ProCook revenues fall 9.1% in Q2
The group’s first half revenue of £27.4m, a 14.8% year-on-year decrease, was reportedly due to the annualisation of its exit from Amazon UK at the end of June 2021
ProCook has reported revenues of £15.9m in Q2, a 9.1% drop year-on-year, yet still 110.4% higher on a like-for-like basis compared to pre-pandemic FY20, for the 16 weeks ended 16 October 2022.
The group’s first half revenue of £27.4m, a 14.8% year-on-year decrease, was reportedly due to the annualisation of its exit from Amazon UK at the end of June 2021. However, the group’s like-for-like revenue was still 119.7% higher than pre-pandemic levels.
In addition, the group reports having attracted 320,000 new customers to its stores for the first time, as well as increased its 12 month repeat purchase rate to 25.3% from 24.7% in H1.
The news of the group’s second quarter results reportedly coincide with its certification as a B Corp business, which is said to reflect a commitment to building a responsible brand with a strong purpose.
Daniel O’Neill, CEO and founder of ProCook, said: “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 are incredibly proud to be at the forefront of the B Corp movement in our sector, in which only a select group has 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.”
He added: “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.”
