ProCook has announced its results for the 12 weeks ended 5 January 2025, highlighting a strong peak trading performance reflecting continued momentum and market share gains.
The 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 and reflecting a continuation of the improving trend achieved over recent quarters (Q2 revenue growth +8.8%, Q1 revenue growth +5.6%).
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.
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 £1m (FY24 Q3: £2.6m) with available liquidity of £17m.
During the third quarter ProCook 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.”
