Procook revenues improve in Q4
By Iain Gilbert
Date: Tuesday 09 Apr 2024
(Sharecast News) - Kitchenware brand Procook said on Tuesday that revenues had improved in the fourth and final quarter of its trading year, with underlying pre-tax profits now seen "marginally ahead" of market expectations for a reading of £400,000.
Total revenues were up 4.8% year-on-year at £13.2m, outperforming the UK kitchenware market by approximately 2%. Total like-for-like revenue turned positive in the quarter, having increased by 1.5%, continuing the improving trend from previous quarters.
E-commerce like-for-like revenue was down 2.5% in Q4, improving from a 5.1% drop last quarter, while retail revenue was up 8.9% and benefitted from continued momentum in like-for-like growth, the opening of two new stores in the previous quarter and the upsize relocation of a third store during the fourth quarter.
Full-year revenue increased 0.4% to £62.6m, or 1.6% excluding Amazon EU channels exited in FY23.
Procook stated its sales performance during the fourth quarter has been in line with internal expectations and with "strong margin and cost discipline", it now expects full-year underlying pre-tax profits to be between £500,000 to £1.0m.
Chief executive Lee Tappenden said: "I am pleased with the growing momentum in our performance which reflects the enhanced range, experience and value we are delivering to our customers.
"Despite the market remaining subdued, we are gaining share giving us confidence that our proposition continues to resonate with consumers. We look forward to delivering further strategic progress as we continue to build an even stronger customer-focused business which will allow us to accelerate profitable growth as trading conditions improve."
As of 0935 BST, Procook shares were up 7.54% at 26.78p.
Reporting by Iain Gilbert at Sharecast.com
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