ProCook has announced its interim results for the first half of FY24, showing total revenue of £26.3m, a decline of 3.8% YoY, or 1.2% excluding the Amazon channels exited last year.
The direct-to-consumer kitchenware brand reported a volatile first half with difficult trading conditions, which was impacted by teething issues following the launch of its new website, resulting in a like-for-like decline in revenue of 4.4% year-on-year.
ProCook held its UK kitchenware market share year-on-year, despite a continued shift away from online with UK ecommerce revenue representing 34.7% of its total revenue, compared to 40.1% the previous H1 period.
Gross profit margins for the period improved significantly year-on-year to 66.7%, as heightened costs return to pre-pandemic levels. Net debt at the end of the first half was £3.2m, compared to £2.8m at FY23 year end, with available liquidity of £12.8m.
During the period, ProCook achieved a 4.8 Trustpilot score and over 100,000 five-star reviews. The brand launched a new brand campaign, Meta marketing and a referral scheme, and attracted 290,000 new customers to shop for the first time.
ProCook has committed to two new stores, and one upsize relocation. The brand also launched a new website, and phase one of small electricals, with phase two launching in spring 2024.
Lee Tappenden, ceo, commented: “Whilst the consumer macro backdrop remains challenging, we are pleased to have delivered a robust Black Friday campaign and an improvement in recent trading, as we enter the important pre-Christmas trading period.
“I am delighted to have joined the business, with its strong foundations as a specialist retailer with a differentiated model and high-quality products providing a firm base from which to build brand awareness and expand the product range and store portfolio.
“Whilst we remain cautious about the timing and pace of market recovery, we are confident in our proposition and are making good strategic progress in building a stronger customer-focused business ready to accelerate growth as trading conditions improve and deliver profitable and sustainable growth for all stakeholders.”
