(Bloomberg) -- Moonpig Group Plc revenue plunged as UK consumers released from lockdowns sent fewer cards to friends and family online.  

Revenue dropped 17% to £304 million ($371 million) in the year to April, although the decline was smaller than expected and the company said it expects shoppers to keep buying cards despite soaring inflation. Over two years, revenues are up 76% as Moonpig continues to expand its customer base, the company said in a statement Wednesday. 

Moonpig shares fell more than 6% in early trading London.

Moonpig has seen no impact from inflation in the last few months “when I know a lot of businesses are starting to see those signs,” said Chief Executive Officer Nickyl Raithatha in a phone interview. “For the price of a cup of coffee you can put a bigger smile on your mum’s face.”

Average order value increased to £7.70 in the year, with more expensive shipping rates offset by higher stamp prices, which have been passed on to consumers.

If Moonpig does start to see any changes in consumer behavior “we have the ability to invest more in certain price points or categories that appeal to the customer more very easily,” said Raithatha.













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