Parsley Box interim losses widen as input prices rise
By Michele Maatouk
Date: Tuesday 07 Sep 2021
(Sharecast News) - Parsley Box shares slid on Tuesday after the provider of ready meals reported a widening of its interim losses as it highlighted a rise in input prices.
In the six months to 30 June 2020, pre-tax losses widened to £5.4m from £1.0m in the same period ago, with revenues up 26% to £14m. The number of active customers increased 77% to 178,274.
The company, which focuses on the Baby Boomer + demographic, said it has largely maintained its input prices and margins over the last four years. However, like the rest of the food industry, it is seeing input prices rise.
"We expect to negate any input price rises by retail price increases on selected lines in H2 2021," it said. "In the short term, supply chain challenges being seen across the food, manufacturing and distribution industries are likely to lead to higher input prices across all sectors."
Chief executive Kevin Dorren said: "This has been a highly rewarding period for the company, Parsley Box has achieved a great deal since our IPO in March 2021. The business is well capitalised and is using the opportunity to invest in new customers, product innovation and broadening our team as outlined in the run up to IPO.
"The focus remains to deliver long term growth within the UK to achieve a sustainable, profitable business and a recognised brand for the Baby Boomer+ demographic."
At 1220 BST, the shares were down 10% at 109p.
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