TIDMPROC
RNS Number : 6393D
ProCook Group PLC
21 October 2022
21 October 2022
ProCook Group plc
Second quarter trading update
Renewed trading momentum after a challenging summer
ProCook Group plc ("ProCook" or "the Group"), the UK's leading
direct-to-consumer specialist kitchenware brand, today reports on
Q2 trading results for the 16 weeks ended 16 October 2022.
Quarter two Year to date
GBPm FY23 YoY(1) Yo3Y(2) FY23 YoY(1) Yo3Y(2)
----- -------- -------- ----- -------- --------
Revenue 15.9 (9.1%) 53.9% 27.4 (14.8%) 45.6%
----- -------- -------- ----- -------- --------
Ecommerce 6.3 (16.4%) 88.6% 11.4 (25.0%) 102.6%
----- -------- -------- ----- -------- --------
Retail 9.6 (3.5%) 37.3% 16.0 (5.6%) 21.2%
----- -------- -------- ----- -------- --------
LFL Revenue(3) 13.6 (15.8%) 110.4% 23.6 (15.8%) 119.7%
----- -------- -------- ----- -------- --------
Ecommerce LFL(3) 5.9 (14.8%) 234.2% 10.7 (12.6%) 258.9%
----- -------- -------- ----- -------- --------
Retail LFL(3) 7.7 (16.6%) 47.6% 12.9 (18.3%) 49.1%
----- -------- -------- ----- -------- --------
Trading update
We are pleased to report revenue of GBP15.9m in quarter two
which was -9.1% year on year, and +110.4% higher on a like for like
basis than FY20 (pre-pandemic). Our trading performance during this
quarter, against strong prior year comparative results, reflects
the challenging market conditions driven by the combined effects of
heightened pressures on consumers spending, the prolonged hot
summer weather and the return of overseas summer holidays. We are
encouraged by the much-improved run rate as we exited the second
quarter.
The first half revenue of GBP27.4m was -14.8% year on year
including the -4% point effect of the annualisation of our exit
from Amazon UK at the end of June 2021. On a like for like basis
our first half revenue was +119.7% higher than pre-pandemic
levels.
In the year to date, we have attracted 320,000 new customers to
shop with ProCook for the first time and we have increased our 12
month repeat purchase rate to 25.3% (FY22 H1: 24.7%). As a result,
the number of active customers in the last 12 months has now
increased to above one million (+36.5% year on year). However
average transaction values have declined, largely driven by the by
the sales mix shift back towards Retail.
We have opened one new store during the quarter and completed
two relocations to larger sites in the same shopping centres. We
continue with the development and fit-out of our new distribution
centre and head office, having taken possession of the new site in
September.
Net debt at the end of the first half was -GBP1.3m (FY22 year
end: -GBP1.8m) with available facility headroom of GBP14.7m.
B Corp certification
ProCook recently became the first London Stock Exchange listed
retailer to be certified as a B Corporation (B Corp). The
certification follows a rigorous assessment set by B Lab, the
non-profit organisation behind the B Corp movement, whereby ProCook
was required to reach a benchmark score by providing evidence of
socially and environmentally responsible practices including energy
consumption and emissions, waste and water use, employee
compensation, diversity and corporate transparency.
The certification reflects our long-held commitment to building
a responsible brand with a strong purpose; we have already
celebrated many milestones including eliminating Scope 1 and 2
emissions, committing to the Real Living Wage, and being recognised
as one of the UK's Best Workplaces(TM) .
Alongside our existing sustainability goals, and the roadmap we
are creating to reach Net Zero emissions by 2030, our new
membership of B Corp provides a stringent framework by which we can
continue to measure our performance and progress.
Outlook
Despite the difficult consumer and macro environment, we
continue to attract new customers to the brand, and have made good
progress with our retention marketing activity following the
completion of our transition to a new CRM system.
Looking ahead to our peak trading period, while conscious of the
many challenges that consumers are facing, we are focused on
building on our recent trading momentum whilst managing our cost
base carefully to support profitability.
Forecasting full year performance is challenging given the
market conditions, however we expect full year underlying PBT will
be within our previously guided range of GBP4-6m. We are confident
that the Group remains well placed to capture increased share of
the large kitchenware market and deliver medium to long term growth
and value to all stakeholders.
Daniel O'Neill, Chief Executive Officer & Founder,
commented:
"Whilst the consumer and macro environment remains uncertain, we
are pleased to have seen a marked improvement in recent trading, as
we enter the important pre-Christmas trading period.
"We remain confident in our specialist offer, with quality
product ranges and fantastic service underpinned by our
value-for-money credentials across all price points.
"We are focused on building on our recent trading momentum and
strong foundations to develop the ProCook brand, strengthening our
market position and customer proposition, and we continue to invest
in areas that will improve our operational efficiency and capacity.
This will leave us better placed to capture further growth
opportunities as trading conditions improve.
"We are incredibly proud to be at the forefront of the B Corp
movement in our sector, in which only a select group have been
certified as B Corps. Being the first retail brand which is listed
on the London Stock Exchange to have achieved B Corp status is an
enormous achievement by everyone at ProCook."
(1) YoY reflects year on year performance between the relevant
financial periods of FY23 (52 weeks ending 2 April 2023) and FY22
(52 weeks ended 3 April 2022).
(2) Yo3Y reflects year on year performance between the relevant
financial periods of FY23 and FY20 (pre-pandemic).
(3) LFL (Like For Like) revenue reflects:
- Retail YoY - Continuing Retail stores which were trading for
at least one full financial year prior to the 3 April 2022,
inclusive of any stores which may have moved location or increased/
decreased footprint within a given retail centre.
- Retail Yo3Y - Continuing Retail stores which were trading for
at least one full financial year prior to the 29 March 2020,
inclusive of any stores which may have moved location or increased/
decreased footprint within a given retail centre.
- Ecommerce YoY and Yo3Y - ProCook direct website channel only.
For further information please contact:
ProCook Group plc investor.relations@procook.co.uk
Daniel O'Neill, Chief Executive Officer
& Founder
Dan Walden, Chief Financial Officer
MHP Communications (Financial PR Adviser) procook@mhpc.com
Katie Hunt Tel: +44 (0)7711 191 518
Catherine Chapman
Next scheduled event:
ProCook expects to release its FY23 interim results in mid
December 2022.
Notes to editors
ProCook is the UK's leading direct-to-consumer specialist
kitchenware brand. ProCook offers a direct-to-consumer proposition,
designing, developing, and retailing a high-quality range of
cookware, kitchenware and tableware which provides customers with
significant value for money.
The brand sells directly through its website, www.procook.co.uk
, and through 56 own-brand retail stores, located across the UK.
ProCook products are also available in Germany and France with
delivery options extending to Belgium, Austria, Luxembourg, the
Netherlands, and Poland.
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 Head Office in
Gloucester.
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 .
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTDBBDGXBDDGDG
(END) Dow Jones Newswires
October 21, 2022 02:00 ET (06:00 GMT)
Procook (LSE:PROC)
Graphique Historique de l'Action
De Nov 2024 à Déc 2024
Procook (LSE:PROC)
Graphique Historique de l'Action
De Déc 2023 à Déc 2024
