REG - ProCook Group PLC - Interim Results
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RNS Number : 9876K ProCook Group PLC 10 December 2025
10 December 2025
ProCook Group plc
Interim results for the 28 weeks ended 12 October 2025
Accelerating trading momentum and significant market share gains in H1 and
early peak season
Strategic progress and investment in growth underpins confidence in delivering
a strong full year performance
ProCook Group plc ("ProCook" or "the Group"), the UK's leading
direct-to-consumer specialist kitchenware brand, today announces its interim
results for the first half of FY26 (the 28 weeks ended 12 October 2025).
£m H1 FY26 H1 FY25 YoY
Revenue 34.1 28.3 +20.6%
LFL revenue growth +8.1% +4.3%
Gross profit 22.7 18.4 +22.8%
Gross profit margin % 66.4% 65.1% +130bps
Reported EBITDA 2.3 0.7 +246.0%
Underlying EBITDA(1&2) 2.3 1.0 +129.2%
Reported operating loss (1.5) (2.1) +31.2%
Underlying operating loss(1) (1.5) (1.8) +17.8%
Reported loss before tax (2.9) (3.2) +9.0%
Underlying loss before tax(1) (2.9) (2.9) -1.8%
New customers acquired ('000) 360 312 +15.6%
Number of active customers L12M ('000)(3) 1,204 1,093 +10.2%
12 month repeat rate %(4) 20.4% 21.5% -110bps
Accelerating trading momentum, driving significant market share gains
· Total revenue increased by +20.6% to a record £34.1m for H1,
with like for like ("LFL") revenue +8.1%, reflecting an acceleration in
momentum as we moved through the half (Q2: total revenue +25.1%, LFL +12.2%)
· Outperformed the UK kitchenware market (including kitchen
electricals)(5) by +16%pts, as we continue to invest in growing our share of
the £5bn market
· Gross profit margin increased by +130bps reflecting strong
promotional discipline and pricing optimisation, supported by product sourcing
cost improvements
· EBITDA of £2.3m more than doubled YoY (H1 FY25: Underlying
EBITDA £1.0m)
· Operating loss of £1.5m as expected, 17.8% better than the
underlying operating loss in the prior year. Reflects the benefit of revenue
growth, improved gross profit margin and continued cost discipline, partly
offset by £0.6m dilution from investment in new store openings which is
expected to reverse as these new stores progress towards maturity. Year on
year, reported operating loss was 31.2% lower.
· Loss before tax of £2.9m was stable on underlying loss before
tax in the prior year, despite higher finance costs from foreign exchange
movements of £0.7m in H1 (H1 FY25: £0.4m)
· Net debt at the end of the first half was £4.1m (H1 FY25:
£4.2m), after £2.3m capital investment in new stores (H1 FY25: £1.3m), with
£11.9m in available liquidity of cash and facilities
Continued strategic progress and investment in growth
· Six new stores successfully opened in the first half expanding
our retail estate to 71 stores after one closure (FY25 H1: 61) with four more
opened in early H2 in advance of our Peak trading period of Black Friday and
Christmas
· New store format launched in prime retail destination Birmingham
Bullring, with a refreshed look and feel, providing greater inspiration for
customers and better showcasing our award-winning products
· Substantial progress with social marketing and content creation
activity driving significant traffic growth, and attributed revenue growth of
over 150% YoY in H1
· Growing our customer base by broadening brand reach, enhancing
relevance of product ranges, including improving seasonal offer and
promotional activity, combined with a relentless focus on delivering excellent
value and service
o 360,000 new customers shopped with ProCook for the first time (+15.6% YoY)
o Number of L12M active customers(3) increased to a record 1.2m (+10.2% YoY)
· New small kitchen electricals collection continues to build
momentum, with H1 sales increasing by approximately 80% YoY
· Entered peak Q3 period with strong Black Friday and Christmas
campaigns and inventory position
Encouraging early peak season trading; confidence in delivering a strong full
year performance
8 weeks to 7 December 2025
£m FY26 FY25 YoY
Revenue 18.8 14.7 +28.4%
Ecommerce 7.8 6.0 +30.6%
Retail 11.0 8.7 +26.9%
LFL Revenue 15.8 13.3 +18.2%
Ecommerce 7.6 5.9 +29.0%
Retail 8.2 7.4 +9.8%
· Performance in the first 8 weeks of the second half, which
includes Black Friday and early Christmas trading, has been strong, with
further acceleration in trading performance both online and from our expanded
store network, driving continued significant market outperformance
· H2 remains the Group's critical trading period, as seasonal
weighting enhances operating leverage over fixed costs
· Four new format stores were opened, as planned, prior to Black
Friday and are performing well and in line with our expectations
· This continued momentum, despite the subdued consumer
environment, underpins our confidence in delivering a strong full year
performance, in line with market expectations(6)
Lee Tappenden, CEO, commented:
"The Group has delivered strong growth in the year to date, outperforming the
market whilst making significant progress with our strategic priorities, which
is testament to our colleagues' incredible drive and commitment.
"Our momentum has continued to build, with record numbers of customers
discovering the brand for the first time and enjoying our award-winning
quality products and service, and our growing active customer base generating
higher repeat purchases. We have increased our retail footprint with 10 new
stores since the beginning of the financial year in leading, high footfall
destinations, and enhanced our product offering with increased seasonal
relevance and more compelling value.
"This progress, demonstrated by our results, reinforces our confidence in
delivering our medium-term ambition of 100 UK retail stores, £100m revenue
and 10% operating profit margin, and underpins our confidence in delivering a
strong full year performance, in line with market expectations."
Analyst Presentation:
An interim results presentation for analysts and investors will be made
available on the Group's corporate website at
https://www.procookgroup.co.uk/investors/reports-and-presentations/ this
morning from 9.00am.
For further information please contact:
ProCook Group plc investor.relations@procook.co.uk
Lee Tappenden, Chief Executive Officer
Dan Walden, Chief Financial Officer
MHP Group (Financial PR Adviser) procook@mhpgroup.com
Katie Tel: +44 (0)7884 494 112
Hunt
Lucy Gibbs
Next scheduled event:
ProCook expects to release its third quarter trading update on 14 January
2026.
Notes to editors:
ProCook is the UK's leading direct-to-consumer specialist kitchenware brand.
ProCook designs, develops, and retails a high-quality range of direct-sourced
and own-brand kitchenware which provides customers with significant value for
money.
The brand sells directly through its website, www.procook.co.uk, and through
75 own-brand retail stores, located across the UK.
Founded over 25 years ago as a family business, selling cookware sets by
direct mail in the UK, ProCook has grown into a market leading, multi-channel
specialist kitchenware company, employing over 750 colleagues, and operating
from its Store Support Centre in Gloucester.
As a B Corp, a Real Living Wage employer and a certified Great Place to
Work(TM), ProCook is committed to being a socially responsible and
environmentally conscious business for the benefit of all stakeholders.
ProCook has been listed on the London Stock Exchange since November 2021
(PROC.L).
Further information about the ProCook Group can be found at
www.procookgroup.co.uk.
Quarterly revenue performance:
FY26 (52 weeks ending 29 March 2026)
Q1 Q2 H1 Q3 Q4 H2 FY
Revenue (£'m) 12.8 21.3 34.1
Revenue growth % 13.7% 25.1% 20.6%
LFL revenue (£'m)(7) 11.2 17.9 29.1
LFL growth % 2.0% 12.2% 8.1%
FY25 (52 weeks ending 30 March 2025)
Q1 Q2 H1 Q3 Q4 H2 FY
Revenue (£'m) 11.3 17.0 28.3 25.6 15.5 41.2 69.5
Revenue growth % 5.6% 8.8% 7.5% 11.2% 17.8% 13.6% 11.0%
LFL revenue (£'m)(8) 10.7 15.9 26.6 22.7 13.6 36.3 62.9
LFL growth % 3.6% 4.7% 4.3% 3.3% 8.8% 5.3% 4.9%
Notes:
(1) Underlying operating loss, underlying loss before tax and underlying
EBITDA are presented before non-underlying items of £0.3m in H1 FY25 (H1
FY26: £nil)
(2) H1 FY25 EBITDA has been restated following a reassessment of Right Of Use
asset depreciation addbacks
(3) Number of active customers reflects those customers on our database who
have purchased in the last 12 months
(4) 12 month repeat rate reflects the % of customers first acquired in a
previous financial year which have made at least one subsequent purchase in
the following financial year
(5) UK Kitchenware market growth (excluding ProCook) calculated using weekly
GfK data and management estimates
(6) Company compiled consensus average of analysts' expectations for FY26
revenue of £79.5m, and FY26 operating profit of £4.8m
(7) FY26 LFL (Like For Like) revenue reflects:
- Ecommerce LFL - ProCook direct website channel only.
- Retail LFL - Continuing Retail stores which were trading
for at least one full financial year prior to 30 March 2025, inclusive of any
stores which may have moved location or increased/ decreased footprint within
a given retail centre
(8) FY25 LFL (Like For Like) revenue reflects:
- Ecommerce LFL - ProCook direct website channel only.
- Retail LFL - Continuing Retail stores which were trading
for at least one full financial year prior to the 31 March 2024, inclusive of
any stores which may have moved location or increased/ decreased footprint
within a given retail centre
FY26 store opening programme:
Location Retail Centre Opening
Southampton Westquay April 2025
Hereford Old Market May 2025
Reading Oracle June 2025
Cotswolds Cotswolds Designer Outlet July 2025
Chichester North St August 2025
Birmingham Bullring October 2025
Canterbury Whitefriars October 2025
Plymouth Drakes Circus October 2025
Manchester Arndale November 2025
Eastbourne Beacon November 2025
CEO's Review
The Group has delivered strong growth in the first half, outperforming the
market whilst making significant progress with our strategic priorities. The
eight consecutive quarters of revenue growth that we have now reported provide
us with confidence that our strategy is working and driving real momentum in
the business.
Trading momentum continuing to build
Our revenue in H1 reached a new record level of £34.1m, increasing by +20.6%
year on year, with very strong like for like growth of +8.1%. This growth
represents significant market outperformance, against the backdrop of stagnant
retail sector sales and a challenging consumer environment.
Our Retail channel has now delivered nine consecutive quarters of like for
like growth, achieving +3.6% in H1. Total Retail revenue, increased by +21.8%
year on year reflecting the benefit of the additional 14 new stores opened,
less four closures, since the first half last year.
Ecommerce revenue grew by +18.4% year on year, with like for like growth of
+15.7%. In addition to the strong performance from our website, Amazon UK
contributed a further +2.7% of growth as the relaunch of this channel
annualises.
Our growing brand awareness is reflected in both our new customer acquisition
and active customer numbers, with new records set in both metrics. During the
first half we attracted 360,000 new customers to shop with us for the first
time (+15.6% YoY), whilst our L12M active customers increased by +10.2% to 1.2
million at the end of the half.
Strong promotional discipline and pricing optimisation, supported by product
sourcing cost improvements, delivered our expected gross margin improvements,
which increased by +130bps year on year.
EBITDA of £2.3m more than doubled YoY (H1 FY25: Underlying EBITDA £1.0m). H1
operating loss was in line with our expectations at £1.5m, 17.8% better than
the underlying operating loss in the prior year, reflecting the benefit of
revenue growth, improved gross profit margin and continued cost discipline,
partly offset by £0.6m dilution from investment in new store openings which
is expected to reverse as the new stores progress towards maturity. Year on
year, reported operating loss was 31.2% lower.
H2 remains the Group's critical trading period and this seasonal weighting
enhances operating leverage over our fixed cost base. We entered the peak
season with a strengthened offering for Black Friday and the Christmas period,
with a greater variety and depth of products curated for our customers and
strong inventory levels secured to support further growth in this period of
heightened consumer demand.
Significant strategic progress as we invest for growth
We are well on track to deliver our medium-term strategic plan of 100 UK
stores, £100m of revenue and 10% operating profit margin, and our first half
results reinforce our conviction in being able to realise significant value
creation for all our stakeholders.
We successfully opened six new stores in the first half, expanding our retail
estate to 71 stores after one closure (H1 FY25: 61). The final opening of the
first half, in the Birmingham Bullring, debuted our new store format. This
format has been created with passionate home cooks in mind, providing greater
inspiration and warmth, new product demonstration areas, and more premium
fixtures to enable us to better showcase our expanding ranges.
Four new format stores were opened as planned prior to Black Friday, and we
are encouraged by their early performance and how well the new format has been
received by customers.
Our pipeline of new stores in target locations for the year ahead is forming
well, with exciting opportunities to introduce more customers to ProCook as we
progress towards 100 stores, and our strong cash generation is enabling us to
self-fund investments in these opportunities when they present themselves.
From a product perspective, we have continued to refresh ranges through the
half, whilst improving our seasonal relevance with range launches and special
buys through Summer and into Autumn. Our discipline around our promotional
plan and trading calendar is resonating well with customers and supporting
improved margins. We continue to be encouraged with the performance of our
Electricals range, with revenue up over 80% YoY in the first half, supported
by the return of coffee machines into stock during H1 following far greater
than expected demand after their launch in Q4 FY25.
We have invested in new training and development activities during the first
half, particularly for our retail teams. Our new Selling and Service training
programme was rolled out across the teams by our field-based retail trainers
during Q2, along with new reward schemes to better incentivise strong
performance. Early results are encouraging with retail conversion rate
increasing by +3.1% and average transaction value increasing by +1.5% year on
year.
Having delivered strong results from expanding our marketing via social media
channels last year, we have continued to accelerate in the first half of this
year with attributed revenue from social marketing increasing by 153% in H1
whilst we also reduced paid media cost per acquisition by 38% year on year.
Organic social engagement continues to grow with followers +38% YoY and
engagement rate +48% YoY. We have also invested in our content creation
capability centrally to ensure we are building on this success with tailored
content which resonates with different audiences across multiple channels.
Encouraging early peak season trading; confidence in delivering a strong full
year performance
Our performance in the first eight weeks of the second half, which includes
Black Friday and early Christmas trading, has been strong, with accelerated
trading momentum and continued growth in our customer base. Total revenue
increased by +28.4%, including +18.2% like for like growth, with expanded
Black Friday and Christmas campaigns driving continued market outperformance.
Retail revenue increased by +26.9%, with like for like revenue growing +9.8%
year on year driven by increases in footfall, average basket value and
conversion. Ecommerce revenue increased by 30.6%, with continued benefit from
strategic investment in social marketing and content creation. LFL revenue
increased by +29.0% YoY and the Amazon UK marketplace contributed an
additional +160bps.
The Group has delivered strong growth in the year to date, outperforming the
market whilst making significant progress with our strategic priorities, which
is testament to our colleagues' incredible drive and commitment.
Our momentum has continued to build, with record numbers of customers
discovering the brand for the first time and enjoying our award-winning
quality products and service, and our growing active customer base generating
higher repeat purchases. We have increased our retail footprint with 10 new
stores since the beginning of the financial year in leading, high footfall
destinations, and enhanced our product offering with increased seasonal
relevance and more compelling value.
This progress, demonstrated by our results, reinforces our confidence in
delivering our medium-term ambition of 100 UK retail stores, £100m revenue
and 10% operating profit margin, and underpins our confidence in delivering a
strong full year performance, in line with market expectations.
Lee Tappenden
CEO
10 December 2025
CFO's Review
We have delivered a strong performance in the first half, continuing to
outperform the kitchenware market and grow our customer base, with excellent
like for like growth and record first half revenue.
We continue to invest in the areas which will deliver profitable growth for
the long term, progressing our store expansion programme with disciplined site
selection resulting in 6 new stores being opened in the first half with a
further four opened by Black Friday. Investment in paid social marketing has
expanded our reach, introducing our brand to more consumers, and we have
delivered this while also improving our Ecommerce marketing efficiency.
The larger and profitable second half of the year remains of critical
importance for us, and with strong inventory levels and a robust trading plan
in place, we have performance well during the early peak season and are well
placed to capitalise on the significant consumer activity throughout the Black
Friday and Christmas trading periods, as we continue to execute our
medium-term goals.
Revenue
£m / % H1 FY26 H1 FY25 YoY growth
£m £m %
Revenue 34.1 28.3 20.6%
Ecommerce 11.8 10.0 18.4%
Retail 22.3 18.3 21.8%
LFL Revenue 29.1 26.7 8.1%
Ecommerce 11.6 9.9 15.7%
Retail 17.6 16.8 3.6%
Total revenue in H1 of £34.1m increased by +20.6% year on year, and +8.1% on
a like for like basis, reflecting continued trading momentum and market
outperformance.
Ecommerce revenue increased by +18.4%, with like for like revenue growth of
+15.7%, as our direct website performance continues to grow, supported by
significant improvements in social media marketing capability, the retail
expansion halo effect, and increased average order values year on year.
Retail revenue increased by +21.8%, benefitting from the ninth consecutive
quarter of positive like for like growth (+3.6% for the first half) and the
impact of new store openings. At the end of the half year, our retail estate
comprised of 71 stores after one closure (FY25 H1: 61).
Gross profit
Gross profit increased +22.8% year on year to £22.7m, driven mainly by
revenue growth, but also reflecting a gross profit margin increase of +130bps
driven by strong promotional discipline and pricing optimisation (+130bps),
product sourcing cost improvements (+80bps), and favourable FX impacts
(+60bps), partly offset by increased freight and logistics costs (-120bps) and
product mix effect (-20bps).
Operating expenses and other income
Reported operating expenses net of other income
Total reported operating expenses net of other income were £24.1m (H1 FY25:
£20.5m) representing 70.6% of sales (H1 FY25: 72.6%), reflecting our ongoing
cost discipline as we support growing revenues. The following were the key
drivers of cost increases:
· Investment in new and maturing stores, including pre-opening
costs: +£2.8m
· Existing store costs: +£0.3m
· Payroll inflation and reward investment: +£0.6m
· Ecommerce order volume growth: +£0.8m
· Ecommerce marketing and logistics efficiency: -£0.9m
· Investment in capability: -£0.3m
Non-underlying operating expenses
We have not reported any non-underlying operating expenses in H1 FY26. H1 FY25
reflected non-underlying operating expenses of £0.3m in relation to the final
elements of IPO-related share-based payments.
The Group does not currently anticipate reporting any non-underlying items in
FY26.
Operating profit / (loss)
Operating loss improved by £0.6m year on year to £1.5m for the first half
(H1 FY25: Reported £2.1m, underlying £1.8m). Ecommerce operating margins
increased to 28.1% (H1 FY25: 18.8%) driven by improved gross margins and
marketing efficiency gains, whilst Retail operating margins decreased to 6.7%
(H1 FY25: 11.9%) primarily due to a £0.6m dilutive impact in H1 FY26 compared
to H1 FY25, of the 14 new store openings since H1 FY25 which have not yet
reached maturity.
£m H1 FY26 H1 FY25
Operating profit / (loss)
Ecommerce 3.3 1.9
Retail 1.5 2.2
Central (6.3) (5.9)
Non-underlying items - (0.3)
Total (1.5) (2.1)
As a % of revenue
Ecommerce 28.1% 18.8%
Retail 6.7% 11.9%
Central (18.4%) (20.6%)
Non-underlying items - (1.2%)
Total (4.2%) (7.4%)
Profit and earnings per share
During the first half there was a net expense of £1.5m (H1 FY25: £1.1m) in
respect of financial items. Financial items included interest expenses on
lease liabilities and borrowings of £0.8m (H1 FY25: £0.7m), and other losses
of £0.7m in respect of foreign exchange movements (H1 FY25: £0.4m).
H1 loss before tax was £2.9m (H1 FY25: £3.2m, Underlying £2.9m). Reported
loss after tax was £2.1m (H1 FY25: £2.5m, Underlying £2.2m).
The effective tax rate based on reported loss before tax was 25.0% (H1 FY24:
25%).
Earnings per Share
Reported basic earnings per share for the first half were -2.03 pence (H1 FY2:
-2.30 pence) and reported diluted earnings per share were -2.03 pence (H1
FY25: -2.30 pence).
Cash generation and net debt
Net debt at the period end was £4.1m, a reduction of £0.1m from last year
(H1 FY25: £4.2m) despite increasing investment in capital expenditure to
£2.3m (H1 FY25: £1.3m), primarily in new stores.
Net working capital also increased in the first half to £1.4m (H1 FY25:
£0.3m) reflecting the higher store count year on year, and requirement to
build inventory ahead of our busiest trading period.
This resulted in free cash out flow for the first half of £5.0m (H1 FY25:
outflow of £3.4m). All of the £1.6m increased cash outflow year on year can
be attributed to increased cash investment in new store openings. Available
liquidity in cash and facilities at the end of the half was £11.9m.
£m H1 FY26 H1 FY25
Reported loss before tax (2.9) (3.2)
Depreciation, amortisation, impairment and profit/ loss on disposal 3.8 2.8
Share based payments 0.1 0.4
Finance expense 0.8 0.7
Unrealised FX losses/ (gains) 0.4 0.4
Net working capital (1.4) (0.3)
Net operating cash flow 0.8 0.9
Net capital expenditure (2.3) (1.3)
Interest (0.8) (0.7)
Payment of lease liabilities (2.7) (2.2)
Free Cash Flow (5.0) (3.4)
Movement in borrowings 5.1 4.5
Dividends paid - -
Movement in cash and cash equivalents 0.1 1.1
£m H1 FY26 H1 FY25
Cash and cash equivalents 2.8 3.1
Borrowings (6.9) (7.3)
Net debt (4.1) (4.2)
Full year guidance
Following our strong performance in the first half and our sustained momentum
throughout the first eight weeks of the important third quarter, we remain
confident in delivering a strong full year performance, in line with current
market expectations.(1)
(1) Company compiled consensus average of analysts' expectations for FY26
revenue of £79.5m, and FY26 operating profit of £4.8m
Banking arrangements
The Group has access to a committed £10m Revolving Credit Facility ("RCF") to
provide additional cash headroom to support operational and investment
activities, with a current expiry date of April 2027. Additionally, the RCF
agreement provides an accordion option, subject to the lender's approval, to
extend the facility by a further £5.0m.
The Group also retains its access to an existing uncommitted £6.0m trade
finance facility, which is due to expire on 28 February 2026 although is
expected to be renewed at that date.
Dividends
In order to ensure that planned growth investment continues to be self-funded,
in areas such as new stores, which will support improved future profitability
and cash generation, the Board is not recommending an interim dividend in
respect of FY26.
The full capital and dividend policy is available on the Group's website at
www.procookgroup.co.uk.
Principal risks and uncertainties
The Board regularly reviews and monitors the risks and uncertainties which
could have a material effect on the Group's results. A summary of the
principal risks is set out below:
Risk Impact
Strategy and business change Failure to identify and successfully execute appropriate strategies to develop
and grow the brand over the medium to long term could be affected by a range
of factors including changes in competition or products, consumer behaviours
and trends, inadequate change management or leadership. This could slow or
limit the growth of the business, distract from and / or damage the overall
customer proposition, incur additional cost or serve to demotivate colleagues
if not led effectively.
Competition, Failure to adapt to changing consumer needs given external macro factors, and
market and to maintain a compelling customer offer compared to competitors could limit or
macroeconomic reduce profitability and opportunities for growth. Macroeconomic factors which
reduce consumer confidence and / or disposable incomes or create additional
cost pressures could impact revenue growth and profit generation.
Brand and customer Reputational damage leading to loss of consumer confidence in ProCook products
or services, which could be caused by a variety of factors including customer
data loss, product quality, health and safety, level of direct marketing
activity, ethical or sustainability concerns, poor customer service or,
regulatory non-compliance.
Climate change Any failure to implement our ESG ambitions within acceptable timescales and
deliver on stakeholder expectations to reduce the environmental impact of our
business and progress towards our net zero targets. These include actions
linked to our ESG strategy and managing the potential consequences of climate
change on our business. Failure to meet the expectations of our customers,
colleagues, investors and other stakeholders, may impact our brand reputation
and future trading performance.
Supply chain Failure to source products effectively and efficiently, potentially relating
to geopolitics surrounding Far East manufacturing reliance, or to ensure
inventory is maintained in the right volumes at the right locations could
adversely impact our short and medium term operational and financial
performance.
Technology platforms, data loss and cyber security Failure to develop and maintain appropriate technology to support operations,
or the loss of key platforms or data due to cyber-attacks or other failures
without an adequate response, could lead to reputational damage, fines or
higher costs, or a loss of stakeholder and customer confidence in our Brand.
Marketing effectiveness Any failure to attract new customers and retain existing customers in a
cost-effective and engaging way could impact short term performance and medium
strategic growth ambitions.
People and culture Any failure to attract, retain and develop the right talent, skills and
capabilities or to successfully protect and develop our culture could impact
operational activities including customer service and our longer-term
strategic objectives.
Finance and Any failure to effectively manage our financial affairs and ensure an
treasury appropriate financial position and sufficient liquidity for future growth, or
any failure in financial planning, financial reporting, compliance with tax
legislation, or the maintenance of a robust financial control environment,
could impact our ability to deliver our strategic objectives, as well as have
an adverse impact on business viability.
Regulatory and Any failure to comply with legal and regulatory obligations, or our wider
compliance corporate responsibility could result in financial or legal exposures or
damage our reputation with our Stakeholders as a responsible brand.
Dan Walden
CFO
10 December 2025
Statement of Directors' responsibilities
The Directors confirm that these condensed interim financial statements have
been prepared in accordance with International Accounting Standard 34,
'Interim Financial Reporting', as adopted by the European Union and that the
interim management report includes a fair review of the information required
by DTR 4.2.7 and DTR 4.2.8, namely:
- An indication of important events that have occurred during the
first half of the year and their impact on the condensed set of financial
statements, and a description of the principal risks and uncertainties for the
remainder of the financial year; and
- Material related-party transactions in the first half of the
year and any material changes in the related-party transactions described in
the last annual report.
The Directors of the Company are listed in the Company's Annual Report and
Accounts for the year ended 30 March 2025. A list of current Directors is
maintained on the Company's corporate website: www.procookgroup.co.uk.
By order of the Board
Dan Walden
CFO
10 December 2025
Consolidated income statement (unaudited)
For the 28 weeks to 12 October 2025
28 weeks ended 12 October 2025 28 weeks ended 13 October 2024
£'000s Note Reported Underlying Non-underlying(1) Reported
Revenue 1 34,140 28,312 - 28,312
Cost of sales (11,488) (9,870) - (9,870)
Gross profit 22,652 18,442 - 18,442
Operating expenses (24,140) (20,252) (342) (20,594)
Other income 38 46 - 46
Operating loss (1,450) (1,764) (342) (2,106)
Finance expense (829) (742) - (742)
Other (losses) (657) (377) - (377)
Loss before tax (2,936) (2,883) (342) (3,225)
Tax credit 4 729 720 - 720
Loss for the period (2,207) (2,163) (342) (2,50
Total comprehensive loss (2,207) (2,163) (342) (2,505)
Earnings per ordinary share - basic 6 (2.03)p (1.98)p (2.30)p
Earnings per ordinary share - diluted 6 (2.03)p (1.98)p (2.30)p
52 weeks ended 30 March 2025
£'000s Note Underlying Non-underlying(1) Reported
Revenue 1 69,493 - 69,493
Cost of sales (23,778) - (23,778)
Gross profit 45,715 - 45,715
Operating expenses (42,555) (344) (42,899)
Other income 47 - 47
Operating profit 3,207 (344) 2,863
Finance expense (1,415) - (1,415)
Other (losses) (272) - (272)
Profit before tax 1,520 (344) 1,176
Tax (expense)/credit 4 (247) 73 (174)
Profit/(loss) for the period 1,273 (271) 1,002
Total comprehensive profit 1,273 (271) 1,002
Earnings per ordinary share - basic 6 1.17p 0.92p
Earnings per ordinary share - diluted 6 1.08p 0.85p
(1) See note 2 for further information
Consolidated statement of financial position (unaudited)
As at 12 October 2025
£'000s Note As at 12 October 2025 As at 13 October 2024 As at 30 March 2025
Assets
Non-current assets
Intangible assets - 52 26
Property, plant, and equipment 11,658 8,894 10,767
Right-of-use assets 7 22,693 20,520 20,958
Deferred tax asset 526 655 526
Total non-current assets 34,877 30,121 32,277
Current assets
Inventories 8 16,962 16,941 12,095
Trade and other receivables 1,886 2,206 2,480
Current tax asset 743 865 101
Cash and cash equivalents 9 2,819 3,091 2,762
Total current assets 22,410 23,103 17,438
Total assets 57,287 53,224 49,715
Liabilities
Current liabilities
Trade and other payables 16,882 16,223 13,932
Lease liabilities 7 3,587 3,251 3,708
Provisions 212 210 273
Borrowings 10 6,924 7,273 1,805
Total current liabilities 27,605 26,957 19,718
Non-current liabilities
Trade and other payables 91 48 77
Lease liabilities 7 21,220 19,279 19,586
Provisions 768 591 639
Total non-current liabilities 22,079 19,918 20,302
Total liabilities 49,684 46,875 40,020
Net assets 7,603 6,349 9,695
Equity and reserves attributable to Shareholders of ProCook Group plc
Share capital 1,090 1,090 1,090
Ordinary shares to be issued 1,975 4,525 2,241
Share premium 1 1 1
Retained earnings 4,537 733 6,363
Total equity and reserves 7,603 6,349 9,695
( )
Consolidated statement of cash flows (unaudited)
For the 28 weeks to 12 October 2025
28 weeks ended 28 weeks ended 52 weeks ended
£'000s Note 12 October 2025 13 October 2024 30 March 2025
Cash flows from operating activities
(Loss)/profit before tax (2,936) (3,225) 1,176
Adjustments for:
Depreciation of property, plant, and equipment 1,003 566 1,234
Amortisation of intangible assets 26 51 78
(Gain)/loss on disposal of property, plant, and equipment 43 (21) 45
Amortisation of right-of-use assets 7 2,701 2,226 4,356
Unrealised FX losses/(gains) 398 383 219
Cash outlay on exercise of share options (92) - (230)
Share based payments 202 426 495
Finance expense 829 742 1,415
Operating cash flows before movements in working capital 2,174 1,148 8,788
(Increase)/decrease in inventories 8 (4,867) (7,225) (2,379)
Decrease/(Increase) in trade and other receivables 594 1,494 1,220
Increase in trade and other payables 2,797 5,454 3,229
Increase/(decrease) in provisions 68 (17) 94
Net cash flows from operating activities 766 854 10,952
Investing activities
Purchase of property, plant, and equipment (2,171) (1,312) (3,828)
Lease inception costs (117) (19) (249)
Lease incentives received 12 - -
Net cash (used in) investing activities (2,276) (1,331) (4,077)
Financing activities
Interest paid on borrowings (212) (238) (419)
Interest paid on lease liabilities 7 (600) (494) (975)
Proceeds from borrowings 10 15,474 14,142 22,521
Repayment of borrowings 10 (10,355) (9,623) (23,470)
Lease principle payments 7 (2,740) (2,224) (3,775)
Net cash from/(used in) financing activities 1,567 1,563 (6,118)
Net movement in cash and cash equivalents 57 1,086 757
Cash and cash equivalents at beginning of the period 2,762 2,005 2,005
Cash and cash equivalents at end of period 9 2,819 3,091 2,762
Consolidated statement of changes in equity (Unaudited)
For the 28 weeks to 12 October 2025
£'000 Note Share capital Share premium Share option reserve Retained earnings Total equity
As at 31 March 2024 1,090 1 4,099 3,238 8,428
Total comprehensive loss for the period - - - (2,505) (2,505)
Employee share-based payment awards - - 426 - 426
As at 13 October 2024 1,090 1 4,525 733 6,349
Total comprehensive loss for the period - - 3,507 3,507
Employee share-based payment awards - - 69 - 69
Exercise of share options - - (2,353) 2,123 (230)
As at 30 March 2025 1,090 1 2,241 6,363 9,695
Total comprehensive loss for the period - - - (2,202) (2,202)
Employee share-based payment awards - - 202 - 202
Exercise of share options (468) 376 (92)
As at 12 October 2025 1,090 1 1,975 4,537 7,603
Consolidated financial statements accounting policies (unaudited)
For the 28 weeks to 12 October 2025
General information
The Group interim financial statements consolidate those of ProCook Group plc
(the 'Company') and its subsidiaries, together referred to as the 'Group'.
ProCook Group plc is a public limited company incorporated and domiciled in
England and Wales under the Companies Act 2006 (Registration number:
13679248). The registered office is ProCook, 10 Indurent Park, Gloucester,
GL10 3EZ.
The principal activity of the Company together with its subsidiary
undertakings throughout the period is the sale of kitchenware and related
products in stores and via ecommerce platforms.
The Group's financial results and cashflows are subject to seasonal trends
throughout the financial period. Typically, revenue and profit are higher in
the last 24 weeks of the financial year due to the seasonal impact of
increased trade in the run up to Christmas.
Basis of preparation
These condensed interim financial statements for the 28 weeks ended 12 October
2025 have been prepared in accordance with IAS 34 "Interim financial
information". These condensed interim financial statements do not comprise
statutory accounts within the meaning of Section 434 of the Companies Act 2006
and are not audited.
The condensed interim financial statements should be read in conjunction with
the annual financial statements for the year ended 30 March 2025, which were
prepared in accordance with International Accounting Standards in conformity
with the requirements of the Companies Act 2006, UK-adopted IFRS as issued by
the International Accounting Standards Board.
Statutory financial statements for the period ended 30 March 2025 were
approved by the Board of Directors on 24 June 2025 and delivered to the
Registrar of Companies. The auditors have reported on those financial
statements; their reports were (i) unqualified, (ii) did not include a
reference to any matters to which the auditor drew attention by way of
emphasis without qualifying their report and (iii) did not contain a statement
under Section 498 (2) or (3) of the Companies Act 2006.
The presentation of the condensed financial statements requires Directors to
make judgements, estimates and assumptions that affect the application of
policies and reported amounts of assets and liabilities, income and expenses.
The estimates and associated assumptions are based on historical experiences
and various other factors that are believed to be reasonable under the
circumstances. Actual results may differ from these estimates.
The Directors have, at the time of approving the financial statements, a
reasonable expectation that the Group has adequate resources to continue in
operational existence for the foreseeable future, being a period of at least
12 months from the approval of the financial statements. Thus, they continue
to adopt the going concern basis of accounting in preparing the financial
statements.
Basis of consolidation
Group companies included in these consolidated interim financial statements
include ProCook Group plc and all subsidiary undertakings, which are those
entities it controls. ProCook Group plc controls an entity when it is exposed
to, or has rights to, variable returns from its involvement with the entity
and can affect those returns through its power to direct the activities of the
entity. Subsidiaries are fully consolidated from the date on which control is
transferred to ProCook Group plc until the date that control ceases. The
Company assesses whether it controls an entity if facts and circumstances
indicate that there are changes in the control indicators listed above.
Transactions eliminated on consolidation
Intra-group balances, and any unrealised gains and losses or income and
expenses arising from intra-group transactions are eliminated in preparing the
financial information. Losses are eliminated in the same way as gains, but
only to the extent that there is no evidence of impairment.
Going concern
The interim financial statements have been prepared on a going concern basis.
The Group had net debt (cash and cash equivalents less borrowings) of £4.1m
at 12 October 2025 (13 October 2024: £4.2m) with available liquidity headroom
in cash and facilities of £11.9m.
The Group's latest forecast for the 12-month period from the date of approval
of these financial statements, used to support the assessment of going
concern, incorporates the Group's latest projections in respect of trading
performance, investments and resulting cashflows, taking into account the
Group's medium-term plan and the current economic conditions. The Group has
modelled a variety of downside scenarios, and in each of these the Group
remains comfortably within the available liquidity of its current facilities
and in compliance with all related covenants.
As a result, the Board expects the Group to have adequate resources to
continue in operational existence and meet its liabilities as they fall due
over the period of at least 12 months from the date of approving these
financial statements. Accordingly, the financial statements have been prepared
under the going concern basis of accounting.
Accounting policies
The condensed interim financial statements have been prepared under the
historical cost convention, except for derivative financial instruments and
share based payments which are stated at their fair value. The accounting
policies adopted, as well as significant judgements and key estimates applied,
are consistent with those in the annual financial statements for the year
ended 30 March 2025, as described in those financial statements.
Notes to the Consolidated Financial Statements
For the 28 weeks to 12 October 2025
1. Revenue
Group revenue is not reliant on any single major customer or group of
customers. Management considers revenue is derived from one business stream
being the retail of kitchenware and related products and services.
Customers interact and shop with the Group across multiple touchpoints and
their journey often involves more than one channel. The Chief Operating
Decision-Maker is the Board of Directors of ProCook Group plc. The Board
reviews internal management reports on a frequent basis, and in line with
internal reporting, the channel reporting below indicates where customers
complete their final purchase transaction.
28 weeks ended 28 weeks ended 52 weeks ended
£'000 12 October 2025 13 October 2024 30 March 2025
United Kingdom 34,140 28,312 69,493
Total revenue 34,140 28,312 69,493
2. Non-underlying items
There were no non-underlying expenses incurred in the first half of this year.
H1 FY25 reflected non-underlying operating expenses of £0.3m in relation to
the final elements of IPO-related share-based payments. The Board does not
expect the Group to report any non-underlying expenses in FY26.
28 weeks ended 28 weeks ended 52 weeks ended
£'000 12 October 2025 13 October 2024 30 March 2025
SSC transition-related costs - - 14
Share based payments - 342 151
Senior management restructuring costs - - 179
Non-underlying operating expenses - 342 344
Non-underlying finance expense - - -
Non-underlying loss before tax - 342 344
3. Segmental reporting
The Chief Operating Decision Maker (CODM) has been identified as the Board of
Directors and segmental reporting analysis is presented based on the Group's
internal reporting to the Board. At 12 October 2025, the Group had two
operating segments, being Ecommerce and Retail. Central costs are reported
separately to the Board. Whilst central costs are not considered to be an
operating segment, it has been included below to aid reconciliation with
operating profit as presented in the Consolidated Income Statement.
28 weeks ended 28 weeks ended 52 weeks ended
£'000 12 October 2025 13 October 2024 30 March 2025
Revenue
Ecommerce 11,813 9,979 25,476
Retail 22,327 18,333 44,017
Total revenue 34,140 28,312 69,493
Operating (loss)/profit
Ecommerce 3,319 1,875 6,676
Retail 1,497 2,186 8,824
Central costs (6,266) (5,825) (12,293)
Non-underlying costs - (342) (344)
Operating (loss)/profit (1,450) (2,106) 2,863
Finance costs (829) (742) (1,415)
Other (losses) (657) (377) (272)
(Loss)/profit before tax (2,936) (3,225) 1,176
Substantially all of the assets of the Group are located in the UK.
4. Tax expense
The underlying effective tax rate for the 28 weeks ending 12 October 2025 is
25.0% (28 weeks ended 13 October 2024: 25.0%; 52 weeks ended 30 March 2025:
14.8%). Tax expense has been provided for in H1 FY26 at the prevailing tax
rate of 25%.
The standard rate of UK corporate income tax was 25% for all periods
presented.
5. Dividends
No final dividend was declared in respect of the period ended 30 March 2025
and the Directors have not declared an interim dividend in respect of the
current half year period.
6. Earnings per share
Basic earnings per share is calculated by dividing the profit for the period
attributable to equity holders of the Parent by the weighted average number of
ordinary shares in issue.
Diluted earnings per share is calculated by dividing the profit for the period
attributable to equity holders of the Parent by the weighted average number of
ordinary shares in issue during the period plus the weighted average number of
ordinary shares that would have been issued on the conversion of all dilutive
potential ordinary shares into ordinary shares.
28 weeks ended 28 weeks ended 52 weeks ended
12 October 2025 13 October 2024 30 March 2025
Weighted average number of shares 108,956,624 108,956,624 108,956,624
Impact of share options 10,051,030 8,452,918 8,634,223
Number of shares for diluted earnings per share 119,007,654 117,409,542 1167,590,847
28 weeks ended 28 weeks ended 52 weeks ended
12 October 2025 13 October 2024 30 March 2025
£'000 Reported Underlying(1) Reported Underlying(1) Reported
Loss/profit for the period (2,207) (2,163) (2,505) 1,273 1,002
Earnings per ordinary share - basic (2.03)p (1.98)p (2.30)p 1.17p 0.92p
Earnings per ordinary share - diluted(2) (2.03)p (1.98)p (2.30)p 1.08p 0.85p
(1)Underlying earnings per ordinary share is a non-IFRS measure.
(2)In the 28 weeks ended 12 October 2025 and 13 October 2024 the impact of
share options was anti-dilutive.
7. Leased assets
The Group leases a number of assets, with all lease payments fixed over the
lease term. Where there are leasehold properties which hold a variable element
to lease payments made these are not capitalised as part of the right of use
asset. All expected future non-variable cash out flows are reflected within
the measurement of the lease liabilities at each period end.
Right-of-use assets
£'000 Leasehold property Motor vehicles Plant and equipment Total
Cost
At 30 March 2025 34,008 162 92 34,262
Additions 4,263 116 - 4,379
Remeasurement(1) 61 - - 61
Disposals (1,018) (66) - (1,084)
At 12 October 2025 37,314 212 92 37,618
Accumulated amortisation and impairments
At 30 March 2025 13,168 91 45 13,304
Charge for the period 2,660 31 10 2,701
Disposals (1,014) (66) - (1,080)
At 12 October 2025 14,814 56 55 14,925
Net book value
At 30 March 2025 20,840 71 47 20,958
At 12 October 2025 22,500 156 37 22,693
Lease liabilities
£'000 Leasehold property Motor vehicles Plant and equipment Total
At 30 March 2025 23,183 64 47 23,294
Additions 4,069 115 - 4,184
Remeasurement(1) 69 - - 69
Interest expense 595 4 1 600
Lease payments (3,291) (37) (12) (3,340)
At 12 October 2025 24,625 147 36 24,807
(1) Remeasurements have arisen where store lease rental terms and/ or lease
expiry dates have been amended.
The maturity of lease liabilities is as follows:
As at 12 October As at 13 October As at 30 March
£'000 2025 2024 2025
Current 3,587 3,251 3,708
Non-Current 21,220 19,279 19,586
Total 24,807 22,538 23,294
8. Inventories
As at 12 October As at 13 October As at 30 March
£'000 2025 2024 2025
Finished goods and goods for resale 16,962 16,941 12,095
Total 16,962 16,941 12,095
The cost of inventories recognised as an expense in the 28 weeks ending 12
October 2025 amounted to £10.6m (28 weeks ending 13 October 2024: £9.9m).
9. Cash and cash equivalents
For the purposes of the statement of cash flows, cash and cash equivalents
include cash on hand and in banks and investments in money market instruments.
Cash and cash equivalents at the end of the financial year as shown in the
statement of cash flows can be reconciled to the related items in the
statement of financial position as follows:
As at 12 October As at 13 October As at 30 March
£'000 2025 2024 2025
Cash at bank available on demand 1,523 1,860 1,788
Cash in transit 1,296 1,231 974
Total 2,819 3,091 2,762
10. Borrowings
As at 12 October As at 13 October As at 30 March
£'000 2025 2024 2025
Current
Bank loans 6,924 7,273 1,805
Total borrowings 6,924 7,273 1,805
11. Derivatives
The Group's local currency is pounds sterling however but due to purchases of
goods and services in foreign currencies the Group seeks to reduce foreign
exchange risk by entering into forward contracts and other derivatives. At 12
October 2025, the outstanding contracts all mature within 28 months of the
period end, with committed purchases of $46.1m (30 March 2025: $34.6m).
The contracts are measured at their fair value, which is determined using
valuation techniques that utilise observable inputs. The key inputs used in
valuing the derivatives are the forward exchange rates. There were no
designated hedges in place during the current or proceeding financial year.
The fair value of derivative financial liabilities, included within Trade and
other payables, are as follows:
As at 12 October As at 13 October As at 30 March
£'000 2025 2024 2025
Derivatives 575 341 177
Total 575 341 177
12. Financial risk management
Financial risk management
The Group is exposed through its operation to the following financial risks:
credit risk, interest rate risk, foreign exchange risk and liquidity risk.
Risk management is carried out by the Directors of the Group. The Group uses
financial instruments to provide flexibility regarding its working capital
requirements and to enable it to manage specific financial risks to which it
is exposed.
The Group finances its operations through a mixture of debt finance, cash and
liquid resources and various items such as trade debtors and trade payables
which arise directly from the Business's operations.
Credit risk
Credit risk is the risk of financial loss to the Group if a customer or
counterparty to a financial instrument fails to meet its contractual
obligations. To minimise the risk, the Group endeavours only to deal with
companies which are demonstrably creditworthy and this, together with the
aggregate financial exposure, is continuously monitored. The maximum exposure
to credit risk is the carrying value of its financial receivables, trade and
other receivables and cash and cash equivalents as disclosed in the notes to
the financial information.
The receivables' age analysis is evaluated on a regular basis for potential
doubtful debts, considering historic, current, and forward-looking
information. No impairments to trade receivables have been made to date.
Further disclosures regarding trade and other receivables are provided within
the notes to financial statements.
Credit risk also arises on cash and cash equivalents and deposits with banks
and financial institutions. For banks and financial institutions, only
independently rated parties with minimum rating "B+" are accepted.
Currently all financial institutions whereby the Group holds significant
levels of cash are rated A+ to A-.
Interest rate risk
As at 12 October 2025 the Group's drawn borrowings are through its trade
finance facility with a floating interest rate linked to the United States
Federal funds rate and its revolving credit facility with a floating interest
rate linked to the Bank of England base rate. Both are variable on the amount
drawn down and there is no fixed settlement date, therefore the interest rate
risk exposure for the Group is minimal. The Group's policy aims to manage the
interest cost of the Group within the constraints of its financial borrowings.
The Group does not currently use any form of derivatives to manage interest
rate volatility or future rate increases, however it does seek to minimise
interest costs through careful management of its use of facilities.
Foreign exchange risk
Foreign exchange risk arises when the Group enters transactions in a currency
other than their functional currency. The Group's policy is, where possible,
to settle liabilities denominated in a currency other than its functional
currency with cash already denominated in that currency.
The Group makes purchases of goods and services from overseas in foreign
currencies and uses additional means to cover its exposure to the foreign
exchange movement. The Group uses various financial derivatives such as
forward exchange contracts, to help mitigate movements in foreign currency to
restrict losses and to ascertain control of expected cash out flows. All the
Group's foreign exchange contracts are designated to settle the corresponding
liability.
Liquidity risk
The Group seeks to maintain sufficient cash balances to support its working
capital and investment requirements. Management reviews cash flow forecasts on
a regular basis to determine whether the Group has sufficient cash available
to support its operational and investment activities.
13. Related parties
Transactions between the Company and its subsidiaries, which are related
parties, have been eliminated on consolidation and are not disclosed in this
note.
Transactions with Life's a Beach, a related party by virtue of one of the
Group's Directors during the period (Daniel O'Neill) being a trustee, relate
to charitable donations made on ProCook sales and other associated
transactions. During the period, ProCook sales generated £22k of donations
payable to Life's a Beach (28 weeks ending 13 October 2024: £19k). During the
period ending 12 October 2025, ProCook made payments totalling £17k to Life's
a Beach (28 weeks ending 13 October 2024: £55k). The amount payable at 12
October 2025 was £14k (13 October 2024: £13k).
Transactions with Conway House Limited, a related party by virtue of one of
the Group's Directors (Daniel O'Neill) being a Director of the company,
related in prior year to the provision of advisory services to the Group. No
services were provided by Conway House in the period (28 weeks ending 13
October 2024: £69k). Payments to Conway House totalled nil during the period
(28 weeks ending 13 October 2024: £47k). The amount payable at 12 October
2025 was nil (28 weeks ending 13 October 2024: £22k).
14. Subsequent events
The Group has monitored trading performance, internal activities, as well as
other relevant external factors throughout the period from the balance sheet
date to the date of approving these interim financial statements. No material
changes in critical estimates and judgements have been identified as adjusting
post balance sheet events and there have been no material non-adjusting events
since 12 October 2025.
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