ProCook's new boss 'excited' for future despite dip in revenue
By David Wood | 23rd October 2023
The new CEO of Gloucester-based kitchenware firm is upbeat about the future.
ProCook's new chief executive officer Lee Tappenden says he is "highly excited" about the many opportunities to develop the business, despite a slight dip in revenue in the second quarter.
The Gloucester-based specialist kitchenware brand has just released its trading results for the 16 weeks ended 15 October 2023.
Total revenue of £15.7m in the second quarter was -1.8% year on year or +0.8% on a continuing business basis.
Like for like revenue was -1.8% in quarter two, with improvements in both ecommerce and retail channels compared to quarter one (Q1: -7.9%).
The company said it had seen a continuation of the channel shift back towards physical retail stores that it had experienced over the last two years.
The second quarter results reflect a strong summer sale performance during July and August, aided by considerably more favourable weather year on year.
However, trading in September and into early October had been markedly softer, with lower footfall and traffic, and customers increasingly seeking out greater value and promotional offers.
The statement said: "We have made strong progress with our strategic priorities in the first half of the year, launching phase one of our new electricals range in August, transitioning to our new website during September, and launching our new brand campaigns featuring celebrity chef Matt Tebbutt this week.
"The group typically generates around 60% of full year sales in the second half of the financial year. We are well prepared for this peak trading period, with strong product availability and offers planned.
"However, the board remains cautious with regards to the FY24 outlook given the highly challenging market conditions which persist, and the current trading volatility and sales trends over recent weeks, with customers seeking more value and taking more time to research before committing to purchase."
CEO Lee Tappenden, who recently took over from Daniel O'Neill, said: "My first few weeks with ProCook have reinforced my appreciation of our unique customer proposition, product quality and service excellence across our business.
"I am highly excited by the many opportunities we have to further develop our proposition and business in the next chapter ahead of us.
"Trading conditions remain challenging, and we continue to operate in an uncertain consumer and macroeconomic environment. We are focussed on delivering even greater value for our customers throughout the important peak trading period and beyond.
"We continue to build on ProCook's strong foundations to strengthen our proposition and brand awareness, expand our product range and store portfolio, and invest in the areas that will improve our operational efficiency and capacity. This will leave us well placed to capture the many growth opportunities available to us as trading conditions improve."
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