TIDMPROC
RNS Number : 7222W
ProCook Group PLC
19 April 2023
19 April 2023
ProCook Group plc
Fourth quarter trading update
Full year performance in line with expectations
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 2 April 2023 and the full
year (unaudited).
Quarter Four Full Year
GBPm FY23 YoY(1) Yo3Y(2) FY23 YoY(1) Yo3Y(2)
----- -------- -------- ----- -------- --------
Revenue 12.6 (9.7%) 64.6% 62.3 (9.9%) 60.0%
----- -------- -------- ----- -------- --------
Ecommerce 4.9 (21.1%) 33.1% 25.7 (20.7%) 77.1%
----- -------- -------- ----- -------- --------
Retail 7.7 (0.7%) 93.5% 36.7 (0.4%) 49.9%
----- -------- -------- ----- -------- --------
LFL Revenue(3) 10.8 (9.4%) 103.2% 54.1 (10.7%) 112.2%
----- -------- -------- ----- -------- --------
Ecommerce LFL(3) 4.9 (12.6%) 151.6% 24.9 (11.0%) 207.6%
----- -------- -------- ----- -------- --------
Retail LFL(3) 5.9 (6.6%) 64.1% 29.2 (10.4%) 52.5%
----- -------- -------- ----- -------- --------
Trading update
Total revenue of GBP12.6m in Q4 was -9.7% year on year,
reflecting ongoing uncertainty in the consumer backdrop and driven
primarily by a reduction in Ecommerce revenue, against strong
comparatives, with revenue from Retail broadly flat. Excluding
revenue from discontinued Amazon channels, Ecommerce LFL revenue
for Q4 was -12.6%, contributing to a total LFL revenue decline of
-9.4%, although this remained +103.2% compared to FY20
(pre-pandemic).
Full year revenue of GBP62.3m was in the middle of our expected
range, declining -9.9% year on year, or -5.0% excluding the
discontinued Amazon channels.
During the quarter we opened one new store in Kingston Upon
Thames, increasing the total number of retail stores to 58 at the
year end (FY22: 55). We also completed the development of our new
Distribution Centre and HQ which will support future operational
efficiencies as we grow, and began the transition into the site
during March.
We are pleased to have been recognised recently by Which? as a
Recommended Provider (Furniture and Homeware), ranking 4(th)
amongst a large peer group based on customer feedback, noting
particularly our product quality and range.
The Board anticipates that FY23 underlying PBT will be
approximately breakeven, in line with our previous guidance.
Daniel O'Neill, Chief Executive Officer & Founder,
commented:
"The last year has been very difficult for consumers as real
disposable incomes have fallen, which is reflected in our softer
sales performance against our significant growth and market
outperformance last year.
"While we expect trading conditions to remain challenging and
unpredictable, we continue to grow our customer base by attracting
new customers to the brand and remain confident in our
value-for-money, specialist offer. Certain inflationary cost
pressures, including wages, remain high, however we are seeing some
easing in other areas, and we expect to realise the benefits of our
recent actions to reduce operating costs in the current financial
year and beyond.
"In our 27-year history, we have endured difficult trading
conditions before and emerged stronger. We have made good strategic
progress this year, investing in areas that will strengthen our
foundations and improve our customer proposition. We therefore look
forward with confidence to building the ProCook brand, equipping
more customers with the tools to enjoy everyday cooking, and
returning to profitable growth."
(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 Group (Financial PR Adviser) procook@mhpgroup.com
Katie Hunt Tel: +44 (0)7711 191 518
Catherine Chapman
Next scheduled event:
ProCook expects to release its FY23 preliminary results in late
June 2023.
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 58 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 HQ 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 .
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END
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