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ProCook reports strong store growth in first results as listed business

Kitchenware brand ProCook has reported rising retail store revenue, market share and customer acquisition in its first set of results as a listed business.

The Gloucestershire business completed a float on the London Stock Exchange in November and has a current market capitalisation of approximately £150m.

However, underlying operating profit for the 28 weeks ending October 17, 2021, was £3.3m – down from £4.5m for the same period last year. The company said this was in line with expectations due to rising retail and e-commerce costs. Underlying profit before tax also dipped from £4m to £3.6m.

The family-run retailer said its growing portfolio of more than 50 retail stores across the UK had performed “exceptionally well” over the period.

It said a 34% year-on-year increase in total revenue (£32.1m) was in part reflected by the loosening of national lockdown restrictions from April. Its retail arm generated £16.9m in revenue – up 108.4% compared to the same period last year.

The company also sells its cooking and dining products directly to its customers through its website, which it said also performed strongly, with revenue growth of 23.5% year on year against “exceptionally tough comparatives.”

E-commerce as a whole accounted for 47% of the group’s total revenue for the period (£15.2m), a 3.7% dip compared to the same period last year which ProCook said was driven by its strategic decision to exit the Amazon UK marketplace at the end of June this year.

The company said it opened six new destination stores during the period and closed two high street stores as planned, as they did not fit well within its retail portfolio of high-footfall locations.

ProCook is set to launch two stores at the Westfield shopping centres in London before Christmas, with one opening today (December 16) and another at Westfield Stratford City opening this Saturday (December 18).

The company has also launched a new cookery school facility, located on Tottenham Court Road in central London, as part of its strategy to develop its customer offering.



ProCook founder and chief executive Daniel O'Neill.
ProCook founder and chief executive Daniel O’Neill.

The company’s chief executive and founder Daniel O’Neill told BusinessLive in October it’s London listing would “elevate” brand awareness to compete with other cookware brands such as Le Creuset, Tefal, Denby and allow it to recruit and retain high quality talent.

In its interim results ProCook said it had consistently taken market share throughout the year to date, had attracted 319,000 new customers and outperformed the market by +41.9 percentage points.

This was despite the UK kitchenware market shrinking by -2.8% in the first half, following a strong uplift last year as customers spent more time at home during lockdown last year.

Mr O’Neill said: “The retail markets and wider markets are experiencing continued challenges and uncertainties. Whilst not immune to these, our direct-to-consumer business model provides a strong foundation.

“We believe we are well positioned to continue to disrupt the market with our beautiful and great value product ranges, accompanied by our excellent service proposition, and we are excited by the many opportunities ahead of us.”

Mr O’Neill added the emergence of the new Omicron variant of covid-19 variant highlighted how “finely balanced” recovery from the pandemic was and that the company was committed to taking “sensible and cautious measures” to help protect staff and customers.

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