ProCook projects ‘weaker than anticipated’ F23 performance

ProCook Group has announced that it expects its full-year revenues for FY23 to be between £60m – £65m, marking a “weaker sales performance than anticipated”.

The update comes after its Black Friday trading saw “softer consumer demand driven by the challenging consumer environment”.

The combination of the continued softer year on year sales performance and heightened costs due to shipping and foreign exchange impacts, additional marketing and promotional activity, means that it now expects that full year FY23 underlying PBT will be approximately breakeven.

In response, the company said it has now “developed a clear plan to maximise trading performance and profitability”.

Among its new measures, it has begun taking action to reduce operating costs by £3m on an annualised basis, through a reduction in board costs, efficiency savings to bring down logistics costs, and a range of identified procurement and cost reduction initiatives.

The company said: “We are confident this plan will enable us to emerge stronger from this difficult trading environment to become the customers’ first choice for kitchenware. The Group remains well placed to capture increased share of the large kitchenware market and deliver long term growth and value to all stakeholders.”