ProCook continue to outperform the market

Gloucester-based direct to consumer kitchenware brand ProCook has released its preliminary financial reports for 2022.

The firm performed strongly in Q1 of 2022, posting a total revenue increase of 84.9 per cent, a like-for-like revenue increase of 96.7 per cent, and a UK revenue (excluding Amazon sales) increase of 143.3 per cent.

This has set a high bar for financial year 23. This is compounded by reports from data experts Growth from Knowledge which estimate the UK kitchenware market contracted by approximately 12 per cent during the first quarter of this financial year.

This, combined with last year’s strong performance and the company’s exit from Amazon in June of 2021, has led to a UK revenue decrease of nine per cent year-on-year. This is still outperforming the market, however, and a 49 per cent increase when compared to Q1 of 2020.

Meanwhile, a total Q1 revenue of £11.4 million was a reduction of 21.6 per cent year-on-year but, again, this is a 35.5 percent increase when compared to 2020.

Daniel O'Neill, CEO and Founder, said: "Over the last year we have made considerable progress in developing our customer proposition and direct-to-consumer model. I am pleased with our trading performance and the strategic progress we have made during what has been a challenging period.

“Despite these challenges, our business is now much larger and stronger than pre-pandemic, with more customers and significantly improved sales and profits. I would like to personally thank all of our people and partners, who have accomplished so much together over recent years."

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Following a trading update on 10 June, the firm’s board is predicting this year’s revenue to remain broadly in line with the previous, with an underlying pre-tax profit of between four to six million pounds.

Ongoing investment in future growth, cost inflation and a return to a more typical seasonal second half weighting has left the group ‘confident’ they are well-placed to continue to grow their market share.

Daniel added: "Current market conditions have changed rapidly with consumer confidence deteriorating to lows not seen for many years. Despite this backdrop, as a direct-to-consumer kitchenware specialist, our attention remains on providing our customers with great products, exceptional value and the best possible service.

“We are confident that our proposition will continue to attract new customers to ProCook and that we can cater for all budgets and tastes, with our commitment to creating exceptional value through pricing which is at least 30% cheaper than comparable products from competitor brands.

We are energised by the longer term opportunities we see ahead of us to develop the ProCook brand and our sharpened focus on the core UK market opportunity during these difficult times, will give us the capacity to reinforce and strengthen our market position and customer proposition, leaving us better placed to capture wider growth opportunities as trading conditions improve."

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