Edinburgh-based ready meals firm Parsley Box Group plc has reported results for its first “very challenging” year as a listed company — showing revenue increased 4% to £25.5 million but adjusted EBITDA loss soared to £7.1 million in the year to December 31.

Parsley Box, which targets the over 65s demographic, joined the stock market in March last year at £2 per share — but the firm suffered a torrid first year as a public company with its shares falling almost 90% to around 21p on Tuesday.

Parsley Box chairman Chris van der Kuyl said: “Post the year end, gross proceeds of £6m were raised to facilitate the strategy … 

“After a challenging 2021, the board anticipates that 2022 will be the beginning of a new chapter in the group’s development.

“Stock levels have continued to increase since the year end with more than 95% of product lines now available, delivering good growth in basket size and high service levels.

“The group is progressing well towards its FY22 target of 25% growth in repeat AOV through an increased pace of product innovation and good stock availability.

“The group is focused on implementing the fresh targeted marketing strategy which is already showing early positive signs of acquiring higher spending customers.

“Whilst marketing expense was reduced in the first quarter by circa 50% of the FY21 average to test the new strategy, higher levels of marketing spend has resumed from April to stimulate greater order numbers.

“Costs are being well managed so that adjusted EBITDA losses have reduced in the period to date and are in line with management expectations for FY22.

“We have made significant progress in broadening our team in 2021 and we believe we are well placed to grow the business and its relevance to our target customers throughout 2022.” 

Parsley Box CEO Kevin Dorren said: “We have stabilised and improved the business significantly.

“The new management team members have settled in and with the funding now complete, we are well placed to execute our growth strategy for 2022 and beyond.

“The Parsley Box team comprises experience, commitment, inspiration, creativity, and leadership – the skillset for business growth.

“We are confident and excited about the future, and the team and I are determined to build on the current stronger foundations to expand and grow.

“I would like to thank our staff for their hard work during the year.

“I am incredibly proud of everyone at Parsley Box and how they adapted to the disruption caused by COVID-19 and for their efforts in an extraordinarily busy year having listed in March 2021.

“I would like to also thank our customers for their continued loyalty and support, our suppliers for rising to the challenges in a difficult year in the food manufacturing industry and our shareholders who have continued to support the company.”