ProCook Group plc has reported its preliminary results for the 52 weeks ended 3 April 2022.
Gross profit was up from £35.9m to £45m with underlying profit before tax of £9.5m as against £8.3m last year. The business had outperformed the UK market adding 723,000 new customers with growth attributed in part to the re-opening of its 50 UK stores.
However, the business pointed out that rapid deterioration in the consumer and macro environment had led it to adjust and re-prioritise it focus in the current year. It said that it was well placed to manage current challenges with its strong financial position, a resilient business model and a clear strategy for sustainable and profitable growth. The board says it expects FY23 revenue to be broadly in line with the past year, with an underlying profit of between £4m-£6m.
Daniel O’Neill, CEO and Founder said: “Over the last year we have made considerable progress in developing our customer proposition and direct-to-consumer model. I am pleased with our trading performance and the strategic progress we have made during what has been a challenging period. Despite these challenges, our business is now much larger and stronger than pre-pandemic, with more customers and significantly improved sales and profits.”