Meal kit delivery service My Food Bag's latest profits have more than halved as customers seek to cut costs.

The company's half year profit shows a significant decline, and a planned dividend has been axed. 

Devon Funds Head of Retail Greg Smith says customers have been forced to cut back amid increased interest rates and inflation.

"Their average value has gone down- meanwhile, obviously costs have gone up for them, so that's pressurising their profitability."

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