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ProCook H1 losses narrow amid record revenues, shares surge
(Sharecast News) - ProCook surged on Wednesday as it reported a narrowing of its first-half losses amid record revenues, as it outperformed the UK kitchenware market. In the 28 weeks to 12 October, the reported pre-tax loss narrowed to £2.9m from £3.2m in the same period a year earlier, with underlying earnings before interest, tax, depreciation and amortisation up 129.2% to £2.3m.
Revenue shot up 20.6% to a record £34.1m, with like-for-like revenue ahead 8.1%, reflecting an acceleration in momentum as the retailer moved through the half.
ProCook said it outperformed the UK kitchenware market - including kitchen electricals - by 16 percentage points.
"This growth represents significant market outperformance, against the backdrop of stagnant retail sector sales and a challenging consumer environment," it said.
The company said its performance in the first eight weeks of the second half, which includes Black Friday and early Christmas trading, has been strong. Total revenue rose 28.4%, including 18.2% LFL growth, with expanded Black Friday and Christmas campaigns driving continued market outperformance.
Chief executive Lee Tappenden said: "The group has delivered strong growth in the year to date, outperforming the market whilst making significant progress with our strategic priorities, which is testament to our colleagues' incredible drive and commitment.
"Our momentum has continued to build, with record numbers of customers discovering the brand for the first time and enjoying our award-winning quality products and service, and our growing active customer base generating higher repeat purchases. We have increased our retail footprint with 10 new stores since the beginning of the financial year in leading, high footfall destinations, and enhanced our product offering with increased seasonal relevance and more compelling value."
Tappenden expressed confidence the group will deliver a "strong" full-year performance, in line with market expectations.
At 0900 GMT, the shares were up 10% at 36.33p.
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