ProCook’s growth starting to simmer as store openings boost sales
Kitchenware specialist ProCook Group believes it has “improved momentum” for Christmas trading after it outperformed “a subdued market” earlier in the year.
The Gloucestershire-based group improved revenues by 7.5% in the first half of the year, to October 13, increasing to £28.3m. It has now delivered five consecutive quarters of like-for-like growth, with store openings further boosting its sales.
ProCook chief executive Lee Tappenden said: “We delivered a strong performance in the first half, outperforming a subdued market, and growing our customer base whilst maintaining cost discipline.
“We have made good progress against our strategic priorities and continue to invest carefully in the areas that will support profitable growth in the medium term.”
ProCook is on track to have added a net 10 stores in this financial year. It has three more openings planned before the end of March – in Bristol, Bournemouth and Milton Keynes – although it will have close two smaller garden centre stores.
The B Corp group, which employs around 600 people, is targeting 100 stores, £100m revenue and 10% operating profit margin over the medium term.
It currently has 64 stores and delivered £63m revenue in its last financial year.
ProCook’s half-year losses were steady, at £3.2m, although the previous year included costs for the transition to its store support centre in Gloucester.
Tappenden added: “Whilst the important Q3 trading period had a subdued start in the early weeks coinciding with the Budget event, and a later Black Friday year on year, we are well positioned to take advantage of the improved momentum we are now experiencing, supported by our Christmas campaign, new product launches and strong inventory levels.”
