Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Ready meals provider Parsley Box said it expected to deliver a slight rise in full-year revenue that was 'marginally' above its most recent forecast, following a drop off in the second half.
The company also said it had appointed former John Lewis executive Simon Russell as managing director, responsible for customer service, product development and the day-to-day running of its UK business.
In a trading update for the year through September, Parsley Box said it was on track to deliver annual revenue marginally over the £25 million it had forecast, representing modest year-on-year growth.
Year-end cash would be about £2.2 million.
The company said it had slashed its marketing spend by around a third in the second half compared to the first.
Stock availability, it added, was significantly constrained, resulting in a reduction of about 20% in order numbers and therefore revenue in the second half compared to the first.
'The lower stock levels impacted average order values for much of the second half, however these have been recovering well in recent weeks as stock availability improves,' Parsley Box said.
'Furthermore, 50% of the group's product range has been relaunched with new recipes and new dishes added, extending the range by 20%, also supporting recent higher average order values.'
Parsley Box said the appointment of Russell would enable chief executive Kevin Dorren to increase his focus on developing its business and in particular strategic growth opportunities.