Moonpig top executives may get £11m bonus as firm hits record revenue - EasternEye

Moonpig top executives may get £11m bonus as firm hits record revenue

Nickyl Raithatha, Chief Executive Officer of Moonpig
Nickyl Raithatha, Chief Executive Officer of Moonpig

MOONPIG boss Nickyl Raithatha and finance chief Andy MacKinnon will receive payouts worth up to £8.3million and £2.8million respectively as the firm posted record revenues.

The new lucrative bonus scheme was unveiled when the online cards company listed on the stock market this month.

Under the scheme, they need to steer Moonpig to annual revenues of £275m and underlying profits of £70m to win the maximum bonus. The lockdown restrictions helped fuel record demand for the firm and  it predicted annual sales of nearly £350m this year, reports said.

The company declined to comment on the bonus payment.

But, Raithatha and MacKinnon’s payouts will not be confirmed until 2023 as they need to keep the sales and profits above the required levels until then.

Moonpig has already doubled its half-year revenues in the six months to October 31 as the lockdowns drove sales of greetings cards online

Raithatha, 38, made £6m from selling shares and retains a stake worth another £18m, while MacKinnon, 46, sold shares worth £950,000 and retains a £2.9m holding.

Chairman Kate Swann, former boss of WH Smith, also sold £3.4million worth of shares in the offering and held on to a stake worth £10.9million.

However, analysts warn that sales will ‘moderate’ as lockdown restrictions ease.

According to reports, the £173.1m in revenues Moonpig reported for the year to April 30, 2020 could jump to around £346m this year.

The company sent 46m cards and 7m gifts in the year to October 31 and claimed in its prospectus that there is still plenty of opportunity for growth.

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