ProCook has reported a decline in revenue, in a year the chief executive described the economic backdrop as being “one of the toughest I have experienced in my career”.
Total revenue fell 9.9% to £62.3m in the 52 weeks to April 2.
Like-for-like revenue declined by 10.7% year on year but remained 112% up from its pre-pandemic financial year, highlighting the gains maintained over three years.
Underlying loss before tax of £0.2m reflected lower sales, gross margin impacts, inflationary cost pressures and investment in capability to drive continued growth.
The company said it “broadly held” its UK kitchenware market share despite a “significant shift away from online sales”.
ProCook saw growth in active customers from 692,000 to almost 1 million and the company sees “clear opportunities” to attract more customers and grow market share.
ProCook chief executive and founder Daniel O’Neill said: “In the 27 years since we first founded ProCook, our focus on product quality, value and service have served as the key pillars of our customer offer, and I am pleased that this year we have again increased our active customer base, added three more retail stores and upsized two more, and retained our excellent-rated Trustpilot score.
”Our value-for-money offer has enabled us to retain a resilient trading performance despite the many headwinds.
“I am pleased with the strong strategic progress we have made this year, despite the challenging economic backdrop. In opening our new distribution centre, simplifying our operations to focus on the UK, improving our in-store and online experience and becoming a B Corp, while also extending and improving our product ranges, we have made significant steps forward. We have continued to invest in the areas that will support our long-term growth and performance, while taking difficult decisions to manage costs and preserve cash.
“We know that our proposition continues to resonate very well with customers, and with our progress this year, we have built a better business, paving the way for improved performance and future profitable growth in the years ahead.”
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