While ProCook said Christmas trading was in line with expectations, it remains wary of the macroeconomic environment and the impact of ongoing geopolitical supply chain issues.

ProCook pots

ProCook outperformed the UK market in the fourth quarter 

For the 12 weeks ending January 7, 2024, ProCook reported a 3% jump in revenues to £23.1m, outperforming the UK kitchenware market by 10 percentage points, while like-for-like sales improved to -0.4%.

Ecommerce revenue was down 6% to £8.8m in the quarter, although the retailer was saved by its stores channel which delivered a 9.5% growth to £14.3m.

At the end of the period, ProCook had a net cash position of £2.6m.

Despite a decent end to 2023, the specialist retailer warned of more headwinds in 2024, saying the “macro environment remains difficult for consumers” and warning of the “geopolitical impact on supply chains” from the ongoing situation in the Red Sea.

“[This] has the potential to cause disruption and increase costs if sustained over a prolonged period,” the retailer said. “[However] we are well placed in the short term due to strong levels of inventory availability across the product range”.

ProCook chief executive Lee Tappenden said: “I am pleased that trading metrics are continuing to improve despite the difficult consumer backdrop, and that we have delivered a robust Black Friday and Christmas trading period, outperforming our market.

“While we remain cautious about the timing and pace of market recovery, we are confident in our proposition and energised by the opportunities available to us to build an even stronger customer-focused business as we continue to make good strategic progress which will allow us to accelerate profitable growth as trading conditions improve.”