The British Honey Company (BHC) has released a jarring trading warning as “substantial domestic cost of living increases” hit customer purchasing power.
It said that end of year results were now expected to “fall below” previous market expectations and that the business now expected to deliver revenues of “approximately £6 million”.
The Oxfordshire-based company also noted that business had become more sticky due “geo-political instability” as a result of the war in Ukraine.
At the end of June, BHC that manufactures honey products and honey-infused craft spirits including gin, vodka, whiskey and rum said it needed additional time to complete the audit of its full year results, as a result of this its shares were temporarily suspended from the alternative trading platform Aquis the month after.
The business is now expected to be accepted back as it seeks to deliver last year’s financial results next month.
BHC said: “In line with what is being widely reported across the consumer sector and the UK economy as a whole, the company is experiencing more challenging conditions in the second half of the year.”
On an upbeat note, the BHC, said: “We are, however, pleased to report that in this currently more challenging trading environment we have not only retained all of our white label customers but have won new ones which bodes well for the future.”
“We also continue to take significant costs out of the business through improved operational efficiencies, tight control of overheads and cash management as we continue to move towards profitability,” the company added.
