ProCook reports strong revenue growth of +34.4% in its first set of results since its listing on the London Stock Exchange. The kitchenware retailer reveals ‘very strong growth’ of +23.5% year on year on ProCook.co.uk against ‘tough comparatives’ and growth of +309.7% for its continuing retail stores (trading for at least one full financial year prior to 29 March 2020). Meanwhile, ProCook’s total ecommerce channel sales dropped by -3.7% year on year due to the strategic exit of Amazon UK.
The retailer has attracted 319,000 new customers and has seen growth of +42.5% in active customers year on year. It has now opened six new destination stores plus a London cookery school, while also closing two high street stores in line with plans.
Thanking ProCook’s employees for their commitment and enthusiasm, Daniel O’Neill, ceo and founder, commented: “In our maiden set of results as a listed business, we are pleased with our strong performance in the first half. We have made good strategic progress as we continue to share our passion for cooking; attracting more customers to experience our brand and our extensive kitchenware offer.”
Daniel acknowledged: “The retail markets and wider markets are experiencing continued challenges and uncertainties. Whilst not immune to these, our direct-to-consumer business model provides a strong foundation. We believe we are well positioned to continue to disrupt the market with our beautiful and great value product ranges, accompanied by our excellent service proposition, and we are excited by the many opportunities ahead of us.”
Top: ProCook opened new stores in Westfield London on December 16 and Westfield Stratford City on December 18.
