The heat is on for ProCook after a challenging summer sees revenue drop
By Laura Enfield | 21st October 2022
The heat is on for ProCook after it reported a 9.1 per cent drop in revenue year-on-year for the second quarter.
The Gloucestershire-based business said the decrease to £15.9million was due to a challenging summer with heightened pressures on consumer spending, the prolonged hot weather and the return of overseas holidays.
However, revenue was up 110.4 per cent on a like-for-like basis compared to pre-pandemic levels and ProCook said it was encouraged by a much-improved run rate as it exited the quarter.
It is now looking ahead to a pre-Christmas sales boost.
Daniel O'Neill, founder and CEO of ProCook, said: "Whilst the consumer and macro environment remains uncertain, we are pleased to have seen a marked improvement in recent trading.
"We remain confident in our specialist offer, with quality product ranges and fantastic service underpinned by our value-for-money credentials across all price points."
Earlier this week it became the first London Stock Exchange listed retailer to be certified as a B Corp, joining a select group of companies said to be committed to creating value for all stakeholders.
The brand, based in Gateway12 Business Park in Gloucester, now has more than 50 stores across the UK, with a new one opened at Rushden Lakes Shopping Centre near Northampton in August.
During Q2 it attracted 320,000 new customers and increased its 12-month repeat purchase rate to 25.3 per cent. As a result the number of active consumers in the last year has hit the 1million mark.
However average transaction values have declined, largely driven by the shift back towards retail.
ProCook said it is expecting its full year underlying pre-tax profit to be within the previously guided range of £4 million to £6 million.
Mr O'Neill added: "We are focused on building on our recent trading momentum and strong foundations to develop the ProCook brand, strengthening our market position and customer proposition, and we continue to invest in areas that will improve our operational efficiency and capacity.
"This will leave us better placed to capture further growth opportunities as trading conditions improve."
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