22nd Dec 2021 11:16
(Alliance News) - Parsley Box Group PLC shares tumbled on Wednesday as it announced lower order numbers, reduced second half revenue, and restricted stock availability.
The company, which listed on AIM in London back in March, also said it plans to raise further funding during the first quarter. "Certain members of the board together with their associates have indicated their intention to invest, demonstrating their strong support for the company," it said.
Shares in Parsley Box were down 13% at 37.39 pence on Wednesday morning in London.
The Edinburgh-based meal delivery firm said that "significantly constrained" stock availability had resulted in lower order numbers and lower second half revenue.
The crimped stock also hurt average order values for much of the second half, the company added. However, Parsley Box noted this had been recovering well in recent weeks as stock availability improved.
Parsley Box said it is on track to deliver 2021 revenue "marginally" over its GBP25 million forecast. The company said this would represent "modest" annual growth. In 2020, Parsley Box reported revenue of GBP24.4 million.
Its year-end cash balance is expected to be approximately GBP2.2 million. In August, the cash balance stood at GBP5.7 million.
Looking forward, Parsley Box said it will continue to monitor the impact of the Omicron variant of Covid-19 on supply chains and said it remains cautious about balancing marketing activity and stock availability in the near term.
Parsley Box also announced the appointment of Simon Russell as managing director. Russell was formerly at retailer John Lewis Partnership in various leadership roles prior to joining Parsley Box. He also ran his own retail consultancy company.
By Heather Rydings; [email protected]
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