ProCook grows revenue despite challenging trading conditions
ProCook saw its revenue climb by 11.4% in its fourth quarter which meant that growth was 29.5% in its full year.
In a trading update, the company said it attracted 723,000 new customers and benefited from an increase in repeat purchase rate which rose from 18.6% to 25.5% year-on-year.
ProCook said its online performance in the fourth quarter reflected tough comparatives from last year, when online demand during the Covid-19 lockdown was particularly strong. Online sales were also impacted by the company’s strategic exit from Amazon’s UK marketplace. This meant that fourth quarter ecommerce like-for-like sales were down 38.6% year-on-year, but up 134.1% on a two year basis.
The company said trading conditions have become more challenging over the last quarter, although it remains confident of its “value-for-money, specialist” offering despite a tougher consumer and macro environment. It anticipates that full year adjusted pre-tax profit will be broadly in line with market expectations.
ProCook said: “With a clear strategy for long term profitable growth, we look forward with confidence that we can build the ProCook brand and share our passion for cooking with more consumers both here in the UK and further afield.”