ProCook posts strong full year revenue growth
Pro-Cook enjoyed strong full year revenue growth of 29.5% as it benefited from the re-opening of retail stores following the end of Covid-19 restrictions.
Sales increased to £69.2 million in the 52 weeks to 3 April from £53.4 million in the prior year.
During the period, ProCook attracted 723,000 new customers, which represented an uplift 74.9% year-on-year. It also increased its 12 month repeat rates to 25.5%.
Meanwhile, underlying pre-tax profit rose to £9.5 million from £8.3 million a year earlier as the retailer shifted backed to more normal operating costs post-pandemic.
Daniel O’Neill, chief executive and founder of ProCook, said: “Over the last year we have made considerable progress in developing our customer proposition and direct-to-consumer model. I am pleased with our trading performance and the strategic progress we have made during what has been a challenging period.
“Despite these challenges, our business is now much larger and stronger than pre-pandemic, with more customers and significantly improved sales and profits.”
In line with its recent trading update on 10 June 2022, ProCook expects revenue for the new financial year to be broadly in line with the prior year, with underlying profit before tax of between £4 million and £6 million. This reflects ongoing investment in future growth, cost inflation and a return to a more typical seasonal second half weighting.
O’Neill said: “We are energised by the longer term opportunities we see ahead of us to develop the ProCook brand and our sharpened focus on the core UK market opportunity during these difficult times, will give us the capacity to reinforce and strengthen our market position and customer proposition, leaving us better placed to capture wider growth opportunities as trading conditions improve.”
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