Moonpig has posted a 3% jump in gross profit to £208.6m in its full-year results, while its total revenue rose by 2.6% to total £350.1m.

The online card retailer’s share price fell by over 9% to 22.5p on the announcement, however, as the company also confirmed that its CEO, Nickyl Raithatha, would be stepping down after seven years in the role.

Raithatha’s notice period is 12 months and he will remain with Moonpig while a successor is appointed, the company stated.

Despite the market reaction, Raithatha said Moonpig had recorded a year of “strong” growth for its adjusted earnings per share (EPS), which reached 18.1%, reflecting growth in trading and lower interest costs.

In the company’s annual results for the year to 30 April, Moonpig also revealed an 8.4% rise in cash flow to £66.1m.

“We are pleased to report a year of strong adjusted EPS growth and high free cash flow, driven by the ongoing strength of the Moonpig brand,” Raithatha commented.

“Our performance reflects the power of our business model and the benefits of our sustained investment in technology, data and AI to help our customers express themselves in ever more meaningful and personalised ways.”

On his departure, Raithatha 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 and continuing to deliver sustained growth and long-term value for shareholders.”

---