ProCook shares rise as revenue grows comfortably during key period

(Alliance News) - ProCook Group PLC on Wednesday noted "strong" trading in its peak trading period which included Black Friday and Christmas.

The Gloucester, England-based kitchenware retailer highlighted good progress against its strategic priorities despite ongoing consumer uncertainty.

Revenue in the third quarter to January 5 rose 11% on-year to GBP25.6 million, with like-for-like revenue up 3.4%.

"We have delivered a strong trading performance in the important peak period, continuing to outperform the market, whilst providing excellent-rated service to our growing customer base," Chief Executive Officer Lee Tappenden said. "Performance was particularly strong in the later part of the quarter as a result of the actions we took to elevate our Black Friday and Christmas campaigns this year, supported by improved promotional and seasonal product ranges, and stronger inventory levels.

"This performance was in line with our expectations for the full year which, notwithstanding ongoing consumer uncertainty, reflects the typical benefit from second-half weighting of revenue and profitability, combined with our retail network expansion, margin improvements and ongoing cost discipline."

Looking ahead, he said the company is confident in delivering continued strategic progress and sustainable growth over the medium term, as it targets to have 100 stores, GBP100 million in revenue and a 10% operating profit margin.

For the financial year ended in late March 2024, the company back in June had reported revenue of GBP62.6 million, up a notch from GBP62.3 million in financial 2023.

ProCook shares rose 7.2% to 41.26 pence each on Wednesday morning in London.

By Tom Budszus, Alliance News slot editor

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