ProCook’s total revenue for the full year ended 31 March 2024 was £62.6m, up 0.4% year-on-year.
Like for like revenue for the year decreased by 2% reflecting improving trend and building momentum throughout the year. Like for like ecommerce revenue fell by 8.7%, while retail revenue grew by 2.8% on a like for like basis.
During the period, ProCook opened two new stores in Trafford Centre and Watford and one upsize relocation in Cheshire Oaks.
Strong cash management and careful inventory planning improved free cash flow to £2.0m (FY23: outflow of £0.5m).
Q1 FY25 revenue increased by 5.6% (£11.3m) with like for like revenue growth up 3.5% (£10.9m) in the same period. Building on its customer proposition, business model and strong foundations to deliver sustainable and profitable growth for all our stakeholders, ProCook is targeting 100 retail stores in the UK, £100m revenue and 10% operating profit margin over the medium term.
Lee Tappenden, ceo, commented: “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.”
