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(Alliance News) - ProCook Group PLC on Wednesday announced revenue growth in its latest quarter, despite e-commerce disruption and a tough consumer backdrop.
The Gloucester, England-based kitchenware company said revenue rose by 3.0% to GBP23.1 million in its third quarter, which ended on January 7 and included ProCook's "important peak trading period". In the year to date it decreased by 0.8% to GBP49.4 million.
Retail revenue increased 9.5% during the quarter, to GBP12.9 million. Ecommerce revenue decreased by 6.0% to GBP8.8 million, although this was largely due to disruption in the first six weeks after ProCook launched its new website. This was "largely resolved" in time for the Black Friday period.
"I am pleased that trading metrics are continuing to improve despite the difficult consumer backdrop," commented Chief Executive Officer Lee Tappenden, "and that we have delivered a robust Black Friday and Christmas trading period, outperforming our market."
At January 7, ProCook said it held a GBP2.6 million net cash position, down from GBP3.1 million at the same time one year prior.
ProCook warned that the environment remains difficult for consumers, although it is working to enhance value by reducing prices "across much of our range".
Nonetheless, the firm said it is well-positioned to deliver strong growth once the backdrop changes.
"Whilst we remain cautious about the timing and pace of market recovery, we are confident in our proposition and energised by the opportunities available to us to build an even stronger customer-focused business," explained Tappenden.
ProCook, he added, "[continues] to make good strategic progress which will allow us to accelerate profitable growth as trading conditions improve."
Shares in ProCook were trading 2.6% higher at 26.67 pence on Wednesday afternoon in London.
By Emma Curzon, Alliance News reporter
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