ProCook reports good progress despite difficult trading conditions

Published by

Sam Pither

Gloucester-based kitchenware retailer ProCook has announced its interim results today (14 December) for the 28 weeks ended 16 October 2022, reporting positive progress despite difficult trading conditions

While its revenues for the year, at £27.4 million, were down 14.5 per cent year-on-year, this is still up 119.7 per cent on pre-pandemic revenues in financial year 20.

Despite a worsening cost of living crisis hitting consumer spending and a prolonged period of hot weather, the brand is continuing to gain new customers, seeing 320,000 first purchases in the period, as well as a 25.3 per cent increase in 12-month repeat purchases. This, in turn, means ProCook has served more than 1 million active customers in the past year, up 36 per cent year on year.

ProCook has also opened a new store, and relocated a further two to larger sites. The brand also became the first B Corp certified retailer listed on the London Stock Exchange.

Looking ahead, ProCook expects revenues for the full financial year to fall between £60-65 million, with lower shipping costs and an overall cost reduction plan, aiming to reduce costs by £3 million per year, supporting gross margin recovery. This should see underlying profit before tax breaking even.

With the UK kitchenware market relatively stable at the moment, the brand believes it is “well-placed” to increase its market share and deliver long-term growth.

ProCook has seen an overall rise in its share price of 2.1 per cent as of Wednesday morning.

Daniel O'Neill, CEO & Founder, commented: “This has been a difficult trading period, reflecting the wider consumer environment and also a very strong comparable period in our last financial year.

“However, ProCook has traded through tough conditions in the past and we remain confident in our specialist offer and ability to continue taking long-term decisions to build a stronger and more sustainable business.

“Our B Corp certification reflects that focus and is a huge achievement for the whole team at ProCook. We’ve also made good progress with our store roll-out and the development of our new Distribution Centre and Head Office, which will provide us with a much improved and efficient base from which to take the business forward.

“We are taking cost actions to manage the current pressures and the business remains well placed to capture increased share of the large kitchenware market and deliver long term growth and value to all stakeholders.”

Sam Pither

Sam is the Regional Editor of Biz News, responsible for both Hampshire and Dorset. A new recruit to journalism, Sam started writing for the Business Magazine as a freelancer in May of 2022 after completing his degree in English at University College London. His passion for local businesses and ability to tell a story soon caught the attention of the publication’s management team and have led to his meteoric rise. Sam, who lives in central Reading, takes a particular interest in technology, gaming and food and drink, having been a chef before starting his degree.