ProCook Group has announced its preliminary results for the 52 weeks ended 2 April 2023. The business had broadly maintained its UK kitchenware market share in a year of significant trading uncertainty, despite a shift away from online sales. Total revenue came in at £62.3m which is 9.9 per cent less than the previous year, or 5 per cent excluding revenues derived from Amazon which it had exited over the last two years. Underlying pre-tax profits of £9.49m fell to a loss of £164k, with the reported total moving to -£6.53m.
The business had seen growth in L12M active customers of +1.8 per cent YoY to almost one million customers and successfully attracted 692,000 new customers to the brand in FY23. It had completed the opening of its new Distribution Centre and HQ in Gloucester and also became the first UK-listed retailer to achieve B Corp Certification.
Challenging trading conditions have remained during May and June 23 with revenue of £10.7m was 6.7 per cent lower yoy with LFL revenue down 7.9 per cent yoy impacted by the warm weather and soft homewares market during these months.
Daniel O’Neill, CEO & Founder, commented: “In the 27 years since we first founded ProCook our focus on product quality, value and service have served as the key pillars of our customer offer, and I am pleased that this year we have again increased our active customer base, added three more retail stores and upsized two more, and retained our excellent-rated Trustpilot score. Our value-for-money offer has enabled us to retain a resilient trading performance despite the many headwinds.
“This year the economic backdrop has been one of the toughest I have experienced in my career. Our customers and colleagues have felt the squeeze on disposable incomes as inflation has soared upwards. We have faced challenging trading conditions before, and emerged stronger, more nimble, and more determined to press ahead with our mission to become the customers’ first choice for kitchenware.
“I am pleased with the strong strategic progress we have made this year, despite the challenging economic backdrop. In opening our new distribution centre, simplifying our operations to focus on the UK, improving our in-store and online experience, and becoming a B Corp, while also extending and improving our product ranges, we have made significant steps forward. We have continued to invest in the areas that will support our long-term growth and performance, while taking difficult decisions to manage costs and preserve cash.
“We know that our proposition continues to resonate very well with customers, and with our progress this year, we have built a better business, paving the way for improved performance and future profitable growth in the years ahead.”
Share