The company says its revenues are being hurt by the cost of living crisis and strikes by Royal Mail workers
Moonpig chief executive Nickyl Raithatha told the Reuters news agency that the company had focused on offering gift ranges at a lower price point of around £10 to £15 in a bid to support customer sales."They are continuing to buy gifts, but they are trading down on the amount they spend on gifts," he said.Shares in the company, which made its market debut in early 2021, have fallen nearly 65% from its flotation price.
Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown, said of the update:"Moonpig will have been relying on the festive season to supercharge the top and bottom lines, and operational disruption has resulted in a disappointing downgrade which has sent shares tumbling.
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