Bosses at ProCook have said the brand is in a strong financial position to weather a contracting kitchenware market, with consumer confidence hitting lows “not seen for many years”.
In a set of preliminary results for the 2022 financial year, the Gloucestershire firm, which listed on the London Stock Exchange last year, reported 29.5% year-on-year revenue growth to £69.2m – up from £53.4m in 2021.
Gross profit also increased to £45m from £35.9m, with underlying profit before tax at £9.5m – up from £8.3m a year earlier.
The family-run retailer, which sells its products through its website and a portfolio of more than 50 UK stores, said it had outperformed the UK market, attracting 723,000 new customers with growth driven by the reopening of stores following Covid restrictions.
The company’s board said market conditions had changed rapidly, with sales down in the first quarter of the current financial year, as the overall UK market contracted by an estimated 12%.
ProCook’s total revenue in Q1 of FY23 stood at £11.4m – a 21% drop year-on-year, though still up 35% on pre-pandemic levels in Q1 FY20.
In line with a trading update it issued last month, the board forecast expected revenue for the current year to be broadly in line with the last, and underlying profit before tax forecast to be down, between £4m and £6m.
It said it was confident the company was “well placed” to increase its market share and deliver medium-to-long term growth and value to stakeholders.
Founder and chief executive Daniel O’Neill said: “We are energised by the longer term opportunities we see ahead of us to develop the ProCook brand and our sharpened focus on the core UK market opportunity during these difficult times, will give us the capacity to reinforce and strengthen our market position and customer proposition, leaving us better placed to capture wider growth opportunities as trading conditions improve.”
ProCook employs around 200 people in Gloucestershire and has a total workforce of 700 employees.
