Moonpig Group Plc - Trading Update and New Revolving Credit Facility
Trading Update and New Revolving Credit Facility
Trading update
Trading performance has remained in line with expectations across all of our brands. Growth has been underpinned by strong performance at Moonpig, which saw volume growth across the Christmas,
We continue to make good progress with the deployment of customer-facing technology features that we expect to drive revenue growth. Nine months following its launch, our Moonpig Plus subscription membership service now has over one quarter of a million subscribers and Greetz Plus has been equally well received by our Dutch customers since it was introduced in
The Group is highly cash generative and we remain focused on deleveraging. We continue to expect that we will reduce the ratio of net debt to Adjusted EBITDA to below 1.5x by
Nickyl Raithatha, CEO, commented:
"We are delighted that revenue remains in consistent growth at the Moonpig brand. Our continued focus on technology investment means that
New Revolving Credit Facility
The Group is also pleased to announce that it has agreed a new four-year, committed, multi-currency revolving credit facility ("RCF") of £180m with a syndicate of banks. The Group's previous £175m term loan and £80m revolving credit facilities have been fully repaid and cancelled. The new RCF is fully available for general corporate purposes.
The new RCF has an initial maturity date of
Enquiries
Brunswick Group +44 20 7404 5959, moonpig@brunswickgroup.comSarah West ,Fiona Micallef-Eynaud ,Sofie Brewis Moonpig Group investors@moonpig.com, pressoffice@moonpig.com Nickyl Raithatha, Chief Executive OfficerAndy MacKinnon , Chief Financial Officer
About Moonpig
The Group's leading customer proposition includes an extensive range of cards, a curated range of gifts, personalisation features and next day delivery offering.
The Group offers its products through its proprietary technology platforms and apps, which utilise unique data science capabilities designed by the Group to optimise and personalise the customer experience and provide scalability. Learn more at https://www.moonpig.group/ .
Forward Looking Statements
This announcement contains certain forward-looking statements with respect to the financial condition, results or operation and businesses of
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.