ProCook, the direct-to-consumer kitchenware brand, has reported its annual results for the 52 weeks ended 31 March 2024.
The business achieved a total revenue of £62.6m, which increased by 0.4 per cent, or 1.7 per cent, excluding the Amazon channels, which it had exited over the last two years. LFL retail (store) revenue grew by 2.8 per cent, reflecting new product launches and continued focus on customer service, whereas LFL eCommerce revenue declined by 8.7 per cent, primarily due to disruption caused by the transition to a new website platform, which was completed during the year. This is now delivering stronger conversion rates and benefiting from greater efficiency in development.
ProCook had also launched the first two phases of its new small kitchen electricals ranges, which have already won multiple industry awards, and completed the transition into its new Store Support Centre, which provides capacity for growth, as well as delivering operational supply chain efficiencies. Two further stores were opened, and one existing store was upsized during the year.
Lee Tappenden, CEO, commented: “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 products 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.”
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