Kitchenware retailer ProCook sees 11% revenue growth in latest financial results

Kitchenware retailer ProCook has announced strong financial results with an increase of 11.3 per cent to £25.6 million. The fast growing Gloucester-headquartered direct-to-consumer brand also saw like-for-like revenues increase by almost 3.5 per cent.

Retail revenue increased by more than 12.4 per cent. The retailer has now reported six consecutive quarters of positive like-for-like growth, with the impact of new store openings contributing to this.

Ecommerce revenue increased by more than 9.2 per cent, reflecting like for like growth of more than seven per cent, driven by increased traffic and conversion year on year, and sales on the relaunched Amazon UK marketplace.

Lee Tappenden, Chief Executive Officer, said: “We have delivered a strong trading performance in the important peak period, continuing to outperform the market, whilst providing excellent-rated service to our growing customer base. Performance was particularly strong in the later part of the quarter as a result of the actions we took to elevate our Black Friday and Christmas campaigns this year, supported by improved promotional and seasonal product ranges, and stronger inventory levels.

“This performance was in line with our expectations for the full year which, notwithstanding ongoing consumer uncertainty, reflects the typical benefit from second-half weighting of revenue and profitability, combined with our retail network expansion, margin improvements and ongoing cost discipline.

“We have made good progress against our strategic priorities and continue to invest responsibly in the areas that will support profitable growth in the medium term. We expect to open a further three new stores in the remainder of the financial year, taking the total up to 12 new stores this financial year.

“We therefore remain confident in delivering continued strategic progress and sustainable growth over the medium term, as we work towards our ambitions of 100 stores, £100m revenue and 10% operating profit margin.”