ProCook hails strong full year performance
ProCook has posted an 11% increase in full year revenue to £69.5 million following a strong performance in its stores and online.
On a like-for-like basis, revenue grew by 4.9% in the 52 week period to 30 March.
Retail revenue climbed by 10.3%, with like-for-like growth of 1.5%, while ecommerce revenue rose by 12.3% as like-for-like sales increased by 10.3%.
ProCook delivered a 31.3% uplift in underlying EBITDA to £8.9 million in the period, with margin expansion achieved through strong cost discipline and improved marketing efficiency.
Never Miss a Retail Update!Meanwhile, underlying pre-tax profit increased to £1.5 million from £1 million a year earlier.
During the year, ProCook opened 12 new stores in leading retail destinations, which was ahead of its annual target of five to ten. It also launched the third and fourth phases of its new small kitchen electricals category, with coffee machines performing ahead of expectations.
Lee Tappenden, ProCook chief executive, said: “We have delivered a strong full year performance, achieving record sales and improving the group’s profitability and cash position, reflecting considerable progress with the execution of our clear strategy.
“Our successful store opening programme, electricals range expansion and improved promotional and seasonal offerings, combined with enhanced marketing and customer experience, have enabled us to build momentum through the year and significantly outperform the market.”
ProCook said it has made a good start to the new financial year with total revenue in the 12 weeks to 22 June increasing by 13.7% year-on-year.
During the quarter, it opened three new shops and closed one to increase the size of its retail estate to 68 stores. This helped total retail revenue to grow by 16.9% in the period.
Looking ahead, Tappenden said: “We will continue to realise the benefits of the strategic progress we have made in the last year, including our store expansion programme and the improved brand awareness that brings.
“We have the opportunity to accelerate this further through continued progress in digital marketing and Ecommerce performance and further new store openings in the current year.
“We are, therefore, confident that our refreshed strategy and strengthened customer focus, together with our unique specialist proposition will deliver sustainable, profitable growth in line with our medium term ambitions for 100 stores, £100 million revenue, and 10% margin.”
