Gloucestershire kitchenware firm outperforming rest of the market

Gloucestershire firm Pro Cook says it is outperforming the rest of the kitchenware market.

The company has total revenues of £13.2m in the fourth quarter an increase  of 4.8% year on year.

Total like for like revenue turned positive in the quarter, having increased by +1.5%, continuing the improving trend from previous quarters.

Revenue growth of 8.9% in the fourth quarter benefited from continued momentum in revenue growth, the opening of two new stores in the previous quarter and the upsize relocation of a third store during the fourth quarter, partly offset by the closure of three smaller garden centre stores and the Cookery School part way through the quarter.

Full year revenue of £62.6m increased by 0.4%  or +1.6% excluding the Amazon EU channels which were exited last year.

Sales performance during the fourth quarter has been in line with the board’s expectations and with strong margin and cost discipline.

The board expects full year profit before tax  to be between £500,000 to £1m, marginally ahead of market expectations.

The group says it has made good strategic progress during the year, including opening new stores, the launch in March of a new small kitchen electricals range, improvements in customer experience online and in store, and delivering even greater value for customers through meaningful price reductions across much of our range.

Whilst the macro environment remains difficult for consumers, Pro Cook is confident that the work done to strengthen the business over the last two years will support a stronger performance in the new financial year and as conditions improve, enabling the group to deliver profitable and sustainable growth for all stakeholders.

Lee Tappenden, chief executive, said: “I am pleased with the growing momentum in our performance which reflects the enhanced range, experience and value we are delivering to our customers.

“Despite the market remaining subdued, we are gaining share giving us confidence that our proposition continues to resonate with consumers. We look forward to delivering further strategic progress as we continue to build an even stronger customer-focused business which will allow us to accelerate profitable growth as trading conditions improve.”