ProCook first half losses narrow
ProCook has seen its first half losses narrow as it reports an improvement in more recent trading.
In the 28 weeks to 15 October, the kitchenware retailer’s underlying pre-tax loss came in at £1.7 million compared to £2.8 million in the first half of the prior year.
Total revenue in the period declined by 3.8% to £26.3 million as like-for-like sales fell by 4.4%. ProCook said trading was impacted by difficult trading conditions and teething issues following the launch of its new website.
However, there was an improvement in the first eight weeks of the retailer’s second half, including the Black Friday period, when total revenue edged up 1.5% year-on-year.
Lee Tappenden, ProCook’s chief executive, said: “Whilst the consumer macro backdrop remains challenging, we are pleased to have delivered a robust Black Friday campaign and an improvement in recent trading, as we enter the important pre-Christmas trading period.”
During the half year, ProCook attracted 290,000 new customers as it launched a new brand campaign and referral scheme to raise awareness and loyalty. It also introduced a new small electricals category.
Looking ahead, Tappenden said: “Whilst we remain cautious about the timing and pace of market recovery, we are confident in our proposition and are making good strategic progress in building a stronger customer-focused business ready to accelerate growth as trading conditions improve and deliver profitable and sustainable growth for all stakeholders.”
