Procook Grp Share News (PROC)

(Sharecast News) - Kitchenware brand ProCook said on Tuesday that full-year results were on course to meet market expectations as it reported a jump in revenues.
In an update for the 12 weeks to 9 January, the company said revenues rose 34.6% to £23.1m. On a two-year like-for-like basis, revenues were 104.1% higher and ProCook said it outperformed the UK kitchenware market by +38.5% points during the period.

Ecommerce revenue represented 47.2% of the sales mix. The ProCook.co.uk website grew 11.3% year-on-year against "tough" comparatives, with a two-year growth rate of 214.3%. The company said a 7% decline in third-quarter ecommerce sales reflected the strategic exit of the Amazon UK marketplace at the end of June last year.

Retail revenue grew 124.3% year-on-year as ProCook benefitted from fewer Covid-19 restrictions, improved conversion and average spend, and the six new stores opened during the year to date. Revenue in LFL retail stores grew 51.9% compared to the same period in FY20.

Chief executive officer Daniel O'Neill said: "We are pleased with our strong trading performance during our third quarter and peak trading period, despite the recent impact of the Omicron variant. This highlights the strength of our multi-channel offer and our direct-to-consumer business model.

"The excellent progress we have made in attracting new customers to experience the ProCook brand, combined with our high-quality product range and excellent-rated service proposition provides further encouragement and excitement for the period ahead as we continue to share our passion for cooking and look to roll out further exciting initiatives."

ProCook made its debut on the London Stock Exchange last November.