Prepared for Northgate Provisions, Q2 2026
This was the quarter Northgate stopped renting its growth. Paid social spend came down 22 percent by design, and revenue still rose 8.9 percent, because the retention work of the last two quarters is now compounding: two in five customers place a second order within sixty days, up from roughly one in three a year ago. The business is cheaper to run, and less exposed, than it was in January.
| Channel | Q2 revenue | vs Q1 | Note |
|---|---|---|---|
| Email & SMS | £113,100 | +21.4% | Flows rebuilt in April |
| Organic search | £96,300 | +9.8% | Recipe library landing pages |
| Direct | £74,900 | +6.2% | Brand searches rising in step |
| Marketplaces | £68,200 | +1.9% | Held flat deliberately, margin first |
| Paid social | £60,100 | -18.3% | Planned pullback |
Email is the largest channel for the first time. The April rebuild of the welcome and lapsed-customer flows accounts for most of the gain; the lapsed flow alone recovered 340 customers who would previously have gone quiet for good.
Subscriptions. The box tier ended the quarter at 618 members against 611 in March, effectively flat, and cancellations cluster in months two and three. Exit surveys point at rigidity rather than value: members want to skip or resize a box, not stop it. Gifting also missed forecast; the flow buries the delivery-date choice, which matters more to gift buyers than to anyone else.
We remain comfortable with the full-year forecast set in January.
Ellen Halewood, Partner · Halewood & Co.
Prepared for the board of Northgate Provisions Ltd. Figures are unaudited management accounts. This is a fictional example document; any resemblance to a real company is coincidental.