ProCook FY revenues contract amid ongoing consumer uncertainty

Kitchenware brand ProCook said on Wednesday that revenues had contracted in both the fourth quarter and the year as a whole, reflecting ongoing uncertainty in the consumer environment.

Total revenues were down 9.7% at £12.6m in Q4, driven primarily by a reduction in e-commerce revenue and strong comparatives, while revenue from retail was broadly flat.

Full-year revenue of £62.3m was in the middle of its expected range but down 9.9% year-on-year, or 5.0% excluding discontinued Amazon channels.

ProCook also anticipates that its full-year underlying pre-tax profits will be approximately breakeven, in line with previous guidance.

Chief executive Daniel O'Neill said: "The last year has been very difficult for consumers as real disposable incomes have fallen, which is reflected in our softer sales performance against our significant growth and market outperformance last year.

"Certain inflationary cost pressures, including wages, remain high, however, we are seeing some easing in other areas, and we expect to realise the benefits of our recent actions to reduce operating costs in the current financial year and beyond."

As of 1015 BST, ProCook shares were down 10.91% at 27.08p.

Reporting by Iain Gilbert at Sharecast.com