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Moonpig Group plc, a leading online greeting card and gifting platform, has provided an update on its capital allocation strategy and announced a capital markets day event. The Group introduces a dividend policy with a target dividend cover of 3-4x and plans to pay a total dividend of £10 million for FY25, with the first dividend expected in March 2025. They also announce a share buyback programme of up to £25 million, set to commence in early November 2024.
Moonpig Group prioritizes organic investment in technology and marketing for growth and will consider M&A opportunities with high strategic and financial returns. They aim to maintain a net leverage ratio of ~1.0x over the medium term while returning excess capital to shareholders.
The capital markets day event will focus on the Groups strategy for technology-driven growth, medium-term revenue growth targets, customer cohort performance, technology and data usage, and financial framework. Management reiterates FY25 revenue growth guidance and medium-term targets, with no update on current trading provided.
The Groups customer proposition includes personalized cards, curated gifts, and next-day delivery, offered through its technology platforms and apps. Moonpig Group cautions that forward-looking statements are subject to risks and uncertainties, including general economic conditions and industry-specific factors.