Gloucester-based kitchenware business ProCook Group PLC has reported a lower full-year profit, as it warned of a lack of consumer confidence.

ProCook, which saw shares drop last month after issuing a profits warning, said that despite a rise in revenues, it's bottom line had been hit.

Annual revenue for the retailer climbed 30 per cent to £69.2 million in the financial year to April 2, up from £53.4 million the year before.

Pre-tax profits also rose to £9.5 million, up from £8.3 millon the year before. However, at a reported level, figures were down from £8.3 million to £100,000 as a result of one-off floatation costs and employee share-based IPO awards.

Daniel O'Neill, chief executive officer and founder of Procook, said: ""Current market conditions have changed rapidly with consumer confidence deteriorating to lows not seen for many years."

ProCook added that the UK kitchenware market had fallen 12 per cent during the first quarter of it's new financial year. Revenue during this quarter was £11.4 million, down 22 per cent year-on-year.

A statement in its financial reports said: "The rapid deterioration in the consumer and macro environment means that we have now had to adjust and re-prioritise our focus.

"We are well placed to manage these current challenges with a strong financial position, a resilient business model, a clear strategy for sustainable and profitable growth, and a customer proposition focused on exceptional service, quality and value."

Mr O'Neill added: "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's head office is at Gateway 12 in Quedgeley, Gloucester. The company also has retail sites in Gloucester Quays and Cirencester.