UK: Parsley Box sees H1 revenue grow on repeat customer sales
Baby boomer ready meals delivery service expects D2C shopping habits to remain despite Covid restrictions being lifted
Baby boomer ready meals delivery service Parsley Box has reported H1 2021 tear-on-year revenue growth of 26% to £14 million.
Active customers during the period grew 76% to a record high of 177,174, as repeat customer orders increase significantly on the previous year.
The average order value (AOV) for repeat customers increased 7.6% to £43.30, while the AOV for new customers dropped slightly by 3.5% to £22.98 during the six-month period.
The company said that the easing of Covid-19 restrictions and the normalisation of shopping behaviours had some impact on sales, but it expects the shift towards the direct-to-consumer shopping model would be permanent in a post-Covid world.
The Parsley Box board expects H2 revenue growth to be substantially ahead of H1, driven by product innovation and continuing progress in repeat customer order value.
Kevin Dorren, Parsley Box CEO, said: “The continued growth delivered in the first half of the financial year driven by strong growth in repeat orders has continued our positive momentum and is very encouraging.
“This, together with our key food development hires of Cassandra Suddes and Serena Philipson, gives us every confidence in the growth prospects for our business. We look forward to delivering the first phase of our product innovation pipeline in H2 2021,” he said.
The company ended H1 with £6.5 million in cash and no debt, following its IPO in March, during which it raised £17 million.
The company, alongside its existing shareholders, offered 7.5 million ordinary shares at 200 pence each during its IPO. Parsley Box entered the stock market valued at £83.8 million.