UK's ProCook tumbles to record low on uncertainty in outlook

PROCOOK

20/10/2023 09:07

** Shares of British kitchenware brand ProCook  PROC.L  
drop 13.7% to an all-time low of 18.5p
    ** Co remains cautious with regard to the FY24 outlook as
highly challenging market conditions continues to persist
    ** Posts Q2 revenue of 15.7 mln pounds, down 1.8% y/y
    ** Peel Hunt says, "Co is in good shape going into peak,
with lots of initiatives and innovations. Unfortunately it
cannot control the macro; indeed predicting it is a thankless
task"
    ** Brokerage lowers target price from 75p to 50p
    ** PROC adds that trading in September and early October
softer, with lower footfall and traffic, and customers
increasingly seeking out greater value and promotional offers
    ** Up to last close, stocks down ~35.27%


 (Reporting by Judes Joseph in Bengaluru)
 ((judes.joseph@thomsonreuters.com;))