Moonpig's first-half revenue falls as COVID boost fades

LONDON (Reuters) - British online greetings card company Moonpig reported a 8.5% drop in first-half revenue after the reopening of high street rivals that were forced to close in the same period a year ago.

Revenue for the period to end-October of 142.6 million pounds ($188.3 million), however, was still more than double the level of two years ago, which the company said reflected growth in customer numbers, order frequency and gifting.

It said on Thursday it now expected its annual revenue for the full year to be at upper end of its previous guidance range of between 270 million and 285 million pounds.

The company, which delivered 19.5 million orders in the period, reported adjusted core earnings of 35.0 million pounds, down 15.1% year-on-year, with a margin of 24.5%, consistent with its target range of 24.0% to 25.0%.

($1 = 0.7574 pounds)

(Reporting by Paul Sandle; Editing by Alistair Smout/Guy Faulconbridge)