ProCook Group has released its interim results for the 28 weeks ended 16 October 2022. Revenue at £27.4m had fallen by 14.5 per cent but remained 119.7 per cent above the same period, pre-pandemic FY20.
The business encountered challenging market conditions driven by the combined effects of heightened pressures on consumer spending and the prolonged hot summer weather. However, it had continued to attract new and existing customers, with 320,000 new customers for the first time in H1, its 12-month repeat purchase rate increasing to 25.3 per cent (FY22 H1: 24.7 per cent), meaning active customers in the last 12 months increased to over 1m (+36.5 per cent YoY). It had opened 1 new store and relocated two stores to larger sites and was also the first London Stock Exchange listed retailer to achieve B Corp certification.
The business expects full year FY23 revenue of £60-65m and breakeven underlying PBT with a clear plan to maximise trading performance and profitability underway. Its gross margin recovery will be supported by benefits of lower shipping costs and a cost reduction plan. It plans to reduce operating costs by £3m on an annualised basis.
Daniel O’Neill, CEO & Founder, commented: “This has been a difficult trading period, reflecting the wider consumer environment and also a very strong comparable period in our last financial year. However, ProCook has traded through tough conditions in the past and we remain confident in our specialist offer and ability to continue taking long-term decisions to build a stronger and more sustainable business.
“Our B Corp certification reflects that focus and is a huge achievement for the whole team at ProCook. We’ve also made good progress with our store roll-out and the development of our new Distribution Centre and Head Office, which will provide us with a much improved and efficient base from which to take the business forward.
“We are taking cost actions to manage the current pressures and the business remains well placed to capture increased share of the large kitchenware market and deliver long term growth and value to all stakeholders.”