The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Charlotte Barrie - J.P. Morgan - Analyst
: Hi, thanks very much for the presentation earlier and for taking my questions. I have three (technical difficulty) what would you be looking for from
a top line perspective in order to do that. Thank you.
Question: Charlotte Barrie - J.P. Morgan - Analyst
: Understood. Thank you. That's very clear. Thanks both.
Question: Andrew Wade - Jefferies - Analyst
: Morning all; a couple for me. First one, I wanted to ask about growth in the second half. If I've done my math right and backing out the COVID
impact last year, Moonpig and Greetz grew about 7% in the second half. I just wanted to check, one, I've got that right; and two, if that's the sort
of level of growth we should be looking for from those businesses in the first half?
Question: Andrew Wade - Jefferies - Analyst
: I'm just digging into that slightly. Then if you've done a 7% growth in the second half in the card business, excluding the COVID numbers, why are
we looking -- why are you expecting Moonpig to be lower than that in the first half of this year and Greetz to be even worse than that as well?
Question: Andrew Wade - Jefferies - Analyst
: Okay, cool. All right. Well, I'll leave that on that. Moving on to marketing, obviously, you talked about it being sort of challenging environment for
acquisition there. I guess one, are you seeing much -- what's the sort of in trajectory of that? Is it getting a bit easier, a bit harder or is it as it has
been for the last sort of six months or so?
And then secondly, if you will, if there's a clear expectation, anticipation that you're going to return to being double-digit growth in the not-too-distant
future, do you need that environment to improve to support that or can you do it in that current challenging acquisition environment?
Question: Andrew Wade - Jefferies - Analyst
: Yeah, thank you.
Question: Jonathan Pritchard - Peel Hunt - Analyst
: Morning all. Just to follow on bang on from the last thing you said there, Andy, price elasticity of cards, do you think there's room for further price
increases? I mean, obviously, you're adding a lot of valued cards, do you think you could sneak for another [25p or 50p]? Is that something the
consumer would accept?
And then on the Experiences side, just perhaps a sort of chronology or little sort of talk us through the -- you get the business, you look at it, you
think that's better than I thought, that's worse than I thought. You're saying now that you've made a lot of changes to it and you're more excited
than ever.
So has that meant that it was slightly worse and your impact is greater or it was slightly better and your impact is worse? You see what I'm getting
it. Just talk us through what you found and how it (inaudible) to what you thought might have been six months ago?
Question: Jonathan Pritchard - Peel Hunt - Analyst
: That's great, fascinating stuff. Thank you very much.
Question: David Hughes - Stifel - Analyst
: Hi, there. Thanks for taking my question. Just on the Buyagift acquisition, a couple of questions, it was great to see that we saw some sales growth
overall in that year, do you have any breakdown of how much of that was between transaction growth versus any price increases you saw? And
then secondly, on the re-platform program for Buyagift, obviously you said that that's going to commence next year, do you have any timelines
on how long you expect that to take when you expect it to be completed and more integrated? Thanks.
Question: David Hughes - Stifel - Analyst
: Great. Thanks very much.
Question: Paul Rossington - HSBC - Analyst
: Good morning. Sorry, these are probably two quite boring questions. I do apologize. I didn't quite understand why the gross margin of Greetz
came down. So if you could just add a little bit of color on that, that would be great. And then the second question is, do you have a number in
mind for what your net debt adjusted EBITDA multiple ratio should look like by the end of this year? Thank you.
Question: Paul Rossington - HSBC - Analyst
: Thanks very much.
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