ProCook unveils plans for 10 more stores next year and 100 more after that as revenues tick up
Total annual revenues have ticked up slightly at ProCook, the Gloucester-based direct-to-consumer kitchenware brand, which is also planning to open 10 more stores and 100 'in the medium term'.
Revenues grew by 0.4 per cent (or 1.7 per cent excluding the Amazon channels which it exited last year) to the end of March, to £62.6 million.
Like for Like revenues grew by 2.8 per cent thanks to new product launches, but e-commerce declined by 8.7 per cent, which the brand says was primarily driven by disruption from a transition to a new website.
CEO Lee Tappenden, said: “We have made good strategic progress and improved our trading performance throughout the last year, growing revenue, returning to profitability, and reducing net debt through positive cash generation.
“Our unique direct-sourced and own-brand specialist proposition which offers high quality product at unbeatable value, with outstanding customer service, resonates very well with customers. This, combined with our strong foundations and a fragmented marketplace, provides a significant opportunity to raise brand awareness, expand our customer base, and increase our market share. We have a clear plan to accelerate profitable growth and we are focused on building a stronger customer-focused business that will support our growth ambition.
“Our performance during the first quarter of FY25 demonstrates continuing momentum, and, whilst the market remains subdued and uncertain, we are confident that we can build on our recent performance, delivering sustainable and profitable growth for all our stakeholders in the current financial year and beyond.”
