Shares in meal kit company Parsley Box have tumbled further after it revealed multi-million losses and customer indifference.
The firm, aimed at the over-60s, has seen shares almost halve since its 200p debut on the junior AIM market in March.
Steep declines in mid-July and the end of August left shares at 121.5p even before it reported pre-tax losses of £5.4 million for the first half.
Shares now stand at 102p after yesterday’s results and look on the brink of falling further.
Parsley Box blamed its woes on the lifting of lockdown restrictions, which has left it struggling to attract new customers.
Revenue from new users declined by a fifth, despite a £1.2 million TV advertising campaign.
However, the number of returning customers, which the firm called the “key to driving long-term profitability”, grew by 48 per cent.
Overall revenues rose 26 per cent to £14 million.
AJ Bell investment director Russ Mould said it was “unclear exactly what marks the Parsley Box proposition out from other options”.
“It’s an area with lots of existing competition,” he told the Daily Mail.
The news will prove ominous to rival meal kit firms, which have made heavy investments after proving popular during lockdown.
HelloFresh and Gousto have attempted to “de-bottleneck” by doubling their workforce after making their first profits in the UK in 2020, anticipating increased demand.