ProCook has boosted its profit guidance in the wake of improvements to trading momentum and a growing market share.

ProCook Tottenham Court Rd

ProCook forecasts full-year underlying profit before tax of £0.5m to £1m

The specialist kitchen retailer posted total revenue of £13.2m in the 12 weeks to March 31, a rise of 4.8% year on year. 

Total like-for-like revenue “turned positive” in the quarter, increasing by 1.5% and continuing the upwards trend.

Ecommerce like-for-like revenue saw a 2.5% decline in this period, but improved from a 5.1% fall in the previous quarter as “customer improvements” were delivered.

Retail revenue grew 4.3% like for like, boosted by two new store openings and the upsize relocation of a third store.

Full-year revenue reached £62.6m and increased by 0.4% year on year – or 1.6% excluding the Amazon EU channels which were removed last year.

The group said its quarterly sales performance has been in line with the board’s expectations and forecasts full-year underlying profit before tax of £0.5m to £1m, “marginally ahead” of market expectations.

ProCook chief executive Lee Tappenden said: “I am pleased with the growing momentum in our performance which reflects the enhanced range, experience and value we are delivering to our customers.

“Despite the market remaining subdued, we are gaining share, giving us confidence that our proposition continues to resonate with consumers. 

“We look forward to delivering further strategic progress as we continue to build an even stronger customer-focused business which will allow us to accelerate profitable growth as trading conditions improve.”