30th Sep 2021 10:42
(Alliance News) - Parsley Box Group PLC on Thursday said it is trading "slightly ahead" of last year, but the over-60s ready meals company faces labour and supply chain issues.
Shares were down 31% at 68.02 pence in London on Thursday.
It generated revenue of GBP17.8 million in the eight months to August 31, which was up 18% on GBP15.1 million in 2020, while products shipped also grew 18% in the same period to 7.8 million units.
However, Parsley Box joins the wider retail sector in facing labour and supply chain challenges in recent weeks. The Edinburgh-based company's stock availability has dropped 50% below plan, prompting it to reduce investment in marketing to help its customer service division.
"This is likely to continue until the expected short-term supply chain constraints recede," Parsley Box added.
The company now expects full year revenue around GBP25 million, which it says is slightly ahead of last year, though a widened pretax loss.
Parsley Box began trading on the London Stock Exchange's AIM market at the end of March and has not disclosed revenue figures from prior to its float.
"Delivering our product innovation plan remains the focus for the business as we navigate our way through the widely reported supply chain disruption," commented Chief Executive Kevin Dorren.
"The second half of the year has been further impacted as we took the disappointing decision to pull back on planned marketing investment."
By Josie O'Brien; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
MEAL.L