Parsley Box Group PLC (AIM:MEAL) shares slumped almost 30% as the ready meals provider reported an interim drop in revenues and lowered its 2022 sales guidance.
Total order numbers in the first half fell to 212,000 from 385,000 year-on-year.
As a result, the company now expects full year revenue of £19mln compared to £25.5mln in 2021.
In June, the group said revenue would be in the region of £22.5 million for 2022.
First half revenue slipped from £14.0mln to £9.6mln, with the company reducing marketing spend to 24% compared to 36% earlier to help offset lower revenues.
Adjusted EBITDA loss narrowed 42% to £2.1mln, with full year adjusted EBITDA expected to remain broadly in line with expectations at a loss of £4.1m, due to "careful management of marketing spend in the second half" and improved gross margin percentage.
The company said average order value increased 25% to £45 in the first half and order fulfilment efficiencies have more than offset logistics and supply chain inflation, but new customers now cost £34 instead of £31, and repeat orders cost £6 instead of £3.
Shares were trading at 12.40p.