Moonpig slips into loss after 50m write-down hits experiences division

Moonpig reported a half-year pre-tax loss of £33.3 million due to a £56.7 million impairment in its experiences division, reflecting faltering consumer confidence in higher-priced discretionary items.

Nickyl Raithatha, Moonpig's CEO, remarked that "this is our smallest segment, and it's bearing the brunt of the macroeconomic headwinds," highlighting challenges in convincing consumers to spend on premium priced gifts.

Despite the impairment, Moonpig's group revenue rose 3.8% to £158 million, indicating resilience in its core operations, although the experiences segment faces significant challenges.

Raithatha highlighted ongoing transformations in the experiences division aimed at repositioning the product mix towards more affordable offerings, stating, "this is all that remains on the turnaround to-do list."

Read at Business Matters