ProCook Group ‘Holding market share in difficult trading conditions’


ProCook Group ‘Holding market share in difficult trading conditions’

ProCook Group plc has reported on its Q2 trading results for the 16 weeks ended 15 October 2023.

Total revenue of £15.7 was generated, -0.8 per cent year on year or +0.8 per cent on a continuing business basis, excluding the impact of the exit from Amazon EU last year. Like-for-like revenue was -1.8 per cent in quarter two, with improvements in both eCommerce and Retail channels compared to quarter one (Q1: -7.9 per cent). The retailer also experienced a continuation of the channel shift back towards physical retail stores.

The second quarter results reflect a strong summer sale performance during July and August, aided by considerably more favourable weather year on year. Trading in September and into early October has been markedly softer, with lower footfall and traffic, and customers increasingly seeking out greater value and promotional offers.

First-half revenue of £26.3m was -3.8 per cent year on year, or -1.2 per cent excluding the exit from Amazon EU during the last financial year. On a like-for-like basis, first half revenue was -4.4 per cent year on year, an improving trend compared to prior year (H1: -16.2 per cent, H2: -5.9 per cent).

The business says it has made strong progress with its strategic priorities in the first half of the year, launching phase one of its new Electricals range in August, transitioning to its new website during September, and launching its new brand campaigns featuring celebrity chef Matt Tebbutt.

The Group typically generates around 60 per cent of full-year sales in the second half of the financial year. It says that it is well prepared for this peak trading period, with strong product availability and offers planned.

However, the Board remains cautious with regards to the FY24 outlook given the highly challenging market conditions which persist, and the current trading volatility and sales trends over recent weeks, with customers seeking more value and taking more time to research before committing to purchase.

Whilst forecasting the specific timing and pace of the market recovery is challenging, the Board is confident it will recover given the attractive market dynamics. When it does recover, the Board believes ProCook is well positioned to deliver improved financial performance and further market share gains given the strength of the brand and operating model.

Lee Tappenden, Chief Executive Officer, commented: “My first few weeks with ProCook have reinforced my appreciation of our unique customer proposition, product quality and service excellence across our business. I am highly excited by the many opportunities we have to further develop our proposition and business in the next chapter ahead of us.

“Trading conditions remain challenging, and we continue to operate in an uncertain consumer and macroeconomic environment. We are focused on delivering even greater value for our customers throughout the important peak trading period and beyond.

“We continue to build on ProCook’s strong foundations to strengthen our proposition and brand awareness, expand our product range and store portfolio, and invest in the areas that will improve our operational efficiency and capacity. This will leave us well placed to capture the many growth opportunities available to us as trading conditions improve.” 

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