Moonpig attributes record revenue of £341.1m to tech investment

Online gift retailer Moonpig has attributed record revenues of £341.1 million to investment in technology.

This represents a 6.6 per cent year-on-year rise to the year ending April 30 2024.

The tech Moonpig cited as fueling growth included boosting its database of "occasion reminders", which remind customers of important events like Mother's Day and Valentine's Day, by 6 million to a total of 90 million

The firm also nodded towards features like video messages and AI-based custom messages as being responsible for revenue growth, saying these were used more than 10 million times.

It also pointed towards individualised promotions and an improved recommendation engine for boosting sales.

The group-adjusted profit before tax also climbed by 5 per cent to £58.2 million.

“Our investments in new AI technologies are delivering an increasingly personalised experience for our customers," said Moonpig chief executive Nickyl Raithatha in the firm's annual report. "As the clear online leader in greetings cards, Moonpig Group is well positioned to benefit from the long-term structural market shift to online.”

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