Gloucestershire kitchenware company bounces back into profit
Homewares business ProCook has bounced back into profit after a challenging couple of years.
The Cheltenham cookware firm announced and underlying profit before tax of £1m compared with a £200,000 loss last year.
The company announced the improved profits although revenues remained roughly stable at £62.6m.
Like for like revenue fell by two per cent year on year reflecting improving trends and building of momentum through the year.
Retail revenue grew by 2.8 per cent reflecting new product launches and continued focus on customer service
Meanwhile commerce declined by 8.7 per cent primarily driven by disruption from the transition to a new website platform which was completed during the year and is now delivering stronger conversion rates.
Gross profit margins improved following higher supply chain costs and foreign exchange rates, whilst improving value for customers through meaningful price cuts on approximately 40 per cent of the range during the year
The company opened two new stores in the Trafford Centre and Watford and increased the size of the Cheshire Oaks shop during the year.
The group says it has had a strong start to the new financial year with trading momentum continuing to build on the trend established during the last financial year.
Chief executive Lee Tappenden said: “We have made good strategic progress and improved our trading performance throughout the last year, growing revenue, returning to profitability, and reducing net debt through positive cash generation.
“Our unique direct-sourced and own-brand specialist proposition which offers high quality product at unbeatable value, with outstanding customer service, resonates very well with customers.
“This, combined with our strong foundations and a fragmented marketplace, provides a significant opportunity to raise brand awareness, expand our customer base, and increase our market share. We have a clear plan to accelerate profitable growth and we are focused on building a stronger customer-focused business that will support our growth ambition.
“Our performance during the first quarter of FY25 demonstrates continuing momentum, and, whilst the market remains subdued and uncertain, we are confident that we can build on our recent performance, delivering sustainable and profitable growth for all our stakeholders in the current financial year and beyond.”
