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ProCook revenue falls 1.8% in Q2

Revenue for the quarter has dropped 1.8% to £15.7 million following a challenging trading period.

During Q2, ended 15 October, 2023, ProCook has also seen a continuation of the channel shift back to physical retail stores, with ecommerce sales falling by 17% and a rise of 8.3% in in-store shopping.

The results for the second quarter show a strong summer sale performance during July and August, with markedly softer trading in September and into early October, with lower footfall and traffic.

Revenue for the first half was £26.3 million, down 3.8% year-on-year. Net debt at the end of the first half was £3.2m, compared to £2.8m at the end of FY23, with available liquidity of £12.8m.

Looking ahead, ProCook said it is well positioned to deliver improved financial performance and further market share gains given the strength of the brand and operating model.

Lee Tappenden, ceo, commented: “My first few weeks with ProCook have reinforced my appreciation of our unique customer proposition, product quality and service excellence across our business. I am highly excited by the many opportunities we have to further develop our proposition and business in the next chapter ahead of us.

“Trading conditions remain challenging, and we continue to operate in an uncertain consumer and macroeconomic environment. We are focussed on delivering even greater value for our customers throughout the important peak trading period and beyond.

“We continue to build on ProCook’s strong foundations to strengthen our proposition and brand awareness, expand our product range and store portfolio, and invest in the areas that will improve our operational efficiency and capacity. This will leave us well placed to capture the many growth opportunities available to us as trading conditions improve.”

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