REG - ProCook Group PLC - Fourth quarter trading update

PROCOOKAnnouncement

16/04/2025 07:00

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RNS Number : 1792F  ProCook Group PLC  16 April 2025

16 April 2025

 

ProCook Group plc

 

Fourth quarter trading update

 

Strong trading performance, significantly outperforming the market, delivering
improved profitability and cash position whilst continuing to invest for
growth

 

Confident in proposition and ability to deliver on medium term strategy

 

 

ProCook Group plc ("ProCook" or "the Group"), the UK's leading
direct-to-consumer specialist kitchenware brand, today reports on Q4 trading
results for the 12 weeks ended 30 March 2025.

 

                 Quarter four      Year to date
 £m              FY25     YoY(1)   FY25     YoY(1)

 Revenue         15.5     17.8%    69.5     11.0%
 Ecommerce       5.9      23.4%    25.5     12.3%
 Retail          9.6      14.7%    44.0     10.3%

 LFL Revenue(2)  13.6     8.8%     62.9     4.9%
 Ecommerce       5.7      19.9%    25.1     10.3%
 Retail          7.8      1.9%     37.9     1.5%

 

Strong trading performance, with momentum accelerating through the year

·      Total revenue 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%

o  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

o  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

·      Strong final quarter led to record full year revenue, an +11.0%
increase on prior year and a +4.9% increase on a like for like basis

·      Outperformed the UK kitchenware market by +10% points during Q4,
and by +7% across the full year as a whole (3)

 

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 twelve openings in the year, ahead of our 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

·      Launched coffee machines in Q4, marking the fourth phase of our
small electricals category development. Our award-winning range is performing
well and supporting revenue growth

·      Accelerated social marketing activities, whilst developing
improved creative content with greater seasonal relevance, which has resonated
well with customers and improved marketing efficiency

·      Gross margin and underlying EBITDA expected to be in line with
market expectations for the full year. Underlying PBT expected to reflect
investment in the additional new stores opened in year (depreciation and lease
interest) and recent FX volatility

·      Net cash position of £1.0m at year end (FY24: net debt of
£0.7m) ahead of market expectations, after £4m of investment capex on new
store openings. £17.0m 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."

 

For further information please contact:

 ProCook Group plc                        investor.relations@procook.co.uk

 Lee Tappenden, Chief Executive Officer

 Dan Walden, Chief Financial Officer

 

 MHP Group (Financial PR Adviser)                                                             procook@mhpgroup.com

 Katie                                                                                        Tel: +44 (0)7884 494 112
 Hunt

 

Next scheduled event:

ProCook expects to release its FY25 preliminary results on 25 June 2025.

 

Notes to editors:

ProCook is the UK's leading direct-to-consumer specialist kitchenware brand.
ProCook designs, develops, and retails a high-quality range of direct-sourced
and own-brand kitchenware which provides customers with significant value for
money.

The brand sells directly through its website, www.procook.co.uk, and through
66 own-brand retail stores, located across the UK.

Founded over 25 years ago as a family business, selling cookware sets by
direct mail in the UK, ProCook has grown into a market leading, multi-channel
specialist kitchenware company, employing over 600 colleagues, and operating
from its Store Support Centre in Gloucester.

As a B Corp, a Real Living Wage employer and a certified Great Place to
Work(TM), ProCook is committed to being a socially responsible and
environmentally conscious business for the benefit of all stakeholders.

ProCook has been listed on the London Stock Exchange since November 2021
(PROC.L).

Further information about the ProCook Group can be found at
www.procookgroup.co.uk.

Quarterly revenue performance:

                                FY25 (52 weeks ending 30 March 2025)
                                Q1      Q2      H1      Q3      Q4      H2      FY
 Revenue (£'m)                  11.3    17.0    28.3    25.6    15.5    41.2    69.5
 Revenue growth %               5.6%    8.8%    7.5%    11.2%   17.8%   13.6%   11.0%
 LFL revenue (£'m)(2 & 5)       10.7    15.9    26.6    22.7    13.6    36.3    62.9
 LFL growth %                   3.6%    4.7%    4.3%    3.3%    8.8%    5.3%    4.9%

 

                        FY24 (52 weeks ending 31 March 2024)
                        Q1      Q2      H1      Q3      Q4      H2      FY
 Revenue (£'m)          10.7    15.7    26.3    23.1    13.2    36.2    62.6
 Revenue growth %       (6.7%)  (1.8%)  (3.8%)  3.0%    5.0%    3.7%    0.4%
 LFL revenue (£'m)(4)   10.2    15.0    25.3    21.4    12.2    33.6    58.5
 LFL growth %           (7.9%)  (1.8%)  (4.4%)  (0.6%)  1.5%    0.2%    (2.0%)

 

Notes:

(1) YoY reflects year on year performance between the relevant financial
periods of FY25 (52 weeks ending 30 March 2025) and FY24 (52 weeks ended 31
March 2024).

(2) FY25 LFL (Like For Like) revenue reflects:

-           Ecommerce LFL - ProCook direct website channel only.

-           Retail LFL - Continuing Retail stores which were trading
for at least one full financial year prior to 31 March 2024, inclusive of any
stores which may have moved location or increased/ decreased footprint within
a given retail centre.

(3) UK Kitchenware market growth (excluding ProCook) calculated using weekly
GfK data and management estimates.

(4) FY24 LFL (Like For Like) revenue reflects:

-           Ecommerce LFL - ProCook direct website channel only.

-           Retail LFL - Continuing Retail stores which were trading
for at least one full financial year prior to 2 April 2023, inclusive of any
stores which may have moved location or increased/ decreased footprint within
a given retail centre.

(5) The LFL revenue growth % by quarter for Q1, Q2 and Q3 FY25 has been
adjusted to exclude the closures of two garden centre stores which were closed
during Q3 FY25 and one garden centre store which closed during Q4 FY25 and
were previously included within LFL revenue.

 

 

FY25 store opening programme:

 Location              Retail Centre  Opening
 Bracknell             Lexicon        Opened April 2024
 Birmingham, Solihull  Touchwood      Opened August 2024
 Newcastle             Metrocentre    Opened September 2024
 Oxford                Westgate       Opened September 2024
 Epsom                 Ashley Centre   Opened October 2024
 Norwich               Chantry Place  Opened November 2024
 Exeter                Princesshay    Opened November 2024
 Guildford             High Street    Opened November 2024
 Birmingham, Dudley    Merry Hill     Opened November 2024
 Bournemouth           Castlepoint    Opened February 2025
 Milton Keynes         Centre:MK      Opened February 2025
 Bristol               Cabot Circus   Opened March 2025

 

FY26 Q1 store opening programme:

 Location     Retail Centre  Anticipated opening
 Southampton  Westquay       April 2025
 Hereford     Old Market     May 2025
 Reading      Oracle         June 2025

 

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