ProCook cited challenging market conditions driven by the combined effects of heightened pressures on consumer spending and prolonged hot weather in the summer as reasons for the decline in revenue.
Expectations for FY23 are that revenue will reach £60-65 million (lowered from original estimates recently), with breakeven profit before tax. ProCook recently revealed a plan to maximise trading performance and profitability, which will be supported by lower shipping costs and a cost-reduction plan to reduce operating costs by £3 million a year.
During the first half, ProCook opened one new store and relocated two stores to larger sites, and also became the first London Stock Exchange listed retailer to achieve B Corp status.
Daniel O’Neill, ceo and founder, commented: “This has been a difficult trading period, reflecting the wider consumer environment and also a very strong comparable period in our last financial year. However, ProCook has traded through tough conditions in the past and we remain confident in our specialist offer and ability to continue taking long-term decisions to build a stronger and more sustainable business.
“Our B Corp certification reflects that focus and is a huge achievement for the whole team at ProCook. We’ve also made good progress with our store roll-out and the development of our new distribution centre and head office, which will provide us with a much improved and efficient base from which to take the business forward.
“We are taking cost actions to manage the current pressures and the business remains well placed to capture increased share of the large kitchenware market and deliver long term growth and value to all stakeholders.”
