ProCook posts revenue growth despite subdued market
ProCook grew its revenue by 7.5% to £28.3 million in the first half of its financial year as like-for-like revenue increased by 4.2%.
In the 28 weeks to 13 October, the kitchenware retailer saw its customer base rise by 315,00, or 9.8%, after broadening its product ranges and opening four new stores.
Meanwhile, the company reported a half year loss of £3.2 million, the same as a year earlier.
Giving an update on more recent trading, ProCook said total revenue increased by 7.5% in the first eight weeks of its third quarter while ecommerce sales grew by 7.7% on a like-for-like basis.
Lee Tappenden, ProCook chief executive, said: “Whilst the important Q3 trading period had a subdued start in the early weeks coinciding with the Budget event, and a later Black Friday year on year, we are well positioned to take advantage of the improved momentum we are now experiencing, supported by our Christmas campaign, new product launches and strong inventory levels.
“Notwithstanding recent continued challenging trading conditions, our expectations for the group’s full year performance are unchanged, as we anticipate our typical second half weighting of revenue and profitability, supplemented by the actions we have taken to expand our retail network, combined with continued margin and cost discipline.”
