MEAL.L Regulatory News (MEAL)

30 September 2021

Parsley Box Group plc ("Parsley Box" the "Group")

Trading Update

Parsley Box Group plc (AIM: MEAL), the direct to consumer provider of ready meals focused on the Baby Boomer + demographic, today issues an update on trading.

The Group has recorded 18% year on year revenue growth for the 8 months to 31 August with revenues of £17.8m (2020: £15.1m). Products shipped also grew by 18% in the same period to 7.8 million units (2020: 6.6 million).

The Group, together with the wider retail sector, is experiencing labour issues throughout its supply chain and has been significantly restricted by stock availability at circa 50% of plan. Customer service is a core value of the Group, and therefore the Board took the difficult decision to reduce investment in marketing, and this is likely to continue until the expected short-term supply chain constraints recede.

As a consequence the Group now expects full year revenue to be circa £25m, slightly ahead of last year, with a consequential impact on the Group's loss before tax. The Group's cash balance at 31 August 2021 was £5.7m.

The Board is encouraged by the early signs from the Q3 product releases and will provide a further update ahead of the full year close.

 Kevin Dorren, CEO of Parsley Box, commented:

 "Delivering our product innovation plan remains the focus for the business as we navigate our way through the widely reported supply chain disruption. The second half of the year has been further impacted as we took the disappointing decision to pull back on planned marketing investment. However I, and the Board, firmly believe that Parsley Box's long term growth prospects are unchanged."

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU No. 596/2014) which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Enquiries:

 Notes to editors:

 Parsley Box delivers ready meals direct to the underserved Baby Boomer+ consumer, broadly defined as those aged 60 and over. Its mission is to champion and empower the over 60s. The core product range comprises over 60 single portion sized meals spanning various cuisines.

The Baby Boomer+ demographic is growing rapidly; it represented c.24 per cent. of the UK population (16.2 million people) in 2019 and is the only age demographic that is forecast to grow materially in the next 10 years (source: Government Office for Science, Future of an Ageing Population). Parsley Box was founded in Mach 2017 to specifically target this highly attractive fast-growing market.