12 hours ago
Moonpig boss set to bow out after seven years in role
Moonpig has revealed that boss Nickyl Raithatha plans to leave the firm after seven years in the role.
The online greetings card firm said Mr Raithatha has a year's notice period and will continue to lead the firm while it hunts for a successor.
Chairwoman Kate Swann said: 'I would like to thank Nickyl for his service and contribution as chief executive, including leading the group to a successful initial public offering (IPO) on the London Stock Exchange in 2021.'
She added: 'Nickyl has built a seasoned leadership team that will drive strong execution continuity during the transition.
'We are well prepared from a succession perspective and will continue to work closely with Nickyl as we look to appoint his successor.'
Mr Raithatha joined the online retailer in 2018 after having founded and led womenswear brand Finery as chief executive.
He said: 'After seven years as chief executive, I am proud to leave the group in a strong position.'
He added: 'As today's full-year results show, the business is in excellent shape, with strong momentum, an experienced senior leadership team and significant growth potential.
'Until I hand over to my successor, I remain focused on executing our strategic priorities.'
Details of his departure plans came as the firm reported a 16% rise in underlying pre-tax profits to £67.5 million in the year to April 30 and said more recent trading saw it enjoy record Father's Day demand.
It notched up a 2.6% rise in revenues to £350.1 million.
On a reported basis, the group saw profits slump to £3 million from £46.4 million a year earlier.
It took a £56.7 million write-down in the group's first half on its experiences division, but said it was 'taking proactive steps to reposition the Experiences proposition against a challenging market environment'.
On the current financial year, Moonpig said: 'Since the start of the year, trading across the group has been in line with our expectations, including strong Father's Day trading.'
Mr Raithatha said the group had enjoyed its biggest ever Father's Day, with sales outstripping records seen at the peak of lockdown in 2020.
The firm expects underlying earnings to grow at a 'mid-single digit percentage rate' in 2025-26.
