Strong first half for ProCook
By Sarah Wood | 11th December 2024
First half sales and profits were up for Gloucester-based ProCook.
In the 28 weeks ending October 13, total revenue increased by 7.5% to £28.3m and like-for-like revenue rose by 4.2%, outperforming the market by 5%. Q2 saw revenue growth of 8.8% and LFL growth of 4.7%.
Retail revenue at the direct-to-consumer specialist kitchenware brand was up by 6.5%, while ecommerce sales increased by 9.4%,
Gross profit for the half was £18.4m - a £5.1% increase on the previous year.
In the first eight weeks of Q3 (to December 8), including Black Friday and the early part of Christmas trading, total revenue rose by 7.5%.
ProCook opened four new stores in the first half and five at the start of Q3. It closed two small garden centre stores in the last eight weeks.
Lee Tappenden, chief executive officer, said: "We delivered a strong performance in the first half, outperforming a subdued market, and growing our customer base whilst maintaining cost discipline. We have made good progress against our strategic priorities and continue to invest carefully in the areas that will support profitable growth in the medium term.
"We now expect to open a further three new stores in the remainder of the financial year, taking the total up to 12 new stores and, by closing two smaller garden centre stores, adding a net 10 new stores to our retail network across the year.
"We are pleased with trading results in the first half of the year. Whilst the important Q3 trading period had a subdued start in the early weeks coinciding with the Budget event, and a later Black Friday year on year, we are well positioned to take advantage of the improved momentum we are now experiencing, supported by our Christmas campaign, new product launches and strong inventory levels.
"Notwithstanding recent continued challenging trading conditions, our expectations for the group's full year performance are unchanged, as we anticipate our typical second half weighting of revenue and profitability, supplemented by the actions we have taken to expand our retail network, combined with continued margin and cost discipline.
"We remain confident in delivering continued strategic progress and sustainable growth over the medium term, as we work towards our ambitions of 100 stores, £100m revenue and 10% operating profit margin."
ProCook employs more than 600 people and has 64 stores. It moved into its 167,000 sq ft headquarters and distribution centre at St Modwen Business Park, just off Junction 12 of the M5, in summer 2023.
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