UK's Procook Group hits record low on annual loss, weak trading conditions

PROCOOK

28/06/2023 11:06

** Shares of Procook Group Plc  PROC.L  fall as much as
10.9% to a record low of 23.43p
    ** The kitchenware brand posts FY underlying loss before tax
of 200,000 pounds ($254,140), compared to profit of 9.5 mln
pounds year ago 
    ** PROC says trading conditions during Q1 of FY24 have
remained challenging, hurt by high inflation and interest rate
hikes
    ** FY total revenue down 9.9% to 62.3 mln pounds
    ** Co says gross profit margin percentage held back by
higher supply chain costs and foreign exchange impact
    ** Adds outlook remains challenging and UK
consumers have suffered significant adverse impact on disposable
incomes and discretionary spending power
    ** Shares set to post worst day since April 19, if trend
holds 
    ** Stock currently down 10.7%, taking YTD losses to more
than 16%


($1 = 0.7870 pounds)

 (Reporting by Aby Jose Koilparambil in Bengaluru)
 ((abyjose.koilparambil@thomsonreuters.com))