ProCook climbs on "strong" half-year performance with record revenue

(Alliance News) - ProCook Group PLC on Wednesday said it is "well-prepared" to serve Black Friday and Christmas shoppers, following its "record first half trading performance" and eighth quarter of growth in a row.

In response, ProCook shares jumped 16% to 40.00 pence each early on Wednesday afternoon in London.

Revenue in the second quarter ended October 12 climbed 25% on-year to GBP21.3 million, the firm said in a trading statement. For the first half, revenue improved 21% to a "record" GBP34.1 million, outperforming the wider market.

Ecommerce revenue rose 26% to GBP7.4 million in the second quarter and 18% to GBP11.8 million in the first half, ProCook said. Retail revenue rose 25% to GBP13.9 million for the quarter, and 22% to GBP22.3 million for the six months.

On a like-for-like basis, second-quarter revenue rose 12% on-year to GBP17.9 million. For the first half it rose 8.1% to GBP29.1 million.

Gross profit margin and operating costs were in line with expectations in the first half, ProCook added.

"The group's strong second quarter performance marks our eighth consecutive quarter of growth, delivering a record first half trading performance, with our disciplined approach to trading and strong execution of our clear strategy enabling us to significantly outperform the market and grow market share," Chief Executive Officer Lee Tappenden commented. "With momentum building, a record number of customers shopping with us, and expanded ranges and number of stores, we are well positioned for the peak trading period."

Looking ahead, ProCook is "well-preserved" for its third quarter, "with improved Black Friday and Christmas campaigns planned and inventory secured".

It added: "Whilst mindful of the economic backdrop, we are on track and confident in delivering a strong full year performance, in line with market expectations."

The ProCook-compiled consensus average of analyst forecasts guides for GBP78.0 million in full-year revenue, up from GBP69.5 million for the year ended March 30, and GBP4.8 million in operating profit.

Tappenden, meanwhile, said: "We remain firmly on track with delivering our medium term ambition of 100 UK retail stores, [GBP100 million] revenue and 10% operating profit margin, and whilst mindful of the challenging economic backdrop, we are confident in delivering a strong full year performance, in line with market expectations."

By Emma Curzon, Alliance News reporter

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