REG - ProCook Group PLC - Third quarter trading update

PROCOOKAnnouncement

08/01/2025 07:00

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RNS Number : 4815S  ProCook Group PLC  08 January 2025

8 January 2025

 

ProCook Group plc

 

Third quarter trading update

 

Strong peak trading performance reflecting continued momentum and market share
gains

 

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 5 January 2025.

 

                 Quarter three     Year to date
 £m              FY25     YoY(1)   FY25     YoY(1)

 Revenue         25.6     11.2%    54.0     9.2%
 Ecommerce       9.6      9.2%     19.6     9.3%
 Retail          16.0     12.4%    34.4     9.2%

 LFL Revenue(2)  22.8     3.4%     49.6     3.8%
 Ecommerce       9.4      7.1%     19.3     7.8%
 Retail          13.4     0.9%     30.2     1.5%

 

Trading update

·      Total revenue in Q3 increased by +11.2% to £25.6m and like for
like revenue increased by +3.4%, outperforming the market by approximately
+10% points(3) and reflecting a continuation of the improving trend achieved
over recent quarters (Q2 revenue growth +8.8%, Q1 revenue growth +5.6%)

o  Retail revenue increased by +12.4% benefitting from like for like growth
of +0.9%, having now reported six consecutive quarters of positive like for
like growth, with the impact of new store openings contributing a further
+11.5% points

o  Ecommerce revenue increased by +9.2%, reflecting like for like growth of
+7.1% driven by increased traffic and conversion year on year, and sales on
the relaunched Amazon UK marketplace contributing +2.1% points of growth

·      The Group held a net cash position at the end of the quarter of
£1.0m (FY24 Q3: £2.6m) with available liquidity of £17.0m

·      During the third quarter we opened five new stores as planned,
taking the year to date total up to nine new stores, with two smaller garden
centre stores closed during the quarter

 

Lee Tappenden, Chief Executive Officer, commented:

"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. 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.

"We have made good progress against our strategic priorities and continue to
invest responsibly in the areas that will support profitable growth in the
medium term. We expect to open a further three new stores in the remainder of
the financial year, taking the total up to 12 new stores this financial year.

"We therefore remain confident in delivering continued strategic progress and
sustainable growth over the medium term, as we work towards our ambitions of
100 stores, £100m revenue and 10% operating profit margin."

 

 

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)7711 191 518
 Hunt

 Robert Collett-Creedy

 

Next scheduled event:

ProCook expects to release its FY25 Q4 trading update in mid-April 2025.

 

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
64 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 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
(https://protect.checkpoint.com/v2/r06/___http:/www.procookgroup.co.uk___.ZXV3MjpuZXh0MTU6YzpvOjFkNTk4ZTUzNzAyYzc5MGE5ZGI3NmRhNjdjZjAyZmFkOjc6NzliMzpkNWVkYjI1ODNiYmU5MTBlMjhhNDU2MWE1ODQ4YWIwNTFhN2ZiMWM3MGFhYzg3YjZlYzI1YmM2YzljOGMxM2U0OnA6RjpU)
.

Quarterly revenue performance:

                                FY25 (52 weeks ending 30 March 2025)
                                Q1      Q2      H1      Q3      Q4      H2      FY
 Revenue (£'m)                  11.3    17.0    28.3    25.6
 Revenue growth %               5.6%    8.8%    7.5%    11.2%
 LFL revenue (£'m)(2 & 5)       10.8    16.0    26.7    22.8
 LFL growth %                   3.5%    4.7%    4.2%    3.4%

 

                        FY24 (52 weeks ending 31 March 2024)
                        Q1      Q2      H1      Q3      Q4      H2      FY
 Revenue (£'m)          10.7    15.7    26.3    23.1    13.2    36.2    62.6
 Revenue growth %       (6.7%)  (1.8%)  (3.8%)  3.0%    5.0%    3.7%    0.4%
 LFL revenue (£'m)(4)   10.2    15.0    25.3    21.4    12.2    33.6    58.5
 LFL growth %           (7.9%)  (1.8%)  (4.4%)  (0.6%)  1.5%    0.2%    (2.0%)

 

Notes

(1) YoY reflects year on year performance between the relevant financial
periods of FY25 (52 weeks ending 30 March 2025) and FY24 (52 weeks ended 31
March 2024).

(2) 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 31 March 2024, inclusive of any
stores which may have moved location or increased/ decreased footprint within
a given retail centre.

(3) UK Kitchenware market growth (excluding ProCook) calculated using weekly
GfK data and management estimates.

(4) FY24 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 2 April 2023, inclusive of any
stores which may have moved location or increased/ decreased footprint within
a given retail centre.

(5) The LFL revenue growth % by quarter for Q1 and Q2 FY25 has been adjusted
to exclude the closures of two garden centre stores which were closed during
Q3 FY25 and were previously included within LFL revenue.

 

 

FY25 store opening programme:

 Location              Retail Centre  Anticipated opening
 Bracknell             Lexicon        Opened April 2024
 Birmingham, Solihull  Touchwood      Opened August 2024
 Newcastle             Metrocentre    Opened September 2024
 Oxford                Westgate       Opened September 2024
 Epsom                 Ashley Centre   Opened October 2024
 Norwich               Chantry Place  Opened November 2024
 Exeter                Princesshay    Opened November 2024
 Guildford             High Street    Opened November 2024
 Birmingham, Dudley    Merry Hill     Opened November 2024
 Bournemouth           Castlepoint    February 2025
 Bristol               Cabot Circus   February 2025
 Milton Keynes         Centre:MK      March 2025

 

 

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