Strong growth for ProCook at it releases first set of results
ProCook Group, the UK’s leading direct-to-consumer specialist kitchenware brand which only listed on the London Stock Exchange last month, has revealed strong revenue growth of 34.4 per cent in the half and has outperformed the market by 41.9 percentage points, consistently taking market share throughout the year to date, attracting 300,000 new customers to the brand.
It is also opening two new stores in both Westfield centres in London before Christmas, with a Cookery School recently opened above its new store in Tottenham Court Road.
In June, the company (which is now valued at more than £150 million), revealed that it plans to open six large format stores in strong retail destination centres in the coming months, including key stores at Bluewater in Kent and Cribbs Causeway in Bristol, and has opened a hub in the Netherlands to service European markets. The 20,000sq ft warehouse with offices which is situated near Roermond marks the first phase of ProCook’s international expansion and will be followed by the opening of several European ProCook stores in the months ahead.
Daniel O’Neill, CEO & Founder, said: “In our maiden set of results as a listed business, we are pleased with our strong performance in the first half. We have made good strategic progress as we continue to share our passion for cooking; attracting more customers to experience our brand and our extensive kitchenware offer.
“I am incredibly grateful to all of our people who have shown such commitment to serving our customers and the enthusiasm they bring to building our brand, despite such a difficult backdrop.
“The retail markets and wider markets are experiencing continued challenges and uncertainties. Whilst not immune to these, our direct-to-consumer business model provides a strong foundation. We believe we are well positioned to continue to disrupt the market with our beautiful and great value product ranges, accompanied by our excellent service proposition, and we are excited by the many opportunities ahead of us.”
The company launched more than 25 years ago, in the mid-1990’s, after establishing itself as a family business, selling cookware sets by direct mail in the UK. The Directors believe that it is poised to deliver continued profitable growth and yet still retain the values and ethos of a family-owned, ambitious, agile and entrepreneurial business.
In the UK, ProCook sells directly to customers through its own proprietary website. It also operates its own, growing portfolio of more than 50 retail stores that are spread geographically across the UK to offer customers choice, convenience, and the opportunity to test, trial and seek advice from knowledgeable and helpful colleagues.
ProCook also sells its products to customers in continental Europe via third party marketplace websites, predominantly in Germany and France, with additional delivery options extending to customers in Belgium, Austria, Luxembourg, the Netherlands and Poland.
ProCook’s product range, designed in-house, spans more than 1,600 items and pricing is targeted to be at least 30 per cent lower than similar quality products from competitor brands.
