ProCook beats expectations in fourth quarter
ProCook has said it significantly outperformed the kitchenware market, with a trading performance ahead of expectations in its fourth quarter.
Total revenue climbed by 19.2% to £18.5 million, up 9.9% like-for-like, while retail revenue grew by 19.4%, with a like-for-like uplift of 3.9%.
Subscribe to TRBEcommerce revenue growth was also strong, increasing by 18.9%, or 18.2% on a like-for-like basis, primarily driven by increased traffic.
Meanwhile, full-year revenue surged by 23% to £85.5 million, or 11.8% on a like-for-like basis.
ProCook is expecting full-year EBITDA to be slightly ahead of market expectations, driven by the strong trading performance and acceleration in new store openings.
Pre-tax profit is expected to be in line with expectations after the impact of FX volatility.
Lee Tappenden, ProCook chief executive, said: “We have delivered a strong fourth quarter and full year performance, significantly outperforming the market and improving profitability, whilst accelerating investment in our new store opening programme.”
During the quarter, ProCook opened three new stores taking its total 78 sites, of which eight are now in its new format.
It also invested in paid media to accelerate growth in customer base and launched a new tech programme in February to support growth, increase agility and accelerate the capture of AI benefits.
Looking ahead, ProCook said is now working towards a total of 100 stores and £100 million in revenue in the medium term.
Tappenden said: “Whilst we are mindful of the potential macroeconomic effects of any protracted geopolitical instability, we look forward to building on our recent progress and continuing to increase market share as we drive profitable growth.”
