Moonpig Group plc (MOON), the London-listed online greeting cards and gifting platform, has announced the commencement of a share buyback programme worth up to £32.5 million, running until 30 April 2027. The programme follows an earlier announcement made on 18 March 2026 and forms part of the company's stated policy of returning excess capital to shareholders. Shares repurchased under the programme are intended to be cancelled, reducing the company's total share capital. Investors will be watching the pace and scale of repurchases as a signal of management's confidence in the group's financial position.

Key Points

  • Moonpig Group plc (MOON) — leading online cards and gifting platform operating in the UK and the Netherlands
  • The company is commencing a H2 FY27 share buyback programme to repurchase up to £32.5 million of its ordinary shares
  • The programme runs from 3 November 2026 until 30 April 2027 or until further notice; remaining buyback authority as at 2 November 2026 stood at 42,172,367 shares
  • Investors should monitor subsequent repurchase transaction notices to track the volume and pricing of shares being cancelled

Moonpig's £32.5 Million Buyback Structured as Excess Capital Return With Cancellation Intent

The company states that the Share Buyback Programme is designed to return excess capital to shareholders and reduce the company's overall share capital. Consistent with Moonpig's stated buyback policy, the programme will only proceed where repurchases utilise excess capital and are earnings enhancing. All shares acquired under the programme are intended to be cancelled rather than held in treasury, meaning the total number of shares in issue is expected to decrease over the programme's duration, which runs until 30 April 2027 at the latest.

RBC Europe Limited Appointed to Execute Trades Independently on the London Stock Exchange

To implement the programme, Moonpig has appointed RBC Europe Limited to purchase ordinary shares as riskless principal, with those shares subsequently sold on to the company. The announcement states that RBC will make all trading decisions independently of the company, operating within pre-set parameters agreed in advance. All purchases will be conducted on the London Stock Exchange and must comply with the Share Buyback Authority, the FCA's Listing Rules, and relevant provisions of the Market Abuse Regulation as retained in UK domestic law.

AGM Authority Underpins the Programme, With 42.2 Million Shares of Headroom Remaining

The buyback operates under shareholder authority granted at Moonpig's 2026 Annual General Meeting, which approved repurchases of up to a maximum of 45,254,684 ordinary shares. As at 2 November 2026, the remaining headroom under that authority was 42,172,367 shares, indicating that only a modest portion of the AGM authority had been utilised prior to this programme commencing. The available headroom provides flexibility to execute the full £32.5 million programme subject to prevailing market conditions and price parameters.

Moonpig Operates Across UK and Dutch Markets Under Four Consumer Brands

Moonpig Group operates the Moonpig, Red Letter Days, and Buyagift brands in the UK, alongside the Greetz brand in the Netherlands. The company describes itself as the online market leader in greeting cards in both markets and the UK market leader in gift experiences. Its proposition includes personalised cards, curated gifts, and next-day delivery, all delivered through proprietary technology platforms and apps that apply data science capabilities to personalise and optimise the customer experience at scale.