REG - ProCook Group PLC - Third quarter trading update

PROCOOKAnnouncement

12/01/2023 07:00

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RNS Number : 4600M  ProCook Group PLC  12 January 2023

12 January 2023

ProCook Group plc

 

Third quarter trading update

 

 

ProCook Group plc ("ProCook" or "the Group"), the UK's leading
direct-to-consumer specialist kitchenware brand, today reports on Q3 trading
results for the 12 weeks ended 8 January 2023.

 

                   Quarter three            Year to date
 £m                FY23   YoY(1)   Yo3Y(2)  FY23   YoY(1)   Yo3Y(2)

 Revenue           22.4   (2.5%)   78.8%    49.8   (9.5%)   58.9%
 Ecommerce         9.4    (13.2%)  80.4%    20.8   (19.8%)  91.9%
 Retail            13.0   7.1%     77.8%    29.0   (0.3%)   41.5%

 LFL Revenue(3)    19.7   (3.8%)   108.7%   43.3   (11.0%)  114.5%
 Ecommerce LFL(3)  9.3    (6.9%)   193.7%   20.0   (10.6%)  225.3%
 Retail LFL(3)     10.4   (0.8%)   50.7%    23.3   (11.3%)  49.8%

 

Trading update

Total revenue of £22.4m in Q3, which included the important peak trading
period, was -2.5% year on year. However excluding revenue from discontinued
Amazon channels, total revenue grew by +0.8%. Total LFL revenue declined by
-3.8% in the quarter, although remains +108.7% compared to FY20
(pre-pandemic).

During the final four weeks of the quarter total revenue grew by +2.9% year on
year (+5.9% excluding Amazon channels) with a notable shift in channel mix
towards Retail as customers returned to physical stores prior to Christmas,
partly driven by the risk to home delivery due to strikes.

Daniel O'Neill, Chief Executive Officer & Founder, commented:

"While we remain mindful of the current economic climate, the Group's recent
performance positions it well to deliver on current market expectations for
the full year.

"Our plan to maximise our trading performance and profitability will enable us
to emerge stronger from the challenging trading environment and we remain
confident that we will capture increased share of the large kitchenware market
with our specialist offer."

 

(1) YoY reflects year on year performance between the relevant financial
periods of FY23 (52 weeks ending 2 April 2023) and FY22 (52 weeks ended 3
April 2022).

(2) Yo3Y reflects year on year performance between the relevant financial
periods of FY23 and FY20 (pre-pandemic).

(3) LFL (Like For Like) revenue reflects:

-           Retail YoY - Continuing Retail stores which were trading
for at least one full financial year prior to the 3 April 2022, inclusive of
any stores which may have moved location or increased/ decreased footprint
within a given retail centre.

-           Retail Yo3Y - Continuing Retail stores which were
trading for at least one full financial year prior to the 29 March 2020,
inclusive of any stores which may have moved location or increased/ decreased
footprint within a given retail centre.

-           Ecommerce YoY and Yo3Y - ProCook direct website channel
only.

 

 

For further information please contact:

 ProCook Group plc                                       investor.relations@procook.co.uk

 Daniel O'Neill, Chief Executive Officer & Founder

 Dan Walden, Chief Financial Officer

 

 MHP Group (Financial PR Adviser)                                                             procook@mhpgroup.com

 Katie                                                                                        Tel: +44 (0)7711 191 518
 Hunt

 Catherine Chapman

 

Next scheduled event:

ProCook expects to release its FY23 Q4 trading update in mid-April 2023.

 

Notes to editors

ProCook is the UK's leading direct-to-consumer specialist kitchenware brand.
ProCook offers a direct-to-consumer proposition, designing, developing, and
retailing a high-quality range of cookware, kitchenware and tableware which
provides customers with significant value for money.

The brand sells directly through its website, www.procook.co.uk, and through
57 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 600 colleagues, and operating
from its Head Office in Gloucester.

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.

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