,508 344,904,179 (7.1)%
1 As at 31 October 2025, Moonpig Group plc's ordinary weighted
average issued share capital consisted of 327,562,177 ordinary shares. After
deducting 264,727 ordinary shares held by the EBT (weighted average), closing
weighted average issued share capital is 327,297,450.
The calculation of basic EPS is based on the weighted average number of
ordinary shares outstanding. The movement in issued share capital during the
period reflects:
• The cancellation of 13,483,228 (H1 FY25: nil) shares during the
period, in connection with the operation of the Group's share buyback
programme.
• The issue of nil shares (H1 FY25: 1,594,164) to settle employee
share awards. The Group moved in H1 FY26 to using market purchases of shares
by the EBT to settle future share scheme vesting, subject to this remaining
EPS-accretive at the prevailing share price.
In H1 FY26, the EBT purchased 820,000 shares, most of which have since been
used to satisfy awards that have vested, with the remainder held to meet
future obligations under the plans. In accordance with IAS 33, shares held by
the EBT are included in closing issued share capital but are treated as
treasury shares and are excluded from the weighted average number of shares in
issue for the purposes of calculating EPS from the date of acquisition until
they are transferred to employees.
Free Cash Flow
The Group is cash generative on an annual basis, with cash inflows strongly
weighted into the second half of each financial year. In H1 FY26, Free Cash
Flow (FCF) was £8.6m (H1 FY25: £10.1m). On a last twelve months basis, Free
Cash Flow was £64.5m (last twelve months ended 31 October 2024: £63.7m).
Adjusted operating cash flow, which includes capital expenditure, was £17.5m
(H1 FY25: £17.6m), representing Adjusted operating cash conversion rate of
39% (H1 FY25:42%).
Six months ended Six months ended
31 October 2025 31 October 2024
Adjusted Measures(1) Adjusting Items(1) IFRS Adjusted Measures(1) Adjusting Items(1) IFRS
Measures
Measures
£m £m £m £m £m £m
Profit before tax 30.5 (3.8) 26.6 27.3 (60.6) (33.3)
Add back: Net finance costs 5.7 - 5.7 5.3 - 5.3
Add back: Depreciation and amortisation 8.9 3.8 12.7 9.2 3.9 13.1
EBITDA(2) 45.0 - 45.0 41.8 (56.7) (14.9)
Adjust: Impact of share-based payments(3) 2.5 - 2.5 2.5 - 2.5
Add back: Increase in inventories (2.4) - (2.4) (1.6) - (1.6)
Add back: Increase in receivables (1.7) - (1.7) (0.7) - (0.7)
Add back: Decrease in Experiences merchant accrual (13.2) - (13.2) (12.5) - (12.5)
Add back: Decrease in trade and other payables (3.7) - (3.7) (5.0) - (5.0)
Add back: Impairment of goodwill - - - - 56.7 56.7
Add back: Loss on foreign exchange - - - 0.1 - 0.1
Less: Research and development tax credits (0.1) - (0.1) (0.1) - (0.1)
Cash generated from operations 26.4 - 26.4 24.5 - 24.5
Less: Income tax paid (8.9) - (8.9) (7.5) - (7.5)
Net cash generated from operating activities 17.5 - 17.5 17.0 - 17.0
Capital expenditure (9.0) - (9.0) (7.0) - (7.0)
Bank interest received 0.1 - 0.1 0.1 - 0.1
Net cash used in investing activities (8.9) - (8.9) (6.9) - (6.9)
Free Cash Flow (FCF)(2) 8.6 - 8.6 10.1 - 10.1
EBITDA to FCF conversion %(2) 19% 19% 24% (68%)
Cash generated from operations 26.4 - 26.4 24.5 - 24.5
Less: Capital expenditure (9.0) - (9.0) (7.0) - (7.0)
Less: Loss on foreign exchange - - - (0.1) - (0.1)
Add back: Research and development tax credits 0.1 - 0.1 0.1 - 0.1
Operating cash flow(2) 17.5 - 17.5 17.6 - 17.6
Operating cash conversion %(2) 39% 39% 42% (118%)
1 See Adjusting Items at Note 5.
2 EBITDA, Free Cash Flow (FCF), FCF conversion, operating cash flow
and operating cash conversion are non-IFRS measures. FCF is defined as net
cash generated from operating activities less net cash used in investing
activities; it excludes proceeds from or payments for mergers and acquisitions
but (as a practical expedient and for greater consistency with IAS 7
classification of cash flows) is not adjusted to exclude bank interest
received. Adjusted operating cash conversion, which is defined as the ratio of
operating cash flow to Adjusted EBITDA, informs management and investors about
the cash operating cycle of the business and how efficiently operating profit
is converted into cash.
3 The adjusted add-back relates to non-cash share-based payment
charges of £2.5m (H1 FY25: £2.5m) arising from the operation of post-IPO
Remuneration Policy.
4 Figures in this table are individually rounded to the nearest
£0.1m. As a result, there may be minor discrepancies in the subtotals and
totals due to rounding differences.
Cash generated from operations increased to £26.4m (H1 FY25: £24.5m), driven
by an increase in Adjusted EBITDA to £45.0m (H1 FY25: £41.8m).
Key working capital movements were as follows:
• Inventory increased by £2.4m (H1 FY25: £1.6m increase),
reflecting lower opening inventory at 30 April 2025 following tight year-end
inventory management. Net inventory at 31 October 2025 was £10.9m (H1 FY25:
£8.7m).
• The Experiences merchant accrual decreased by £13.2m (H1 FY25:
£12.5m decrease), reflecting the seasonality of voucher sales (typically
weighted to H2) and voucher redemptions (weighted to H1), which trigger
payments to merchants.
• Trade and other payables decreased by £3.7m (H1 FY25: £5.0m
decrease), reflecting normal seasonality. At year-end, trade creditors include
additional balances relating to trading around Valentine's Day (February) and
UK Mother's Day (March), which are settled in the next financial year.
Capital expenditure increased to £9.0m (H1 FY25: £7.0m), driven by
additional investment at our UK fulfilment centre in Tamworth. This included
spend on new printing machinery to support the insourcing of giant card
production and automation equipment for package sortation to enable multiple
fulfilment options for gifts.
There has been no change in the Group's accounting policies or practices
relating to the capitalisation of costs as internally generated intangible
assets. We continue to amortise internally generated intangible assets over a
relatively short useful life of three years.
Net debt
As expected, net debt increased during H1 FY26. Operating cash inflows are
typically weighted towards the second half of the financial year, while
financing outflows, including share buybacks, occur more evenly through the
year. Net debt increased to £124.3m (30 April 2025: £96.0m). Net debt is a
non-GAAP measure defined as total borrowings, inclusive of bank overdrafts,
less cash and cash equivalents and including lease liabilities. The Group
continues to manage leverage within its stated capital allocation policy.
Net leverage increased to 1.24x (30 April 2025: 0.99x), calculated as the
ratio of Net Debt to last twelve months' Adjusted EBITDA. The movement in net
debt and related ratios is summarised in the table below.
As at As at As at
31 October 2025 31 October 2024 30 April 2025
£m £m £m
Borrowings(1) (120.5) (117.2) (95.1)
Bank overdraft (2.5) - -
Cash and cash equivalents 10.9 12.4 12.6
Borrowings less cash and cash equivalents (112.1) (104.8) (82.5)
Lease liabilities (12.2) (14.7) (13.5)
Net debt (124.3) (119.5) (96.0)
Last twelve months' Adjusted EBITDA 100.0 95.9 96.8
Net debt to last twelve months' Adjusted EBITDA 1.24:1 1.25:1 0.99:1
Committed debt facilities (£m) 180.0 180.0 180.0
1 Borrowings are stated net of capitalised loan arrangement fees
and hedging instrument fees of £1.5m as at 31 October 2025 (31 October
2024: £1.7m, 30 April 2025: £1.8m).
Reflecting the Group's seasonally strong cash generation in the second half of
the year, net leverage is expected to reduce to around 1.0x at 30 April 2026,
consistent with the Group's medium-term target. This constant 1.0x target
ratio implies that, over time, net debt will grow broadly in line with
Adjusted EBITDA as the Group expands. The Group's debt facility and covenant
headroom provide flexibility to support this trajectory.
The Group's debt facilities comprise a £180.0m committed revolving credit
facility with a maturity date of 28 February 2029. Borrowings are subject to
interest at a margin over the reference rate, with a margin of 200bps for net
leverage of 1.0x or lower and 225bps for net leverage of 1.5x or lower,
thereafter stepping up based on a margin ratchet to a maximum of 300bps for
net leverage above 2.5x. Facility covenants are tested semi-annually and
comprise a maximum net debt to Adjusted EBITDA ratio of 3.0x and minimum
Adjusted EBITDA interest cover ratio of 3.5x.
The Group hedges part of its interest rate exposure on a rolling basis. As at
the current date, several layered SONIA interest rate cap instruments are in
place with strike rates of between 4.0% and 5.0% on total notional of £75.0m
until 31 October 2027. Further details are set out in Note 16.
Capital allocation
Our capital allocation policy remains unchanged and sets out a clear
hierarchy. Investment to support organic growth - including continued
investment in technology development, customer acquisition and operational
automation - remains the highest priority, followed by dividends, then
selective, value-accretive M&A and finally the repurchase of shares where
excess capital is available. Our organic growth priorities are appropriately
funded and significant M&A is not currently in contemplation, therefore
our focus remains on returning excess capital to shareholders.
Six months ended Six months ended
31 October 2025 31 October 2024
Free Cash Flow(1) 8.6 10.1
Interest and fees paid on borrowings, leases and hedging instruments (4.1) (4.3)
Net drawdown/(repayment) of borrowings 25.0 (1.3)
Net repayment of lease liabilities (1.6) (1.6)
Purchase of own shares for cancellation (30.1) -
Option cost received on Save As You Earn exercises 0.1 -
Purchase of own shares by Employee Benefit Trust (1.8) -
Net cash used in financing activities (12.6) (7.2)
Differences on exchange (0.3) (0.1)
(Decrease)/increase in cash and cash equivalents in the period (4.2) 2.8
1 Free Cash Flow (FCF) is a non-IFRS measure. FCF is defined as net
cash generated from operating activities less net cash used in investing
activities; it excludes proceeds from or payments for mergers and acquisitions
but (as a practical expedient and for greater consistency with IAS 7
classification of cash flows) is not adjusted to exclude bank interest
received.
The Company's dividend policy is to maintain robust dividend cover of between
3x and 4x in the medium term, with dividends growing at least in line with
Adjusted Earnings Per Share. The total dividend for FY25 was 3.00 pence per
share, representing cover of 5.0x based on Adjusted Basic EPS. To maintain
progress towards the medium-term cover target, and reflecting the Group's
progressive dividend policy, the Board has declared an interim dividend of
1.25 pence per share (H1 FY25: interim dividend of 1.00 pence), an increase of
25% year-on-year. The dividend will be paid on 19 March 2026 to shareholders
on the register at the close of business on 20 February 2026.
The Group completed its inaugural £25.0m share buyback programme in H2 FY25,
of which £24.3m was a cash outflow in the year with the remainder included in
year-end payables pending settlement. For FY26, the Board announced its
intention to repurchase up to £60.0m of shares, to be executed through two
separate programmes of £30.0m each in H1 and H2 respectively. The Company's
policy is to undertake share repurchases only where they are EPS enhancing and
funded from excess capital.
The H1 FY26 programme was completed during the period, with the Group
purchasing a total of 13,436,872 ordinary shares for total consideration of
£30.0m, including transaction costs, of which £29.4m was a cash outflow in
the period with the remainder included in payables pending settlement. An
additional £0.7m was paid during the period relating shares purchases made as
part of the H2 FY25 repurchase programme but not cancelled until H1 FY26. The
average effective purchase price for the H1 FY26 programme was 221.7 pence per
share. All purchased shares were subsequently cancelled, with 13,167,157
cancelled as at 31 October 2025 and a further 269,715 transferred to the
registrar for cancellation post period-end. 316,071 shares relating to the H2
FY25 repurchase programme were also cancelled in H1 FY26 taking the total
cancelled during the period to 13,483,228.
This financial year, the Group has transitioned to settling obligations under
employee share plans through market purchases of shares, subject to the
prevailing share price. Accordingly, the EBT purchased 820,000 shares for
aggregate consideration of £1.8m (including stamp duty and expenses) during
H1 FY26. At the start of H2 FY26, it completed a further purchase of 1,888,481
shares for aggregate consideration of £4.0m (including stamp duty and
expenses). These purchases are in addition to the Group's buyback programmes.
Distributable reserves
As at 31 October 2025, the Company balance sheet held distributable reserves
of £522.8m (April 2025: £559.6m), comprising retained earnings and the
share-based payments reserve. The Company's ability to distribute capital
depends on parent company reserves rather than consolidated reserves.
The consolidated balance sheet shows net liabilities, a key contributory
factor being the £993.0m merger reserve - a debit balance in equity arising
from the pre-IPO reorganisation, accounted for under common control merger
accounting. Further details on this accounting treatment are set out on page
60 of the FY25 Annual Report and Accounts.
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.
Technical guidance
Capital expenditure Our medium-term target for tangible and intangible capital expenditure is
approximately 4% to 5% of revenue.
We expect capital expenditure of around £17m in FY26 as we continue to invest
in insourcing and automation at our UK fulfilment centre.
Depreciation and amortisation Depreciation and amortisation are expected to be approximately £19m in FY26.
This includes the depreciation of tangible fixed assets (including
right-of-use assets) and amortisation of internally generated intangible
assets. It excludes amortisation of acquisition-related intangible assets.
This expectation is below the previously guided range, reflecting the later
commencement of amortisation on commissioning of projects. With higher
expected FY26 capital expenditure, the charge for depreciation and
amortisation is likely to increase in future periods.
Net finance costs Net finance costs are expected to be approximately £11m in FY26. This
represents a modest increase on our previous expectations, reflecting
unrealised net foreign exchange movements on loan balances in H1. It includes
around £7m of interest on bank borrowings and approximately £2m of deemed
interest on the Experiences merchant accrual. The remainder relates to
interest on leases and the amortisation of arrangement fees on debt facilities
and hedging instruments.
Beyond FY26, and excluding movements in reference rates, net finance costs are
expected to rise in line with Adjusted EBITDA, as net debt increases to
maintain net leverage of approximately 1.0x.
Taxation We expect an effective tax rate of between 25% and 26% of reported profit
before taxation in FY26 and thereafter. Adjusted taxation charge excludes
credits relating to the unwind of deferred tax liabilities recognised on
acquisition-related intangible assets, consistent with the treatment of the
related acquisition amortisation.
Working capital We expect the Experiences merchant accrual to vary broadly in line with
trading performance at that segment. Other working capital balances are
expected to reflect overall Group revenue growth trends.
Net leverage We expect net leverage to be approximately 1.0x as at 30 April 2026,
calculated as the ratio of Net Debt to last twelve months' Adjusted EBITDA,
calculated on an IFRS16 basis with net debt inclusive of lease liabilities.
The Group targets medium-term net leverage of around 1.0x, with flexibility to
move beyond this as business needs require.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors confirm that these Condensed Consolidated Interim Financial
Statements have been prepared in accordance with UK adopted International
Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure
Guidance and Transparency Rules sourcebook of the United Kingdom's Financial
Conduct Authority and that the interim management report includes a fair
review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:
• An indication of important events that have occurred during
the first six months and their impact on the condensed set of financial
statements, and a description of the principal risks and uncertainties for the
remaining six months of the financial year; and
• Material related-party transactions in the first six months
and any material changes in the related-party transactions described in the
last annual report.
On behalf of the Board
Nickyl Raithatha Andy MacKinnon
Chief Executive Officer Chief Financial
Officer
8 December 2025 8 December 2025
Condensed Consolidated Interim Financial Statements
Condensed Consolidated Income Statement
For the six months ended 31 October 2025
Six months ended Six months ended
31 October 2025 31 October 2024
Before Adjusting Items Adjusting Items Total Before Adjusting Items Adjusting Items Total
(Note 5, 23) (Note 5, 23)
Note £000 £000 £000 £000 £000 £000
Revenue 3 168,581 - 168,581 157,989 - 157,989
Cost of sales 4 (71,546) - (71,546) (64,438) - (64,438)
Gross profit 97,035 - 97,035 93,551 - 93,551
Selling and administrative expenses (61,566) (3,829) (65,395) (61,576) (60,630) (122,206)
Other income 680 - 680 672 - 672
Operating profit/(loss) 36,149 (3,829) 32,320 32,647 (60,630) (27,983)
Finance income 6 50 - 50 110 - 110
Finance costs 6 (5,723) - (5,723) (5,410) - (5,410)
Profit/(loss) before taxation 30,476 (3,829) 26,647 27,347 (60,630) (33,283)
Taxation 7 (7,755) 964 (6,791) (6,193) 990 (5,203)
Profit/(loss) after taxation 22,721 (2,865) 19,856 21,154 (59,640) (38,486)
Profit/(loss) attributable to:
Equity holders of the Company 22,721 (2,865) 19,856 21,154 (59,640) (38,486)
Earnings per share (pence)
Basic 9 6.9 (0.8) 6.1 6.1 (17.3) (11.2)
Diluted 9 6.7 (0.9) 5.8 5.9 (16.7) (10.8)
All activities relate to continuing operations.
The accompanying notes are an integral part of these Condensed Consolidated
Interim Financial Statements.
Condensed Consolidated Statement of Comprehensive Income
For the six months ended 31 October 2025
Six months ended Six months ended
31 October 2025 31 October 2024
£000 £000
Profit/(loss) for the period 19,856 (38,486)
Items that may be reclassified to profit or loss
Exchange differences on translation of foreign operations 330 (694)
Cash flow hedge:
Fair value changes in the period - 11
Cost of hedging reserve 50 72
Fair value movements on cash flow hedges transferred to the profit or loss - (740)
Deferred tax on other comprehensive income (70) 207
Current tax on other comprehensive income 15 -
Total other comprehensive income/(expense) 325 (1,144)
Total comprehensive income/(expense) for the period 20,181 (39,630)
The accompanying notes are an integral part of these Condensed Consolidated
Interim Financial Statements.
Condensed Consolidated Balance Sheet
As at 31 October 2025
Note At 31 October At 31 October At 30 April
2025 2024 2025
£000 £000 £000
Non-current assets
Intangible assets 10 134,118 142,878 137,310
Property, plant and equipment 11 23,515 24,496 23,235
Other non-current assets 13 1,620 1,598 1,605
Financial derivatives 19 - 37 -
159,253 169,009 162,150
Current assets
Inventories 12 10,936 8,664 8,480
Trade and other receivables 13 7,565 7,230 5,858
Current tax receivable 245 - 844
Financial derivatives 19 - 106 5
Cash and cash equivalents 10,941 12,407 12,649
29,687 28,407 27,836
Total assets 188,940 197,416 189,986
Current liabilities
Trade and other payables 14 51,579 47,325 53,599
Experiences merchant accrual 28,080 32,804 40,374
Dividend payable 8 6,421 - -
Provisions for other liabilities and charges 2,233 1,536 2,252
Current tax payable 998 383 3,217
Contract liabilities 5,365 4,454 5,774
Lease liabilities 15 3,324 3,183 3,214
Bank overdraft 2,533 - -
Borrowings 16 69 94 111
100,602 89,779 108,541
Non-current liabilities
Trade and other payables 14 1,298 1,750 2,564
Borrowings 16 120,480 117,148 94,985
Lease liabilities 15 8,835 11,561 10,284
Deferred tax liabilities 4,812 7,100 4,287
Provisions for other liabilities and charges 2,663 2,548 2,542
138,088 140,107 114,662
Total liabilities 238,690 229,886 223,203
Equity
Share capital 18 32,036 34,490 33,384
Share premium 18 278,083 278,083 278,083
Merger reserve 18 (993,026) (993,026) (993,026)
Retained earnings 592,664 609,840 609,589
Own shares held 18 (1,217) - (738)
Other reserves 18 41,710 38,143 39,491
Total equity (49,750) (32,470) (33,217)
Total equity and liabilities 188,940 197,416 189,986
The accompanying notes are an integral part of these Condensed Consolidated
Interim Financial Statements.
Condensed Consolidated Statement of Changes in Equity
For the six months ended 31 October 2025
Note Share capital Share Merger Retained earnings Own shares held Other Total
premium reserve reserves equity
£000 £000 £000 £000 £000 £000 £000
Balance at 1 May 2024 34,331 278,083 (993,026) 642,056 - 42,392 3,836
Loss for the period - - - (38,486) - - (38,486)
Other comprehensive expense for the period 18 - - - - - (1,144) (1,144)
Total comprehensive expense for the period - - - (38,486) - (1,144) (39,630)
Share-based payments 17,18 - - - - - 2,543 2,543
Deferred tax on share-based payments - - - - - 781 781
Share options exercised 17,18 - - - 6,270 - (6,429) (159)
Issue of ordinary shares 17,18 159 - - - - - 159
As at 31 October 2024 34,490 278,083 (993,026) 609,840 - 38,143 (32,470)
Profit for the period - - - 27,406 - - 27,406
Other comprehensive expense for the period 18 - - - - - (78) (78)
Total comprehensive income/(expense) for the period - - - 27,406 - (78) 27,328
Share-based payments 17,18 - - - - - (704) (704)
Deferred tax on share-based payments - - - - - 992 992
Current tax on share-based payments - - - - - 32 32
Own shares purchased for cancellation 18 - - - - (25,000) - (25,000)
Own shares cancelled 18 (1,106) - - (24,262) 24,262 1,106 -
Dividends paid to equity holders 8 - - - (3,395) - - (3,395)
As at 30 April 2025 33,384 278,083 (993,026) 609,589 (738) 39,491 (33,217)
Profit for the period - - - 19,856 - - 19,856
Other comprehensive income for the period - - - - - 325 325
Total comprehensive income for the period - - - 19,856 - 325 20,181
Share-based payments 17,18 - - - - - 2,473 2,473
Deferred tax on share-based payments - - - - - (1,109) (1,109)
Current tax on share-based payments - - - - - 37 37
Share options exercised 17,18 - - - (211) 1,199 (855) 133
Own shares purchased for treasury 18 - - - - (1,827) - (1,827)
Own shares purchased for cancellation 18 - - - - (30,000) - (30,000)
Own shares cancelled 18 (1,348) - - (30,149) 30,149 1,348 -
Dividends declared to equity holders 8 - - - (6,421) - - (6,421)
As at 31 October 2025 32,036 278,083 (993,026) 592,664 (1,217) 41,710 (49,750)
The accompanying notes are an integral part of these Condensed Consolidated
Interim Financial Statements.
Condensed Consolidated Cash Flow Statement
For the six months ended 31 October 2025
Note Six months ended Six months ended
31 October 2025 31 October 2024
£000 £000
Cash flow from operating activities
Profit/(loss) before taxation 26,647 (33,283)
Adjustments for:
Depreciation and amortisation 10, 11 12,693 13,089
Impairment of goodwill 5, 10 - 56,700
Net foreign exchange loss on operating activities 49 85
Net finance costs 6 5,673 5,300
R&D tax credit (145) (145)
Share-based payment charges (net of National Insurance) 17 2,473 2,543
Changes in working capital:
Increase in inventories (2,411) (1,599)
Increase in trade and other receivables (1,690) (662)
Decrease in trade and other payables (3,680) (4,981)
Decrease in Experiences merchant accrual (13,175) (12,500)
Cash generated from operating activities 26,434 24,547
Income tax paid (8,909) (7,531)
Net cash generated from operating activities 17,525 17,016
Cash flow from investing activities
Capitalisation of intangible assets 10 (5,965) (6,139)
Purchase of property, plant and equipment 11 (3,009) (845)
Bank interest received 6 50 110
Net cash used in investing activities (8,924) (6,874)
Cash flow from financing activities
Proceeds from new borrowings 16 25,000 -
Repayment of borrowings 16 - (1,256)
Payment of interest rate cap premium (42) -
Interest paid on borrowings 16 (3,821) (4,727)
Interest received on swap and cap derivatives - 740
Lease liabilities paid 15 (1,603) (1,632)
Interest paid on leases 15 (280) (356)
Own shares purchased for cancellation 18 (30,149) -
Purchase of own shares by Employee Benefit Trust 18 (1,827) -
Option cost received on Save As You Earn exercises 134 -
Net cash used in financing activities (12,588) (7,231)
Net cash flows (used in)/generated from operating, investing and financing (3,987) 2,911
activities
Differences on exchange (254) (148)
(Decrease)/increase in cash and cash equivalents in the period (4,241) 2,763
Net cash and cash equivalents at the beginning of the period 12,649 9,644
Net cash and cash equivalents at the end of the period(1) 8,408 12,407
1 Cash and cash equivalents is shown net of bank overdrafts.
Gross cash is £10,941,000, with an overdraft of £2,533,000.
The accompanying notes are an integral part of these Condensed Consolidated
Interim Financial Statements.
Notes to the Condensed Consolidated Interim Financial Statements
1 General information
Moonpig Group plc (the "Company" or "Parent Company") is a public limited
company incorporated in the United Kingdom under the Companies Act 2006, whose
shares are traded on the London Stock Exchange. The Condensed Consolidated
Interim Financial Statements of the Company as at and for the period ended
31 October 2025 comprise the Company and its interest in subsidiaries
(together referred to as the "Group"). The Company is domiciled in the United
Kingdom and its registered address is Herbal House, 10 Back Hill, London, EC1R
5EN, United Kingdom. The Company's Legal Entity Identifier ("LEI") number is
213800VAYO5KCAXZHK83.
Basis of preparation
The annual financial statements of Moonpig Group plc will be prepared in
accordance with International Accounting Standards in conformity with the
requirements of the Companies Act 2006. The annual financial statements will
also comply with International Financial Reporting Standards ("IFRS") as
adopted by the United Kingdom. These Condensed Consolidated Interim Financial
Statements for the six months ended 31 October 2025 have been prepared in
accordance with UK adopted International Accounting Standard ("IAS") 34,
'Interim Financial Reporting' and the Disclosure Guidance and Transparency
Rules of the United Kingdom's Financial Conduct Authority.
These Condensed Consolidated Interim Financial Statements do not constitute
statutory accounts as defined by the Companies Act 2006, Section 435. This
report should be read in conjunction with the Group's Annual Report and
Accounts as at and for the year ended 30 April 2025 ("last Annual Report and
Accounts"), which were prepared in accordance with IFRSs as adopted by the
United Kingdom. The last Annual Report and Accounts have been filed with the
Registrar of Companies. The auditors' report on these accounts was
unqualified.
All figures presented are rounded to the nearest thousand (£000), unless
otherwise stated.
The Condensed Consolidated Interim Financial Statements have been prepared on
a going concern basis and under the historical cost convention.
The Condensed Consolidated Interim Financial Statements were approved by the
Board of Directors on 8 December 2025 and have been reviewed and not audited
by PricewaterhouseCoopers LLP, the auditors, and its report is set out at the
end of this document.
Going concern
These Condensed Consolidated Interim Financial Statements have been prepared
on a going concern basis.
The Group is in a net current liability position of £70,915,000 (31 October
2024: £61,372,000) due to its negative working capital position, which
reflects the nature of the Group's operations and continues to support strong
cash generation. The Group has continued to generate positive operating cash
flow and finished the period with liquidity headroom of £66,441,000
(31 October 2024: £73,545,000) comprising gross cash and unutilised
committed facilities.
The Group's debt facilities consist of a £180,000,000 committed revolving
credit facility (the "RCF"), with a maturity date of 28 February 2029. Amounts
drawn under the RCF bear interest at a floating reference rate plus a margin.
The reference rates are SONIA for loans in Sterling, EURIBOR for loans in
Euros and SOFR for loans in US Dollars. As at 31 October 2025 the Group had
drawn down £118,000,000 and €4,500,000 of the available revolving credit
facility (31 October 2024: £113,000,000 and €7,000,000).
The Group hedges its interest rate exposure on a rolling basis. As at the
current date, several layered SONIA interest rate cap instruments are in place
with strike rates of between 4.0% and 5.0% on a total notional of £75.0m
until 31 October 2027. Further details are set out at Note 16.
The RCF is subject to two covenants, each tested at six-monthly intervals. The
leverage covenant, measuring the ratio of net debt to last twelve months'
Adjusted EBITDA (excluding share-based payments, as specified in the
facilities agreement), is a maximum of 3.0x for the remaining term of the
facility. The interest cover covenant, measuring the ratio of last twelve
months' Adjusted EBITDA (excluding share-based payments, as specified in the
facilities agreement) to the total of net bank interest payable and interest
payable on leases, is a minimum of 3.5x for the term of the facility. The
Group has complied with all covenants from entering the RCF until the date of
these Condensed Consolidated Interim Financial Statements and is forecast to
comply with these during the going concern assessment period.
The Directors have also reviewed a severe but plausible downside scenario and
the resulting impact on the Group's performance and position. The downside
scenario models a significant technology security incident with an associated
data breach, which renders the Moonpig and Greetz technology platform
inaccessible for a period of one month during a peak trading period.
Additionally, we modelled a reduction in revenue of 5% to take account of
resulting damage to reputation in each of the assessment years and assumed
that the Group receives the maximum possible fine of £17.5m under the General
Data Protection Regulation ("GDPR") in one of its countries of operation. In
this scenario, the Group continues to have sufficient resources to continue in
operational existence. In the event that more severe impacts occur,
controllable mitigating actions are available to the Group should they be
required.
The Directors also reviewed the results of reverse stress testing performed
throughout the going concern period, to provide an illustration of the extent
to which existing customer purchase frequency and levels of new customer
acquisition would need to deteriorate in order that their cumulative effect
should either trigger a breach in the Group's covenants under the RCF or else
exhaust liquidity. The probability of this scenario occurring was deemed to be
remote given the resilient nature of the business model and strong cash
conversion of the Group.
After making enquiries, the Directors have a reasonable expectation that the
Group has adequate resources to continue in operational existence for at least
12 months from the date of signing the Condensed Consolidated Interim
Financial Statements.
Accounting policies
The Condensed Consolidated Interim Financial Statements have been prepared in
accordance with the accounting policies set out on pages 138-144 of the
Group's Annual Report and Accounts for the year ended 30 April 2025.
Taxation
Taxes on income in the interim periods are accrued using the effective tax
rate that would be applicable to expected annual profit or loss.
Critical accounting judgements and estimates
In preparing these Condensed Consolidated Interim Financial Statements,
management has made judgements and estimates that affect the application of
the accounting policies and the reported amounts of assets, liabilities,
income and expenses. Actual results may differ from these estimates. Estimates
and underlying assumptions are reviewed on an ongoing basis. Revisions to
estimates are recognised prospectively.
The area of judgement which has the greatest potential effect on the amounts
recognised in these Condensed Consolidated Interim Financial Statements is the
capitalisation of internally generated assets, whilst the areas of estimates
that have the greatest potential effect are the useful life of internally
generated assets, the Experiences merchant accrual and the carrying amount of
Experiences segment Goodwill. These are consistent with matters disclosed on
pages 137-138 in the last Annual Report and Accounts.
2 Segmental analysis
The chief operating decision maker ("CODM") reviews external revenue, Adjusted
EBITDA and Adjusted EBIT to evaluate segment performance and allocate
resources to the overall business. Adjusted EBITDA and Adjusted EBIT are
non-GAAP measures. Adjustments are made to the statutory IFRS results to
arrive at an underlying result which is in line with how the business is
managed and measured on a day-to-day basis. Adjustments are made for items
that are individually important to understand the financial performance. If
included, these items could distort understanding of the performance for the
period and the comparability between periods. Management applies judgement in
determining which items should be excluded from underlying performance. See
Note 5 for details of these adjustments.
The Group is organised and managed based on its segments, namely Moonpig (UK,
Ireland, Australia and US), Greetz (Netherlands) and Experiences (UK). These
are the reportable and operating segments for the Group as they form the focus
of the Group's internal reporting systems and are the basis used by the CODM
for assessing performance and allocating resources.
Most of the Group's revenue is derived from the sale of cards, gifts and
related services to consumers, or from the distribution of gift experiences
acting as agent. No single customer accounted for 10% or more of the Group's
revenue.
Finance income and expense are not allocated to the reportable segments, as
treasury activities are managed centrally.
In common with many retailers, revenue and trading profit are subject to
seasonal fluctuations and are weighted towards the second half of the year
which includes the majority of the Group's peak trading periods.
The Group's measure of segment profit and Adjusted EBIT excludes Adjusting
Items; refer to the Alternative Performance Measures ("APMs") at Note 23 for
calculation.
For the six months ended 31 October 2025:
Note Moonpig Greetz Experiences Group
£000 £000 £000 £000
Revenue 129,973 25,063 13,545 168,581
Cost of sales (57,477) (13,394) (675) (71,546)
Gross profit 72,496 11,669 12,870 97,035
Adjusted EBITDA 39,033 3,851 2,129 45,013
Depreciation and amortisation(1) (6,550) (648) (1,666) (8,864)
Adjusted EBIT 32,483 3,203 463 36,149
Adjusting Items 5
Amortisation on acquired intangibles - (896) (2,933) (3,829)
Operating profit 32,483 2,307 (2,470) 32,320
Finance income 6 50
Finance costs 6 (5,723)
Profit before taxation 26,647
Taxation charge 7 (6,791)
Profit for the period 19,856
For the six months ended 31 October 2024:
Note Moonpig Greetz Experiences Group
£000 £000 £000 £000
Revenue 118,784 24,335 14,870 157,989
Cost of sales (50,475) (13,096) (867) (64,438)
Gross profit 68,309 11,239 14,003 93,551
Adjusted EBITDA 36,899 2,887 2,020 41,806
Depreciation and amortisation(1) (7,262) (894) (1,003) (9,159)
Adjusted EBIT 29,637 1,993 1,017 32,647
Adjusting Items 5
Amortisation on acquired intangibles - (881) (3,049) (3,930)
Impairment of goodwill 10 - - (56,700) (56,700)
Operating profit 29,637 1,112 (58,732) (27,983)
Finance income 6 110
Finance costs 6 (5,410)
Profit before taxation (33,283)
Taxation charge 7 (5,203)
Loss for the period (38,486)
1 Excludes amortisation arising on Group consolidation of
intangibles, which is classified as an Adjusting Item - see Note 5.
The following table shows the information regarding assets by segment that
reconciles to the consolidated results of the Group.
As at 31 October 2025:
Moonpig Greetz Experiences Group
£000 £000 £000 £000
Non-current assets(1) 32,821 19,784 105,028 157,633
Capital expenditure(2) (2,963) (46) - (3,009)
Intangible expenditure (4,771) - (1,194) (5,965)
As at 31 October 2024:
Moonpig Greetz Experiences Group
£000 £000 £000 £000
Non-current assets(1) 34,705 21,400 111,269 167,374
Capital expenditure(2) (523) (314) (8) (845)
Intangible expenditure (4,543) (14) (1,582) (6,139)
1 Comprises intangible assets and property, plant and equipment
(inclusive of ROU assets).
2 Includes ROU assets capitalised in each period.
3 Revenue
The following table shows revenue by segment and by geography that reconciles
to the consolidated revenue for the Group. The geographical split of revenue
is based on the website from which the customer order is placed.
For the six months ended 31 October 2025:
Moonpig Greetz Experiences Group
£000 £000 £000 £000
UK 123,367 - 13,545 136,912
Netherlands - 25,063 - 25,063
Ireland 2,657 - - 2,657
Australia 2,624 - - 2,624
US 1,325 - - 1,325
Total external revenue 129,973 25,063 13,545 168,581
For the six months ended 31 October 2024:
Moonpig Greetz Experiences Group
£000 £000 £000 £000
UK 113,791 - 14,870 128,661
Netherlands - 24,335 - 24,335
Ireland 2,063 - - 2,063
Australia 2,012 - - 2,012
US 918 - - 918
Total external revenue 118,784 24,335 14,870 157,989
The revenue for the period was made up as follows:
Six months ended Six months ended
31 October 2025 31 October 2024
£000 £000
Recognised at a point in time 164,581 155,312
Recognised over time 4,000 2,677
Total external revenue 168,581 157,989
4 Cost of sales
Re-presented
Six months ended Six months ended
31 October 2025 31 October 2024
£000 £000
Wages and salaries (4,161) (3,315)
Inventories (24,668) (22,745)
Shipping and logistics (41,018) (36,591)
Depreciation on warehouses and machinery (1,699) (1,787)
Total cost of sales (71,546) (64,438)
1 For the prior period, £2,643,000 has been reclassified from
wages and salaries to shipping and logistics, representing the labour cost
component of the Group's third-party fulfilment costs.
5 Adjusting Items
Six months ended Six months ended
31 October 2024
31 October 2025
£000 £000
Impairment of goodwill (see Note 10) - (56,700)
Total adjustments to Adjusted EBITDA - (56,700)
Amortisation of acquired intangibles (3,829) (3,930)
Total adjustments to Adjusted EBIT (3,829) (60,630)
Six months ended Six months ended
31 October 2025 31 October 2024
£000 £000
Tax impact of impairment of goodwill - -
Tax impact of amortisation of acquired intangibles 964 990
Tax impact of Adjusting Items 964 990
Amortisation on acquired intangibles
Acquisition amortisation is a non-cash expense relating to intangible assets.
These expenses are excluded from Adjusted earnings because they are
non-operational and do not represent the underlying performance of the
business. The costs are adjusted for to present a clearer picture of the
Group's ongoing operational performance.
Cash paid in H1 FY26 relating to Adjusting Items totalled £nil (H1 FY25:
£6,004,000). The prior period amount relates to the settlement of pre-IPO
one-off compensation arrangements, including employer's national insurance
contributions, that vested in FY24. There was no charge to the income
statement during H1 FY25.
6 Net finance costs
Six months ended Six months ended
31 October 2025 31 October 2024
£000 £000
Bank interest receivable 50 110
Interest payable on leases (280) (350)
Bank interest payable (3,778) (4,012)
Amortisation of capitalised borrowing costs (361) (254)
Amortisation of interest rate cap premium (97) (201)
Interest on discounting of financial liability (882) (1,147)
Net foreign exchange (loss)/gain on financing activities (325) 554
Net finance costs (5,673) (5,300)
7 Taxation
Six months ended Six months ended
31 October 2025 31 October 2024
£000 £000
Total current tax (7,446) (6,017)
Total deferred tax 655 814
Total tax charge in the income statement (6,791) (5,203)
The main rate of corporation tax for the UK is 25% (H1 FY25: 25%). For the
Netherlands companies, the first €200,000 of profits are taxed at 19% (H1
FY25: 19%), thereafter at 25.8% (H1 FY25: 25.8%).
8 Dividends
An interim dividend of 1.25 pence per share for the six months ended
31 October 2025 (31 October 2024: 1.00 pence per share) has been declared by
the Directors, totalling £4.0m (31 October 2024: £3.4m) based on the number
of shares entitled to receive the dividend as at the reporting date of
31 October 2025.
The interim dividend is payable on 19 March 2026 to shareholders on the
register at the close of business on 20 February 2026. No provision has been
made for the interim dividend and there are no income tax consequences in the
period.
A final dividend for the year ended 30 April 2025 of 2.00 pence per share was
approved by the shareholders at the Annual General Meeting, totalling £6.4m
based on the number of shares entitled to receive the dividend as at the
record date of 24 October 2025. The final dividend was paid on 20 November
2025 and has been recognised as a liability as at 31 October 2025.
9 Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the earnings attributable
to ordinary shareholders by the weighted average number of ordinary shares in
issue during the period. For the purposes of this calculation, the weighted
average number of ordinary shares in issue during the period was 327,297,450
(H1 FY25: 344,361,127). The period-on-period movement reflects the Group's
continuing share repurchase scheme (see Note 18) with 13,483,228 (H1 FY25:
nil) shares being cancelled during the period. Further, no shares were issued
during the period (H1 FY25: 1,594,164) as shares transferred to employees on
the exercise of share schemes were satisfied by the issue of shares held by
the Employee Benefit Trust ("EBT") versus the prior period, in which new
shares were issued. The EBT acquired 820,000 ordinary shares in June 2025,
which are held to satisfy future employee awards. In accordance with IAS 33,
these shares are treated as treasury shares and are excluded from the weighted
average number of shares in issue from the date of acquisition until they are
transferred to employees.
Six months ended Six months ended
31 October 2025 31 October 2024
Shares in issue Number of shares Number of shares
As at 1 May 333,845,736 343,310,015
Issue of shares during the period - 1,594,164
Shares cancelled during the period (13,483,228) -
As at 31 October 320,362,508 344,904,179
Although shares held by the EBT are not treasury shares under UK company law,
they are treated as treasury shares for the purposes of IAS 33 and excluded
from the weighted average number of ordinary shares in issue until such time
as they are transferred out of the trust. On transfer, these shares are
included in the weighted average number of shares in issue.
Six months ended Six months ended
31 October 2025 31 October 2024
Number of shares Number of shares
Weighted average number of shares in issue 327,562,177 344,361,127
Less: weighted average number of shares held by the EBT (264,727) -
Weighted average number of shares used in calculating basic earnings per share 327,297,450 344,361,127
Diluted earnings per share
For diluted earnings per share, the weighted average number of ordinary shares
in issue is adjusted to assume conversion of all potentially dilutive ordinary
shares. The Group has potentially dilutive ordinary shares arising from share
options granted to employees under the share schemes as detailed in Note 17 of
these Condensed Consolidated Interim Financial Statements.
Adjusted earnings per share
Earnings attributable to ordinary equity holders of the Group for the period,
adjusted to remove the impact of Adjusting Items and the tax impact of these;
divided by the weighted average number of ordinary shares outstanding during
the period.
Six months ended Six months ended
31 October 2025 31 October 2024
Number of shares Number of shares
Weighted average number of shares used in calculating basic earnings per share 327,297,450 344,361,127
Weighted average number of dilutive shares 13,035,040 13,543,512
Total number of shares used in calculating diluted earnings per share 340,332,490 357,904,639
Six months ended Six months ended
31 October 2025 31 October 2024
£000 £000
Basic earnings attributable to equity holders of the Company 19,856 (38,486)
Adjusting Items (see Note 5) 3,829 60,630
Tax on Adjusting Items (964) (990)
Adjusted earnings attributable to equity holders of the Company 22,721 21,154
Six months ended Six months ended
31 October 2025 31 October 2024
Basic earnings per ordinary share (pence) 6.1 (11.2)
Diluted earnings per ordinary share (pence) 5.8 (10.8)
Basic earnings per ordinary share before Adjusting Items (pence) 6.9 6.1
Diluted earnings per ordinary share before Adjusting Items (pence) 6.7 5.9
10 Intangible assets
Goodwill Trademark Technology Customer Software Total
and relationships
development
costs(1)
£000 £000 £000 £000 £000 £000
NBV at 1 May 2024 143,622 10,048 21,698 28,122 101 203,591
Additions - - 6,125 - 14 6,139
Amortisation charge for the period - (818) (5,991) (2,926) (102) (9,837)
Impairment (56,700) - - - - (56,700)
Foreign exchange (129) (71) - (114) (1) (315)
NBV at 31 October 2024 86,793 9,159 21,832 25,082 12 142,878
Additions - - 4,912 - - 4,912
Amortisation charge for the period - (815) (6,978) (2,922) (2) (10,717)
Foreign exchange 108 45 - 83 1 237
NBV at 30 April 2025 86,901 8,389 19,766 22,243 11 137,310
Additions - - 5,965 - - 5,965
Amortisation charge for the period - (827) (5,866) (2,935) (2) (9,630)
Foreign exchange 220 90 - 164 (1) 473
NBV at 31 October 2025 87,121 7,652 19,865 19,472 8 134,118
1 Technology and development costs include assets under
construction of £4,770,000 (31 October 2024: £4,294,000).
(a) Goodwill
Goodwill is allocated to two cash-generating units ("CGUs"), namely the Greetz
and Experiences segments, based on the smallest identifiable group of assets
that generates cash inflows independently in relation to the specific
goodwill. The recoverable amount of a CGU or group of CGUs is determined as
the higher of its fair value less costs of disposal and its value in use
("VIU"). In determining VIU, estimated future cash flows are discounted to
their present value.
Goodwill of £6,553,000 (31 October 2024: £6,225,000) relates to the
acquisition of Greetz in 2018, recognised within the Greetz CGU. The movement
between periods is a result of foreign exchange revaluation.
Goodwill of £80,568,000 (31 October 2024: £80,568,000) relates to the
acquisition of the Experiences segment and is allocated to the Experiences
CGU.
The Group performed an annual test for impairment of Experiences and Greetz
CGU goodwill as at 30 April 2025, with the results, sensitivity analysis and
narrative disclosure presented on pages 154-155 of the Group's Annual Report
and Accounts for the year ended 30 April 2025. Based on the sensitivity
analysis, the Directors identified the impairment assessment of Experiences
CGU goodwill as a major source of estimation uncertainty that had a
significant risk of resulting in a material adjustment to the carrying amount
within the year ending 30 April 2026. In accordance with paragraph 125 of IAS
1, the FY25 year-end accounts therefore disclose the quantification of all key
assumptions in the VIU estimates and the impact of plausible changes in each
key assumption. As part of this disclosure, the sensitivity of Experiences'
goodwill to forecast revenue growth was highlighted.
During H1 FY26, trading performance at the Experiences CGU was below internal
forecasts, which was therefore identified as an indication of potential
impairment under IAS 36.12. In response, the Group estimated the VIU of the
Experiences CGU as at 31 October 2025. No indicators of impairment were
identified relating to the Greetz CGU.
In performing this assessment, the VIU calculation was updated to incorporate
the following: (i) a revised revenue trajectory and (ii) reductions in
operating costs and capital expenditure that had been committed as at 31
October 2025 and were therefore included in accordance with IAS 36, as they
were not contingent on future restructuring or other management actions.
On this basis, the carrying amount of the Experiences CGU, including goodwill,
remained supported by its VIU, with headroom of £3.4m (30 April 2025:
£1.6m). Consistent with the position at 30 April 2025, sensitivity analysis
indicates that the impairment assessment continues to represent a major source
of estimation uncertainty and that there is a significant risk of a material
adjustment to the carrying value amount within the year ending 30 April 2026.
The Group has identified the following key assumptions as having the most
significant impact on the VIU calculation for the Experiences CGU:
31 October 31 October 30 April
2025 2024 2025
Pre-tax discount rate (%)(1) 13.4 % 14.1 % 13.5 %
Revenue compound annual growth rate ("CAGR")(2) 0.1 % 3.9 % 2.7 %
1 The discount rate is a pre-tax rate that reflects the current
market assessment of the time value of money and the risks specific to the
CGUs. The pre-tax discount rates used to calculate VIU are derived from the
Group's post-tax weighted average cost of capital. The post-tax WACC used in
the VIU as at 31 October 2025 was 11.5% (April 2025: 11.5%; October 2024:
11.5%).
2 The compound annual growth rate represents the average yearly
growth rate over the pre-perpetuity period.
The Group has performed sensitivity analysis to assess the impact of a change
in each key assumption in the VIU.
For the goodwill allocated to the Experiences CGU the Group modelled the
impact of a 1%pts increase in the discount rate and a 4.0%pts decrease in the
compound annual growth rate. The decrease in forecast revenue sensitivity
reflects a reduction of 10% in the first year, 5% for the following 18 months,
2.5% for the following 12 months and then flat growth in the remaining
pre-perpetuity growth period. The Group also modelled a scenario in which
these changes arise concurrently. The results of this sensitivity analysis are
summarised below:
31 October 31 October 30 April
2025 2024 2025
£m £m £m
Original headroom/(impairment) 3.4 (56.7) 1.6
Headroom/(impairment) using a discount rate increased by 1%pts (0.7) (61.8) (2.5)
(Impairment) using a decrease in the forecast revenue CAGR(1) (47.4) (84.3) (11.8)
(Impairment) using a pre-perpetuity period reduced by one year N/a (65.2) N/a
(Impairment) combining all sensitivity scenarios detailed above (47.8) (92.2) (15.2)
1 The compound annual growth rate represents the average yearly
growth rate over the pre-perpetuity period. The sensitivity scenario used
reflected a decrease of 4.0%pts in the CAGR (October 2024: 3.8%pts decrease;
April 2025: 2.2%pts decrease).
The Group considers the recoverability of goodwill on an ongoing basis and
will continue to monitor the CGUs for any indicators of impairment in
subsequent reporting periods. This disclosure is provided in accordance with
IAS 34 'Interim Financial Reporting' and should be read in conjunction with
the Group's Annual Report and Accounts for the year ending 30 April 2025.
(b) Trademarks
£2,502,000 (31 October 2024: £3,240,000) of the asset balance are
trademarks relating to the acquisition of Greetz with finite lives. The
remaining useful economic life at 31 October 2025 of the trademarks is 2
years 10 months (31 October 2024: 3 years 10 months).
£5,150,000 (31 October 2024: £5,919,000) of trademark assets relate to the
brands valued on the acquisition of the Experiences segment. The remaining
useful economic life at 31 October 2025 on these trademarks is 6 years 9
months (31 October 2024: 7 years 9 months).
(c) Technology and development costs
Technology and development costs of £19,865,000 (31 October 2024:
£21,557,000) relate to internally developed assets. The costs of these assets
include capitalised expenses of employees working full time on software
development projects and third-party consulting firms.
Technology and development costs of £nil (31 October 2024: £275,000) relate
to the acquisition of the Experiences segment and are allocated to the
Experiences CGU. The remaining useful economic life at 31 October 2025 is nil
(31 October 2024: 9 months).
(d) Customer relationships
£4,796,000 (31 October 2024: £5,469,000) of the asset balance relates to
the valuation of existing customer relationships held by Greetz on
acquisition. The remaining useful economic life at 31 October 2025 on these
customer relationships is 4 years 10 months (31 October 2024: 5 years 10
months).
£14,676,000 (31 October 2024: £19,613,000) of customer relationship assets
relates to those valued on the acquisition of the Experiences segment. The
remaining useful economic life at 31 October 2025 on these customer
relationships ranges between 3 years 9 months and 9 months (31 October 2024:
4 years 9 months and 1 years 9 months).
(e) Software
Software intangible assets include accounting and marketing software purchased
by the Group and software licence fees from third-party suppliers.
11 Property, plant and equipment
Freehold property Plant and machinery Fixtures and fittings Leasehold improvements Computer equipment Right-of-use assets plant and machinery Right-of-use Total
assets land
and buildings
£000 £000 £000 £000 £000 £000 £000 £000
NBV at 1 May 2024 1,543 2,236 707 7,240 512 1,083 13,579 26,900
Additions 68 208 119 212 238 - - 845
Modifications - - - - - 32 112 144
Depreciation charge for the period (80) (584) (297) (548) (225) (276) (1,242) (3,252)
Foreign exchange - (5) (4) (37) (2) (9) (84) (141)
NBV at 31 October 2024 1,531 1,855 525 6,867 523 830 12,365 24,496
Additions - 824 79 302 205 - 111 1,521
Modifications - - - - - 219 (112) 107
Depreciation charge for the period (77) (514) (177) (564) (207) (258) (1,197) (2,994)
Foreign exchange (2) 2 2 32 1 6 64 105
NBV at 30 April 2025 1,452 2,167 429 6,637 522 797 11,231 23,235
Additions 27 2,439 7 189 347 - - 3,009
Modifications - - - - - 131 - 131
Depreciation charge for the period (79) (655) (138) (570) (202) (219) (1,200) (3,063)
Transfers 17 - (17) - - - - -
Foreign exchange - 5 2 58 3 15 120 203
NBV at 31 October 2025 1,417 3,956 283 6,314 670 724 10,151 23,515
12 Inventories
At 31 October 2025 At 31 October 2024 At 30 April
2025
£000 £000 £000
Raw materials and consumables 1,280 1,347 1,368
Finished goods 11,879 9,663 9,704
Total inventory 13,159 11,010 11,072
Less: Provision for write-off of:
Raw materials and consumables (302) (296) (204)
Finished goods (1,921) (2,050) (2,388)
Net inventory 10,936 8,664 8,480
13 Trade and other receivables
At 31 October 2025 At 31 October 2024 At 30 April
2025
£000 £000 £000
Current:
Trade receivables 2,144 1,632 1,647
Less: provision for impairment of receivables (249) (207) (179)
Trade receivables - net 1,895 1,425 1,468
Other receivables 1,135 974 1,227
Prepayments 4,535 4,831 3,163
Total current trade and other receivables 7,565 7,230 5,858
At 31 October 2025 At 31 October 2024 At 30 April
2025
£000 £000 £000
Non-current other receivables
Other receivables 1,620 1,598 1,605
Total non-current trade and other receivables 1,620 1,598 1,605
Non-current other receivables relate to security deposits in connection with
leased property.
14 Trade and other payables
At 31 October 2025 At 31 October 2024 At 30 April
2025
£000 £000 £000
Current
Trade payables 17,256 14,521 20,671
Other payables 1,012 506 1,116
Other taxation and social security 7,332 7,055 8,126
Accruals 25,979 25,243 23,686
Total current trade and other payables 51,579 47,325 53,599
At 31 October 2025 At 31 October 2024 At 30 April
2025
£000 £000 £000
Non-current
Other payables 638 638 638
Other taxation and social security 660 1,112 1,926
Total non-current trade and other payables 1,298 1,750 2,564
15 Leases
The Group has right-of-use assets which are held within property, plant and
equipment. Information about leases for which the Group is a lessee is
presented below:
At 31 October 2025 At 31 October 2024 At 30 April
2025
£000 £000 £000
Net book value of owned property, plant and equipment 12,640 11,301 11,207
Net book value of right-of-use assets 10,875 13,195 12,028
Total property, plant and equipment 23,515 24,496 23,235
The Group has subleased part of its leased premises, with the sublease
classified as an operating lease, reflecting the classification of the
associated right-of-use asset. Lease income recognised in the profit or loss
during the period was £680,000 (H1 FY25: £672,000).
Right-of-use assets
Right-of-use assets plant and machinery Right-of-use assets land and buildings Total
£000 £000 £000
NBV at 1 May 2024 1,083 13,579 14,662
Modifications 32 112 144
Depreciation charge for the period (276) (1,242) (1,518)
Foreign exchange (9) (84) (93)
NBV at 31 October 2024 830 12,365 13,195
Additions - 111 111
Modifications 219 (112) 107
Depreciation charge for the period (258) (1,197) (1,455)
Foreign exchange 6 64 70
NBV at 30 April 2025 797 11,231 12,028
Additions - - -
Modifications 131 - 131
Depreciation charge for the period (219) (1,200) (1,419)
Foreign exchange 15 120 135
NBV at 31 October 2025 724 10,151 10,875
Lease liabilities
Lease liabilities Total
£000 £000
1 May 2024 16,329 16,329
Cash flow (1,988) (1,988)
Foreign exchange (90) (90)
Interest and other(1) 493 493
31 October 2024 14,744 14,744
Cash flow (1,914) (1,914)
Foreign exchange 138 138
Interest and other(1) 530 530
30 April 2025 13,498 13,498
Cash flow (1,883) (1,883)
Foreign exchange 133 133
Interest and other(1) 411 411
31 October 2025 12,159 12,159
1 Interest and other within lease liabilities comprises
modifications to lease liabilities as well as interest on leases as disclosed
in Note 6.
At 31 October At 31 October At 30 April
2025 2024 2025
£000 £000 £000
Current 3,324 3,183 3,214
Non-current 8,835 11,561 10,284
Total lease liabilities 12,159 14,744 13,498
Lease liabilities maturity analysis:
At 31 October 2025 At 31 October 2024 At 30 April
2025
Maturity analysis - contractual undiscounted cash flows £000 £000 £000
Within one year 3,794 3,809 3,748
Within one and two years 3,327 3,499 3,664
Within two and three years 1,376 3,236 2,160
Within three and four years 1,333 1,325 1,324
Within four and five years 1,329 1,302 1,309
Beyond five years 2,151 3,388 2,764
Total contractual cash flows 13,310 16,559 14,969
16 Borrowings
At 31 October 2025 At 31 October 2024 At 30 April
2025
£000 £000 £000
Current 69 94 111
Non-current 120,480 117,148 94,985
Total borrowings 120,549 117,242 95,096
The Group's debt facilities consist of a £180,000,000 committed revolving
credit facility (the "RCF") with a maturity date of 28 February 2029. Amounts
drawn under the RCF bear interest at a floating reference rate plus a margin.
The reference rates are SONIA for loans in Sterling, EURIBOR for loans in
Euros and SOFR for loans in US Dollars. As at 31 October 2025 the Group had
drawn down £118,000,000 and €4,500,000 of the available revolving credit
facility (31 October 2024: £113,000,000 and €7,000,000).
Foreign exchange movements on borrowings resulted in a loss of £135,000 (H1
FY25: £155,000 gain).
The Group hedges its interest rate exposure on a rolling basis. As at the date
of this report, layered SONIA interest rate cap instruments are in place with
strike rates of between 4.0% and 5.0% on a total notional of £75.0m until 31
October 2027.
Derivative type Execution dates Notional amount Start date Maturity date Underlying asset Strike rate
Interest rate cap 3 April 2024 £50.0m 29/11/2024 31/5/2025 SONIA 5.00%
£35.0m 1/6/2025 28/11/2025
Interest rate cap 30 January 2025 £15.0m 31/5/2025 28/11/2025 SONIA 4.50%
£35.0m 29/11/2025 30/4/2026
Interest rate cap 2 June 2025 £15.0m 29/11/2025 30/4/2026 SONIA 4.50%
£50.0m 1/5/2026 30/10/2026
Interest rate cap 6 November 2025 £25.0m 30/11/2025 31/10/2026 SONIA 4.00%
£75.0m 31/10/2026 31/10/2027
The RCF is subject to two covenants, each tested at six-monthly intervals. The
leverage covenant, measuring the ratio of net debt to last twelve months'
Adjusted EBITDA (excluding share-based payments, as specified in the
facilities agreement), is a maximum of 3.0x for the remaining term of the
facility. The interest cover covenant, measuring the ratio of last twelve
months' Adjusted EBITDA (excluding share-based payments, as specified in the
facilities agreement) to the total of net bank interest payable and interest
payable on leases, is a minimum of 3.5x for the term of the facility. The
Group has complied with all covenants from entering the RCF until the date of
these Condensed Consolidated Interim Financial Statements and is forecast to
comply with these during the going concern assessment period.
Borrowings are repayable as follows:
At 31 October 2025 At 31 October 2024 At 30 April
2025
£000 £000 £000
Within one year 69 94 111
Within one and two years - - -
Within two and three years - - -
Within three and four years(1) 120,480 117,148 94,985
Within four and five years - - -
Beyond five years - - -
Total borrowings(2) 120,549 117,242 95,096
1 As at 31 October 2025 and 30 April 2025, the Group's
borrowings had a maturity date of 28 February 2029. As at 31 October 2024,
prior to the exercise of an extension option, they had a maturity date of 29
February 2028.
2 Total borrowings include £69,000 (31 October 2024: £94,000)
in respect of accrued unpaid interest and are shown net of capitalised
borrowing costs of £1,487,000 (31 October 2024: £1,715,000).
The table below details changes in liabilities arising from financing
activities, including both cash and non-cash changes.
Borrowings Total
£000 £000
As at 1 May 2024 118,365 118,365
Cash flow (5,983) (5,983)
Foreign exchange (155) (155)
Interest and other(1) 5,015 5,015
As at 31 October 2024 117,242 117,242
Cash flow (26,268) (26,268)
Foreign exchange 65 65
Interest and other(1) 4,057 4,057
As at 30 April 2025 95,096 95,096
Cash flow 21,179 21,179
Foreign exchange 135 135
Interest and other(1) 4,139 4,139
As at 31 October 2025 120,549 120,549
Interest and other within borrowings comprises amortisation of capitalised
borrowing costs and the interest expense in the period, see Note 6.
17 Share-based payments
Pre-IPO awards
The original awards were granted on 27 January 2021 and comprised two equal
tranches, with the vesting of both subject to the achievement of revenue and
Adjusted EBITDA performance conditions for the year ended 30 April 2023 and
for participants to remain employed by the Company over the vesting period.
The Group exceeded maximum performance for both measures. Accordingly, the
first tranche vested on 30 April 2023 and was paid in July 2023; the second
tranche vested on 30 April 2024 and was paid in May 2024. Given the
constituents of the scheme, no attrition assumption was applied. Under the
scheme rules, when a participant left employment, any outstanding award may
have been reallocated to another employee (excluding the Executive Directors).
All previous awards vested on 30 April 2024 and all shares were exercised in
FY25. There were no further shares granted during the period and this
incentive scheme has now ended.
31 October 2025 31 October 2024 30 April 2025
Pre-IPO awards Number of Number of Number of
shares shares shares
Outstanding at the beginning of the period - 1,413,971 1,413,971
Exercised - (1,413,971) (1,413,971)
Outstanding at the end of the period - - -
Exercisable at the end of the period - - -
Long-Term Incentive Plan ("LTIP")
The first grant of these awards was made on 1 February 2021 and vested on 2
July 2024. Half of the share awards granted are subject to a relative Total
Shareholder Return (TSR) performance condition measured against the
constituents of the FTSE 250 Index (excluding Investment Trusts). The other
half of the share awards granted are subject to an Adjusted basic pre-tax EPS
performance condition (calculated as Adjusted profit before taxation, divided
by the undiluted weighted average number of ordinary shares outstanding during
the year).
Participants are also required to remain employed by the Group over the
vesting period, with a further holding period applying until the fifth
anniversary of grant for the Executive Directors. An attrition rate adjustment
has been applied to reflect the expected number of participants who will
forfeit their awards before vesting. This estimate is based on historical
attrition rates and is reviewed at each reporting date. The share-based
payment charge is adjusted accordingly, with any changes recognised in the
income statement. Activity in relation to these awards during the period
included new awards granted on 1 July 2025 under the existing scheme which
will vest on 1 July 2028 subject to the performance conditions being met.
Awards that vested in the period were granted on 25 October 2022. The
performance period ended on 30 April 2025; the Adjusted pre-tax EPS target was
not met, however, the Group's TSR over the three-year period was above the
threshold TSR of the FTSE 250 (excluding investment trusts) and accordingly
66.2% of these awards vested during the period (31.11% overall).
Consistent with the existing scheme, participants are required to remain
employed by the Group over the vesting period. Vesting may arise sooner where
a former employee is a "good leaver" and the Remuneration Committee exercises
discretion to permit vesting after cessation of employment.
The outstanding number of share options at the end of the period is 11,654,575
(31 October 2024: 12,496,919), with an expected maximum vesting profile
(stated net of forfeitures since award) as follows:
FY27 FY28 FY29 Total
Share options granted on 4 July 2023 2,842,143 - - 2,842,143
Share options granted on 19 September 2023 3,087,753 - - 3,087,753
Share options granted on 2 July 2024 - 3,577,522 - 3,577,522
Share options granted on 1 July 2025 - - 2,066,114 2,066,114
1 There are 81,043 shares in addition to those disclosed in the
table above, that vested on 25 October 2025 but remain unexercised at 31
October 2025.
The below tables give the assumptions applied in the fair value calculation of
the options granted in the period and the shares outstanding:
1 July 2025
Valuation model Stochastic and Black-Scholes and Chaffe
Weighted average share price (pence) 227.50
Exercise price (pence) 0.00
Expected dividend yield 0%
Risk-free interest rate 3.81%/3.94%
Volatility 41.93/36.32%
Expected term (years) 3.00/2.00
Weighted average fair value (pence) 133.23/227.50
Attrition 0%
Weighted average remaining contractual life (years) 3.09
31 October 2025 31 October 2024 30 April 2025
LTIP awards Number of Number of Number of
shares shares shares
Outstanding at the beginning of the period 11,514,466 9,326,856 9,326,856
Granted 2,066,114 3,962,477 3,962,477
Exercised (199,635) (93,822) (93,822)
Forfeited (1,726,370) (698,592) (1,681,045)
Outstanding at the end of the period 11,654,575 12,496,919 11,514,466
Exercisable at the end of the period 81,043 5,974 -
Deferred Share Bonus Plan ("DSBP")
The Group has bonus arrangements in place for Executive Directors and
Executive Committee within the Group whereby a proportion of the annual bonus
is subject to deferral over a period of three years with vesting subject to
continued service only. Vesting may arise sooner where a former employee is a
"good leaver" and the Remuneration Committee exercises discretion to permit
vesting at cessation of employment. An attrition rate adjustment has been
applied to reflect the expected number of participants who will forfeit their
awards before vesting. This estimate is based on historical attrition rates
and is reviewed at each reporting date.
The outstanding number of shares under option at the end of the period is
475,260 (31 October 2024: 540,885), with an expected vesting profile (stated
net of forfeitures since award) as follows:
FY27 FY28 FY29 Total
Share options granted on 4 July 2023 44,878 - - 44,878
Share options granted on 2 July 2024 - 240,414 - 240,414
Share options granted on 1 July 2025 - - 189,968 189,968
The below tables give the assumptions applied in the fair value calculation of
the options granted in the period and the shares outstanding:
1 July 2025
Valuation model Black-Scholes
Weighted average share price (pence) 227.50
Exercise price (pence) 0.00
Expected dividend yield 0%
Risk-free interest rate N/a
Volatility N/a
Expected term (years) 3.00
Weighted average fair value (pence) 227.50
Attrition 0%
Weighted average remaining contractual life (years) 3.92
31 October 2025 31 October 2024 30 April 2025
DSBP Number of Number of Number of
shares shares shares
Outstanding at the beginning of the period 540,885 386,842 386,842
Granted 189,968 240,414 240,414
Exercised (255,593) (86,371) (86,371)
Forfeited - - -
Outstanding at the end of the period 475,260 540,885 540,885
Exercisable at the end of the period - - -
Save As You Earn ("SAYE")
The Group operates a SAYE scheme for all eligible employees, under which
participants are granted an option to purchase ordinary shares in the Company
at an option price set at a 20% discount to the average market price over the
three days prior to the invitation date. Options vest after a three-year
period, provided the participant enters a savings contract with fixed monthly
contributions for the same duration. The FY22 awards were granted on 3
September 2021 and vested on 1 October 2024, with a six-month exercise period
following vesting. These awards are subject only to a continued employment
condition over the vesting period. During the period, the Group granted FY26
awards on 24 July 2025, which will potentially vest on 1 October 2028 on the
same terms.
The below tables give the assumptions applied in the fair value calculation of
the options granted in the period and the shares outstanding:
24 July 2025
Valuation model Black-Scholes
Weighted average share price (pence) 213.00
Exercise price (pence) 178.00
Expected dividend yield 1.41%
Risk-free interest rate 3.90%
Volatility 43.63%
Expected term (years) 3.00
Weighted average fair value (pence) 70.34
Attrition 15.0%
Weighted average remaining contractual life (years) 2.92
The outstanding number of share options at the end of the year is 1,082,055
(31 October 2024: 1,212,298), with an expected vesting profile (stated net of
forfeitures since award) as follows:
FY27 FY28 FY29 Total
Share options granted on 28 July 2023 595,628 595,628
Share options granted on 26 July 2024 229,614 229,614
Share options granted on 24 July 2025 184,836 184,836
1 There are 71,977 shares in addition to those disclosed in the
table above, that vested on 1 October 2025 but remain unexercised at 31
October 2025.
31 October 2025 31 October 2024 30 April 2025
SAYE Number of Number of Number of
shares shares shares
Outstanding at the beginning of the period 1,059,706 1,009,635 1,009,635
Granted 184,836 272,636 272,636
Exercised (84,256) - (2,991)
Cancelled (62,395) (61,361) (142,228)
Forfeited (15,836) (8,612) (77,346)
Outstanding at the end of the period 1,082,055 1,212,298 1,059,706
Exercisable at the end of the period 71,977 31,484 -
Volatility assumptions
The fair values of the DSBP awards are equal to the share price on the date of
award as there is no price to be paid and employees are entitled to dividend
equivalents. For awards with a market condition, volatility is calculated over
the period commensurate with the remainder of the performance period
immediately prior to the date of grant. For all other conditions, volatility
is calculated over the period commensurate with the expected term. As the
Company had only recently listed, a proxy volatility equal to the median
volatility of the FTSE 250 (excluding Investment Trusts) over the respective
periods has been used. Consideration has also been made to the trend of
volatility to return to its mean, by disregarding extraordinary periods of
volatility.
Share-based payments expense
Share-based payments expenses recognised in the income statement:
Six months ended Six months ended
31 October 2025 31 October 2024
£000 £000
LTIP 1,547 2,692
SAYE 145 132
DSBP 35 242
Share-based payments expense(1) 1,727 3,066
1 The £1,727,000 (31 October 2024: £3,066,000) stated above
is presented inclusive of employer's national insurance of credit of £746,000
in the period (31 October 2024: charge of £523,000). The credit in national
insurance reflects a true up to take into account the Group's latest
expectation of the NI which will be due on shares as they vest using the share
price at the reporting date, 31 October 2025.
18 Share capital and reserves
The Group considers its capital to comprise its ordinary share capital, share
premium, merger reserve, retained earnings, own shares held reserve,
share-based payments reserve, foreign exchange translation reserve, hedging
reserve and capital redemption reserve. Quantitative detail is shown in the
Condensed Consolidated Statement of Changes in Equity. The Directors'
objective when managing capital is to safeguard the Group's ability to
continue as a going concern in order to provide returns for the shareholders
and benefits for other stakeholders.
Called-up share capital
Ordinary share capital represents the number of shares in issue at their
nominal value. Ordinary shares in the Company are issued, allotted and fully
paid up.
The holders of ordinary shares are entitled to receive dividends as declared
from time to time and are entitled to one vote per share at meetings of the
Company. Movements in ordinary share capital in the period are as follows:
Six months ended 31 October 2025 Six months ended 31 October 2024
Number of £000 Number of £000
shares shares
Allotted, called-up and fully paid ordinary shares of £0.10 each
As at 1 May 333,845,736 33,384 343,310,015 34,331
Issue of shares during the period - - 1,594,164 159
Shares cancelled during the period (13,483,228) (1,348) - -
As at 31 October 320,362,508 32,036 344,904,179 34,490
The Group undertakes share repurchase programmes through resolutions passed by
the Company's shareholders. At the September 2025 AGM, a resolution was passed
to repurchase up to a maximum of 33,014,540 of its ordinary shares (September
2024 AGM: 34,362,148).
The Group's H1 FY26 share repurchase programme was announced and commenced on
2 May 2025. In the period ended 31 October 2025, a total of 13,436,872 (H1
FY25: nil) ordinary shares of £0.10 were purchased for cancellation and
13,167,157 of these shares purchased were subsequently cancelled (plus 316,071
shares relating to the H2 FY25 share buyback programme that were not cancelled
until H1 FY26). The 269,715 of shares not cancelled as at 31 October 2025 were
transferred to the registrar for cancellation post period-end. The average
price paid was 221.7p with a total consideration paid (including fees of
£60,000) of £30,000,000. On cancellation the consideration was transferred
from the own shares held reserve to retained earnings and the nominal value of
the shares transferred from share capital to the capital redemption reserve.
In H1 FY26, nil (H1 FY25: 1,594,164) shares were issued for settlement of
share-based payments. From the start of FY26, the Group has transitioned to
settling obligations under employee share plans through market purchases of
shares, subject to the prevailing share price. As a result, the settlement
of these awards did not give rise to an increase in the Company's issued share
capital.
Share premium
Share premium represents the amount over the par value which was received by
the Company upon the sale of the ordinary shares. Upon the date of listing the
par value of the shares was £0.10 but the initial offering price was £3.50.
Share premium is stated net of direct costs of £736,000 (31 October 2024:
£736,000) relating to the issue of the shares.
Merger reserve
The merger reserve of £993,026,000 arose as a result of the Group
reorganisation undertaken prior to the Company's listing on the London Stock
Exchange. This reorganisation was accounted for using common control merger
accounting. Under this method, the assets and liabilities of the acquired
entities were recognised at their existing carrying amounts rather than at
fair value and no goodwill was recognised. The difference between the
consideration paid and the book value of net assets acquired was recorded
directly in equity within the merger reserve.
This accounting treatment was selected in preference to acquisition accounting
in order to reflect the continuity of ownership and to present the Group's
financial results on a basis that preserved the historical track record of the
underlying trading entities. Had acquisition accounting been applied, the
identifiable net assets would have been remeasured at fair value and a
significant goodwill asset would likely have been recognised, increasing net
assets and potentially resulting in the Group reporting positive net assets.
However, such treatment would not have reflected the substance of a
restructuring within a commonly controlled group.
The adoption of common control merger accounting has resulted in the
recognition of a significant merger reserve on consolidation. The merger
reserve is a debit balance within equity arising from the application of
merger accounting and is a significant contributor to the Group's reported net
liabilities position.
Own shares held reserve
The own shares held reserve represents the equity account used to record the
cost of the Company's own shares that have been repurchased and either
subsequently cancelled or held in treasury by the Group's EBT. These shares
are not considered outstanding for the purposes of calculating earnings per
share and do not carry voting rights or the right to receive dividends while
held by the Company.
The EBT was established during the period to acquire and hold shares in the
Company for the purpose of satisfying obligations arising under the Group's
share-based payment schemes. The EBT is consolidated in the Group's financial
statements in accordance with IFRS 10 'Consolidated Financial Statements', as
the Group is considered to control the trust. When awards vest or are
exercised, the EBT transfers the relevant shares to employees. This settlement
does not result in the issue of new shares and therefore does not increase the
Company's issued share capital.
Shares purchased for cancellation are included in the own shares held reserve
until cancellation, at which point the consideration is transferred to
retained earnings and the nominal value of the shares is transferred from
share capital to the capital redemption reserve.
Treasury shares Total
£000 £000
Own shares held as at 30 April 2024 - -
Repurchase of own shares for treasury - -
Repurchase of own shares for cancellation - -
Own shares cancelled - -
Exercise of share schemes - -
Own shares held as at 31 October 2024 - -
Repurchase of own shares for treasury - -
Repurchase of own shares for cancellation (25,000) (25,000)
Own shares cancelled 24,262 24,262
Exercise of share schemes - -
Own shares held as at 30 April 2025 (738) (738)
Repurchase of own shares for treasury (1,827) (1,827)
Repurchase of own shares for cancellation (30,000) (30,000)
Own shares cancelled 30,149 30,149
Exercise of share schemes 1,199 1,199
Own shares held as at 31 October 2025 (1,217) (1,217)
Treasury shares Total
Number of Number of
shares shares
Own shares held as at 30 April 2024 - -
Repurchase of own shares for treasury - -
Repurchase of own shares for cancellation - -
Own shares cancelled - -
Exercise of share schemes - -
Own shares held as at 31 October 2024 - -
Repurchase of own shares for treasury - -
Repurchase of own shares for cancellation 11,377 11,377
Own shares cancelled (11,061) (11,061)
Exercise of share schemes - -
Own shares held as at 30 April 2025 316 316
Repurchase of own shares for treasury 820 820
Repurchase of own shares for cancellation 13,437 13,437
Own shares cancelled (13,483) (13,483)
Exercise of share schemes (542) (542)
Own shares held as at 31 October 2025 548 548
Other reserves
Other reserves represent the share-based payment reserve, the foreign currency
translation reserve, the hedging reserve and the capital redemption reserve.
Share-based payment reserve
The share-based payment reserve is built up of charges in relation to
equity-settled share-based payment arrangements which have been recognised
within the Condensed Consolidated Income Statement. Upon the exercise of share
options, the cumulative amount recognised in the share-based payment reserve
is recycled to retained earnings, reflecting the transfer of value to the
equity of the Company.
Foreign currency translation reserve
The foreign currency translation reserve represents the accumulated exchange
differences arising since the acquisition of Greetz from translating
subsidiaries with a functional currency other than Sterling.
Hedging reserve
The hedging reserve comprises the effective portion of the cumulative net
change in the fair value of cash flow hedging instruments related to hedged
transactions that have not yet occurred and the cumulative net change in the
fair value of time value on the cash flow hedging instruments.
Capital redemption reserve
The capital redemption reserve reflects the nominal value of shares bought
back and cancelled.
Share-based payment reserve Foreign currency translation reserve Hedging reserve Capital redemption reserve Total other reserves
£000 £000 £000 £000 £000
As at 1 May 2024 42,768 (898) 522 - 42,392
Other comprehensive income:
Exchange differences on translation of foreign operations - (694) - - (694)
Cash flow hedges:
Fair value changes in the period - - 11 - 11
Cost of hedging reserve - - 72 - 72
Fair value movements on cash flow hedges transferred to profit and loss - - (740) - (740)
Deferred tax on other comprehensive income - 102 105 - 207
Share-based payment charge (excluding National Insurance) 2,543 - - - 2,543
Deferred tax on share-based payments transactions 781 - - - 781
Share options exercised (6,429) - - - (6,429)
As at 31 October 2024 39,663 (1,490) (30) - 38,143
Other comprehensive income:
Exchange differences on translation of foreign operations - 26 - - 26
Cash flow hedges:
Fair value changes in the period - - (4) - (4)
Cost of hedging reserve - - 23 - 23
Fair value movements on cash flow hedges transferred to profit and loss - - (101) - (101)
Deferred tax on other comprehensive income - (44) 22 - (22)
Share-based payment charge (excluding National Insurance) (704) - - - (704)
Deferred tax on share-based payment transactions 992 - - - 992
Current tax on share-based payment transactions 32 - - - 32
Own shares cancelled - - - 1,106 1,106
As at 30 April 2025 39,983 (1,508) (90) 1,106 39,491
Other comprehensive income:
Exchange differences on translation of foreign operations - 330 - - 330
Cash flow hedges:
Cost of hedging reserve - - 50 - 50
Deferred tax on other comprehensive income - (57) (13) - (70)
Current tax on other comprehensive income - 15 - - 15
Share-based payment charge (excluding National Insurance) 2,473 - - - 2,473
Deferred tax on share-based payments transactions (1,109) - - - (1,109)
Current tax on share-based payment transactions 37 - - - 37
Share options exercised (855) - - - (855)
Own shares cancelled - - - 1,348 1,348
As at 31 October 2025 40,529 (1,220) (53) 2,454 41,710
19 Financial instruments and related disclosures
The amounts in the Condensed Consolidated Balance Sheet and related notes that
are accounted for as financial instruments and their classification under IFRS
9, are as follows:
Note At 31 October 2025 At 31 October 2024 At 30 April
2025
£000 £000 £000
Financial assets
Financial assets at amortised cost:
Trade and other receivables(1) 13 4,650 3,997 4,300
Cash 10,941 12,407 12,649
Financial assets measured at fair value
Financial derivatives - 143 5
15,591 16,547 16,954
Financial liabilities
Financial liabilities at amortised cost:
Trade and other payables(2) 14 44,885 40,908 46,111
Experiences Merchant accrual 28,080 32,804 40,374
Lease liabilities 15 12,159 14,744 13,498
Borrowings 16 120,549 117,242 95,096
Bank overdraft 2,533 - -
208,206 205,698 195,079
1 Excluding prepayments and including other non-current assets.
2 Excluding other taxation and social security.
The interest rate cap derivatives are measured at fair value using market data
to construct a forward interest rate curve which govern the future flows under
the derivative. These are then discounted back at the requisite discount
curve.
Financial assets and liabilities held at amortised cost are initially
recognised at their fair value and then subsequently measured at amortised
cost using the effective interest method. The effective interest rate is the
rate that discounts the future cash flows expected to be paid over the life of
the liability or received over the life of the asset. Any interest expense /
income arising on the unwind of the liability is recognised within finance
costs.
To the extent that financial instruments are not carried at fair value in the
Condensed Consolidated Balance Sheet, the carrying values approximate the fair
values at 31 October 2025, 30 April 2025 and 31 October 2024, except for
borrowings where the fair value of bank loans is £121,967,000 (31 October
2024: £118,863,000; 30 April 2025: £96,833,000). There have been no changes
to classifications in the current or prior period.
20 Commitments and contingencies
a) Commitments
The Group entered a financial commitment in respect of floristry supplies of
£nil (31 October 2024: £106,000) and rental commitments of £347,000
(31 October 2024: £12,000) which are due within one year.
The Group has a financial commitment in respect of future stock purchases of
£1,540,000 (31 October 2024: £1,912,000). These purchases are spread across
three years and will be settled by November 2027.
b) Contingencies
Group companies have given a guarantee in respect of the Group's £180,000,000
revolving credit facility. As at 31 October 2025 the Group had drawn down
£118,000,000 and €4,500,000 of the available revolving credit facility
(31 October 2024: £113,000,000 and €7,000,000).
21 Related party transactions
There were no related party transactions requiring disclosure for the period
ended 31 October 2025.
22 Events after the balance sheet date
On 4 November 2025, the Group's EBT purchased 1,888,481 of the Company's
ordinary shares at a total cost of £4.0m.These shares were acquired to
satisfy future obligations under the Group's employee share plans. This
transaction has no impact on the results or net assets reported for the period
ended 31 October 2025.
On 7 November 2025, the Company announced and commenced a programme to
repurchase up to £30.0m of its ordinary shares. The programme will run until
30 April 2026 or until otherwise notified by the Company.
On 13 November 2025, the Group incorporated a new subsidiary, Moonpig
Australia Pty Limited. The incorporation of this subsidiary does not impact
the Group's financial position or results as at 31 October 2025. The
subsidiary will be included in the Group's consolidated financial statements
from the date of incorporation.
With the exception of the events described above, there were no other
adjusting or non-adjusting events after the balance sheet date.
23 Alternative Performance Measures
Adjusted EBITDA
Adjusted EBITDA is a measure of the Group's operating performance and debt
servicing ability. It is calculated as operating profit adding back
depreciation and amortisation and Adjusting Items (Note 5 of these Condensed
Consolidated Interim Financial Statements).
Depreciation and amortisation can fluctuate, is a non-cash adjustment and is
not linked to the ongoing trade of the Group.
Adjusting Items are excluded as management believe their nature distorts
trends in the Group's reported earnings. This is because they are often
one-off in nature or not related to underlying trade.
A reconciliation of operating profit to Adjusted EBITDA is as follows:
Six months ended Six months ended
31 October 2025 31 October 2024
£000 £000
Operating profit/(loss) 32,320 (27,983)
Depreciation and amortisation 8,864 9,159
Adjusting items 3,829 60,630
Adjusted EBITDA 45,013 41,806
Adjusted EBIT
Adjusted EBIT is operating profit before Adjusting Items.
Six months ended Six months ended
31 October 2025 31 October 2024
£000 £000
Operating profit/(loss) 32,320 (27,983)
Adjusting items 3,829 60,630
Adjusted EBIT 36,149 32,647
Adjusted PBT
Adjusted PBT is the profit before taxation and before Adjusting Items.
Six months ended Six months ended
31 October 2025 31 October 2024
£000 £000
PBT 26,647 (33,283)
Adjusting Items 3,829 60,630
Adjusted PBT 30,476 27,347
Adjusted PAT
Adjusted PAT is the profit after taxation and before Adjusting Items and the
tax impact of these adjustments.
Adjusted PAT is used to calculate the underlying basic earnings per share in
Note 9 of these Condensed Consolidated Interim Financial Statements.
Six months ended Six months ended
31 October 2025 31 October 2024
£000 £000
PAT 19,856 (38,486)
Adjusting Items 3,829 60,630
Tax impact of the above (964) (990)
Adjusted PAT 22,721 21,154
Net debt
Net debt is a measure used by the Group to reflect available headroom compared
to the Group's secured debt facilities. The calculation is as follows:
At 31 October 2025 At 31 October 2024 At 30 April
2025
£000 £000 £000
Borrowings (120,549) (117,242) (95,096)
Cash and cash equivalents 10,941 12,407 12,649
Bank overdraft (2,533) - -
Lease liabilities (12,159) (14,744) (13,498)
Net debt (124,300) (119,579) (95,945)
Ratio of net debt to Adjusted EBITDA
The ratio of Net Debt to last twelve months' Adjusted EBITDA helps management
to measure its ability to service debt obligations. The calculation is as
follows:
At 31 October 2025 At 31 October 2024 At 30 April
2025
£000 £000 £000
Net debt (124,300) (119,579) (95,945)
Adjusted EBITDA 99,996 95,900 96,789
Net debt to Adjusted EBITDA 1.24:1 1.25:1 0.99:1
Free Cash Flow
Free Cash Flow is defined as net cash generated from operating activities,
less cash flow from investing activities; it excludes proceeds from or
payments for mergers and acquisitions but (as a practical expedient and for
greater consistency with IAS 7 classification of cash flows) is not adjusted
to exclude bank interest received. The calculation is as follows:
Six months ended Six months ended
31 October 2025 31 October 2024
£000 £000
Net cash generated from operating activities 17,525 17,016
Cash flow from investing activities (8,924) (6,874)
Free Cash Flow 8,601 10,142
Operating Cash Conversion
Operating Cash Conversion is operating cash flow divided by Adjusted EBITDA,
expressed as a ratio. The calculation of Adjusted Operating Cash Conversion is
as follows
Six months ended Six months ended
31 October 2025 31 October 2024
£m £m
Profit/(loss) before tax 26.6 (33.3)
Add back: Finance costs 5.7 5.3
Add back: Adjusting Items (excluding share-based payments) 3.8 60.6
Add back: Adjusting Items (share-based payments) - -
Add back: Depreciation and amortisation 8.9 9.2
Adjusted EBITDA 45.0 41.8
Less: Capital expenditure (fixed and intangible assets) (9.0) (7.0)
Adjust: Impact of share-based payments(1) 2.5 2.5
Add back: Increase in inventories (2.4) (1.6)
Add back: Increase in trade and other receivables (1.7) (0.7)
Add back: Decrease in Experiences merchant accrual (13.2) (12.5)
Add back: Decrease in trade and other payables (3.7) (5.0)
Operating cash flow 17.5 17.6
Operating cash conversion 39% 42%
Add back: Capital expenditure 9.0 7.0
Add back: Loss on disposal and impairment of goodwill - 56.7
Less: Adjusting Items (excluding share-based payments and amortisation) - (56.7)
Less: Research and development tax credit (0.1) (0.1)
Cash generated from operations 26.4 24.5
1 Comprises the add-back of non-cash share-based payment charges
of £2.5m (H1 FY25: £2.5m) relating to the operation of post-IPO Remuneration
Policy, which are not classified as an Adjusting Item.
2 Figures in this table are individually rounded to the nearest
£0.1m. As a result, there may be minor discrepancies in the subtotals and
totals due to rounding differences.
PRINCIPAL RISKS AND UNCERTAINTIES
The Board of Directors has collective overall responsibility for the
identification and management of the principal and emerging risks to the
Group. The Board has carried out a robust assessment of such risks. This
included an assessment of the likelihood of each risk identified and of the
potential impact of each risk after considering mitigating actions being
taken. Risk levels were reviewed and modified where appropriate to reflect the
Board's current view of the relative significance of each risk.
The principal risks and uncertainties identified are detailed below.
Additional risks and uncertainties for the Group, including those that are not
currently known or are not considered material, may individually or
cumulatively also have a material effect on the Group's business, results of
operations and/or financial condition.
There have been no amendments to the Group's assessment of principal risks
since the last Annual Report and Accounts for the year ended 30 April 2025.
Other risks have been amended as appropriate based on the output of the risk
management assessment.
Risk Description Management and mitigation
1. Technology security and data protection As a digital platform business, the Group requires its technology The Group manages technology security and data protection risks using a Three
infrastructure to operate. Downtime of the Group's systems resulting from a Lines of Defence model, as set out on page 66 of the FY25 Annual Report and
technology security breach would cause an interruption to trading. Accounts.
Either a technology security breach or a failure to appropriately process and Whilst risk cannot be eliminated, the Board attaches a high level of
control the data that the Group's customers share (whether because of internal importance to how our risk management framework operates in relation to
failures or a malicious attack by a third party), could result in reputational technology security and data protection.
damage, loss of customers, loss of revenue and financial losses from
litigation or regulatory action. The Group's Sustainability Strategy includes a commitment to implement an
information security management system (ISMS) aligned with NIST Cybersecurity
Framework by 2030.
During FY25, two internal audits were carried out focusing on technology
security: the first assessed technology governance and risk management
maturity within our Experiences Division, while the second reviewed
operational controls relating to threat prevention and detection across the
Group. Implementation of the audit recommendations is underway, with all
actions accepted by management. The Audit Committee also commissioned an
independent review of the Group's technology security focusing on system
defences and threat detection.
2. Consumer demand A deterioration in macroeconomic conditions could affect consumer sentiment The UK greeting card market has proven to be relatively resilient to
and discretionary spending, potentially reducing demand and impacting Group recession.
revenue.
At Moonpig and Greetz, our approach is focused around acquiring loyal customer
Although the Group has no significant direct exposure to global tariff changes cohorts that drive recurring annual revenue. Approximately nine tenths of
or US economic policy, such developments may contribute to broader economic revenue at these segments is from existing customers.
uncertainty.
Our business model is flexible, and we can respond rapidly to cyclical
economic changes, for instance with respect to pricing, merchandise range and
cost base.
The greeting card market has continued to perform strongly, reflecting its
non-cyclical nature. Gift experiences, which are typically higher price points
and more discretionary in nature, have proven more sensitive to the economic
environment.
3. Strategy The Group's strategy is focused on investment in technology and data to drive The Group monitors return on investment for all technology development. The
growth across each of our businesses. product, data and technology functions are managed to enable rapid redirection
of resource towards those projects that most strongly contribute to revenue
Whilst this approach continues to deliver consistent growth at Moonpig and a growth. Investment can be adjusted in areas where expected revenue growth is
return to modest revenue growth at Greetz in H1 FY26, it has not yet not achieved.
translated into revenue growth at Experiences. There is a risk that the
Group's strategy does not deliver expected growth in revenue and profit across We are taking proactive steps to reposition the Experiences proposition
all parts of the business. against a challenging market environment. We expect to make continued
strategic progress across FY26, helped by a strengthened divisional management
team, the rollout of new features enabled by the completion of re-platforming
during FY25 and a strong pipeline of product launches in subscription gifting,
casual dining and live experiences.
4. Changes to the universal postal service Moonpig and Greetz use regulated monopoly postal services for the final leg of We maintain strong relationships with postal service providers and engage
delivery for greeting cards sent by envelope post. regularly at a senior level. We also contribute to regulatory consultations on
the future of the postal service obligations, including with Ofcom in the UK.
Customer demand for single greeting cards could be impacted by changes to the
frequency, reliability or affordability of postal delivery. We have a multi-year strategy to reduce reliance on next-day envelope delivery
by:
The Group may also be impacted by future changes in commercial terms on which
delivery services are provided. • Expanding tracked next-day services for card-only orders, offering
Moonpig Guaranteed Delivery and Greetz Guaranteed Delivery at a competitive
price.
• Increasing attached gifting, which shifts fulfilment from letter
post to parcel courier services, with multiple provider options.
• Encouraging earlier ordering by leveraging our database of
reminders.
• Growing digital fulfilment, including driving adoption of e-cards
bundled with digital gift experiences at Moonpig. A significant proportion of
Experiences orders are already fulfilled digitally.
5. Brand strength and reputation The Group's continued success depends on the strength of its market-leading There is high consumer awareness of the Group's brands, which is maintained by
brands, in particular the Moonpig brand. investment in marketing. This is further strengthened by network effects from
recipients receiving cards and gifts.
Any event that damages the Group's reputation or brands could adversely impact
its business, results of operations, financial condition or prospects. Investment in technology, with innovations such as video and audio messages
and AI driven 'smart text' message recommendations and AI driven 'sticker'
images in greeting cards, as well as Moonpig Plus and Greetz Plus and 'Your
Personalised Handwriting', all help to differentiate our brand from its online
and offline competitors.
Investment in data protection and technology security helps to protect the
Group from the adverse impact of a data breach or cyber-attack.
6. Disruption to operations Any disruption to in-house or third-party facilities within the Group's We operate flexible fulfilment technology with application programming
production and fulfilment network could adversely affect trading. interface ("API") based data architecture which allows the addition of
third-party suppliers to the production and fulfilment network with relative
The Group uses third-party suppliers for solutions on its platforms and any speed.
interruption to service continuity could affect platform availability or
prevent customers from completing purchases. The Group carries out due diligence on all key suppliers at the onset of a
relationship. This includes technology and data protection due diligence and
checks on financial viability.
The Group maintains a resilient operational model with a multi-site approach
in the UK, digital fulfilment for Experiences, and contingency arrangements
with key third-party providers. In the Netherlands, standby agreements support
continuity of card and gift fulfilment, while partial substitutability of
demand across gifting categories mitigates reliance on single suppliers.
Independent review report to Moonpig Group plc
Report on the Condensed Consolidated Interim Financial Statements
Our conclusion
We have reviewed Moonpig Group plc's condensed consolidated interim financial
statements (the "interim financial statements") in the Half Year Results of
Moonpig Group plc for the 6 month period ended 31 October 2025 (the "period").
Based on our review, nothing has come to our attention that causes us to
believe that the interim financial statements are not prepared, in all
material respects, in accordance with UK adopted International Accounting
Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and
Transparency Rules sourcebook of the United Kingdom's Financial Conduct
Authority.
The interim financial statements comprise:
• the Condensed Consolidated Balance Sheet as at 31 October 2025;
• the Condensed Consolidated Income Statement and Condensed
Consolidated Statement of Comprehensive Income for the period then ended;
• the Condensed Consolidated Cash Flow Statement for the period then
ended;
• the Condensed Consolidated Statement of Changes in Equity for the
period then ended; and
• the explanatory notes to the interim financial statements.
The interim financial statements included in the Half Year Results of Moonpig
Group plc have been prepared in accordance with UK adopted International
Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure
Guidance and Transparency Rules sourcebook of the United Kingdom's Financial
Conduct Authority.
Basis for conclusion
We conducted our review in accordance with International Standard on Review
Engagements (UK) 2410, 'Review of Interim Financial Information Performed by
the Independent Auditor of the Entity' issued by the Financial Reporting
Council for use in the United Kingdom ("ISRE (UK) 2410"). A review of interim
financial information consists of making enquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and
other review procedures.
A review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK) and, consequently, does not
enable us to obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do not express
an audit opinion.
We have read the other information contained in the Half Year Results and
considered whether it contains any apparent misstatements or material
inconsistencies with the information in the interim financial statements.
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for conclusion section of this report,
nothing has come to our attention to suggest that the directors have
inappropriately adopted the going concern basis of accounting or that the
directors have identified material uncertainties relating to going concern
that are not appropriately disclosed. This conclusion is based on the review
procedures performed in accordance with ISRE (UK) 2410. However, future events
or conditions may cause the group to cease to continue as a going concern.
Responsibilities for the interim financial statements and the review
Our responsibilities and those of the directors
The Half Year Results, including the interim financial statements, is the
responsibility of, and has been approved by the directors. The directors are
responsible for preparing the Half Year Results in accordance with the
Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's
Financial Conduct Authority. In preparing the Half Year Results, including the
interim financial statements, the directors are responsible for assessing the
group's ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of
accounting unless the directors either intend to liquidate the group or to
cease operations, or have no realistic alternative but to do so.
Our responsibility is to express a conclusion on the interim financial
statements in the Half Year Results based on our review. Our conclusion,
including our Conclusions relating to going concern, is based on procedures
that are less extensive than audit procedures, as described in the Basis for
conclusion paragraph of this report. This report, including the conclusion,
has been prepared for and only for the company for the purpose of complying
with the Disclosure Guidance and Transparency Rules sourcebook of the United
Kingdom's Financial Conduct Authority and for no other purpose. We do not, in
giving this conclusion, accept or assume responsibility for any other purpose
or to any other person to whom this report is shown or into whose hands it may
come save where expressly agreed by our prior consent in writing.
PricewaterhouseCoopers LLP
Chartered Accountants
London
8 December 2025
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