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ProCook has marked its eighth consecutive quarter of growth and a “record” first half performance, after revenues rose by 25.1% to £21.3m in the second quarter to 12 October.
Following the strong quarterly performance, the retailer’s total first-half revenues hit £34.1m, spelling an uplift of 20.6% year-on-year and 8.1% on a like-for-like basis, with the group claiming to have outperformed the wider kitchenware market.
Gross profit margins and operating costs were also in line with expectations in the first half of the year.
ProCook, which trades across 71 UK stores and online, saw like-for-like revenues increase by 12.2% during the second quarter as retail sales grew by 25%, with new store openings contributing more than three-quarters of the rise, while like-for-like store sales were up 5.9%.
Ecommerce revenue also rose by 25.5% in the quarter, driven by a 23.2% increase in like-for-like online sales. The relaunch of ProCook’s Amazon UK marketplace early in the quarter added a further 2.3% of growth.
In the first half period ProCook’s small kitchen electricals range recorded an 80% year-on-year sales increase. The group also reported a 150% rise in attributed revenue from social marketing and content activity.
Net debt at the end of the first half stood at £4.1m, broadly unchanged from £4.2m a year earlier, after £2.2m of capital investment in store openings. The company reported £11.9m of available liquidity in cash and credit facilities.
Six new stores opened in the first half, including a new-format site in Birmingham’s Bullring centre. Four further stores are due to open ahead of the peak trading period, which includes Black Friday and Christmas.
Lee Tappenden, chief executive of ProCook, said: “The group’s strong second-quarter performance marks our eighth consecutive quarter of growth, delivering a record first-half trading performance, with our disciplined approach to trading and strong execution of our clear strategy enabling us to significantly outperform the market and grow market share.
“With momentum building, a record number of customers shopping with us, and expanded ranges and number of stores, we are well positioned for the peak trading period. We remain firmly on track with delivering our medium-term ambition of 100 UK retail stores, £100m revenue and a 10% operating profit margin.”
