ProCook FY revenues rise as group grows market share

Kitchenware supplier ProCook said on Thursday that full-year revenues had grown after it continued to grow market share throughout the year, significantly outperforming the UK market.

ProCook stated full-year revenues had grown 29.5% year-on-year to £69.2m, with an 18.9% ecommerce revenue decline being more than offset by a 171.9% increase in retail revenues. Like-for-like revenues were up 32.1% at £55.0m.

The London-listed firm said it had attracted 723,000 new customers in the year ended 3 April, and also successfully increased the rate of repeat purchases within 12 months from 18.6% to 25.5% year-on-year.

Full-year gross margins were 140%bps lower than in 2021, in line with our expectations, predominantly due to the impact of increased marine freight costs incurred in the year. Underlying product margins have remained strong.

ProCook did note that trading conditions had become "more challenging" over the last quarter, with a number of well-documented pressures impacting consumer shopping habits and operational costs.

"Despite a tougher consumer and macro environment, we continue to attract new customers to the brand, are outperforming the market, and remain confident in our value-for-money, specialist offer," said ProCook, which anticipates full-year pre-tax profits will be broadly in line with market expectations.

As of 1000 BST, ProCook shares were down 4.04% at 119.94p.