ProCook has announced its Q4 trading update, highlighting a strong trading performance.
Total revenue for ProCook in Q4 increased by 17.8% to £15.5m reflecting a further improvement in the trend achieved over recent quarters (Q3 revenue growth +11.2%, Q2 revenue growth +8.8%, Q1 revenue growth +5.6%). Total like-for-like revenue increased by 8.8%.
Retail revenue increased by 14.7%, benefitting from like-for-like growth of 1.9%, the seventh consecutive quarter of positive like-for-like growth, with new store openings contributing a further 12.8% points.
Ecommerce revenue increased by 23.4%, reflecting like-for-like growth of 19.9%, driven by increased traffic and average spend year-on-year and sales on the relaunched Amazon UK marketplace contributing 3.5% points of growth.
The strong final quarter led to record full year revenue, an 11% increase on prior year and a 4.9% increase on a like-for-like basis.
The brand outperformed the UK kitchenware market by 10% points during Q4 and by 7% across the full year as a whole.
ProCook has invested to drive market share gains, with improved profitability and strong cash generation. Three new stores opened in the fourth quarter bringing the total to 12 openings in the year, ahead of its planned range of five to ten per year (closed three smaller garden centre stores in the year), with a further three new stores expected to open in Q1 FY26.
New coffee machines were launched in Q4, marking the fourth phase of ProCook’s small electricals category development. The award-winning range is performing well and supporting revenue growth.
The brand has also accelerated social marketing activities, while developing improved creative content with greater seasonal relevance, which has resonated well with customers and improved marketing efficiency.
Gross margin and underlying EBITDA are expected to be in line with market expectations for the full year. Underlying PBT is expected to reflect investment in the additional new stores opened and recent FX volatility.
ProCook reported a net cash position of £1m at year end (FY24: net debt of £0.7m) ahead of market expectations, after £4m of investment capex on new store openings. The business has £17m of available liquidity in cash and facilities, which were amended and extended shortly before year end.
Lee Tappenden, chief executive officer, commented: “We have delivered a strong full year trading performance, with momentum building as we moved through the year. Our successful store opening programme, electricals range expansion and improved promotional and seasonal offerings, combined with enhanced marketing and customer experience, have enabled us to significantly outperform the market.
“Whilst we are mindful of the geopolitical backdrop, our momentum is underpinned by record active customers and customer acquisition, and expansion of our store network, as we benefit from the delivery of our strategic priorities and responsible investment in areas that will support profitable growth. We are, therefore, confident in making good progress towards our medium-term ambitions of 100 stores, £100m revenue and 10% operating profit margin.”
