ProCook revenues dip by 9.7% in Q4

UK’s specialist kitchenware brand ProCook has reported £12.6m of revenues for Q4, which ended on 2 April. 

The Q4 revenues, which have fallen -9.7% year on year, reflect “ongoing uncertainty in the consumer backdrop” and were driven primarily by a reduction in e-commerce including the discontinued Amazon channels.

Full-year revenues of £62.3m have also declined by 5% although the company has said the results remain in the middle of their expected range. 

During Q4 ProCook opened its 58th store in Kingston Upon Thames as well as completed the development of a new distribution centre and HQ which will support future operational efficiencies. 

The group expects trading for FY23 to be in line with its expectations and will release preliminary results in late June. 

Daniel O’Neill, chief executive officer and founder, said: “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.”