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ProCook hails "growing momentum" as expects annual profit beat

9th Apr 2024 10:42

(Alliance News) - ProCook Group PLC on Tuesday predicted annual profit to be "marginally" ahead of market expectations, shaking off "subdued" economic conditions.

ProCook shares rose 7.5% to 26.78 pence each in London on Tuesday morning.

The Gloucester-based kitchenware company reported revenue of GBP13.2 million for the fourth quarter for the year ended March 31, a rise of 4.8% on-year. It would mean full year revenue of GBP62.6 million, an increase of 0.4% from the previous year.

Like-for-like revenue increased by 1.5% in ProCook's fourth quarter.

Total retail revenue grew by 8.9% on-year in the final quarter, though e-commerce revenue fell 1.8%. On a like-for-like basis, retail revenue rose 4.3% in the fourth-quarter, though e-commerce slipped 2.5%.

ProCook said its fourth-quarter sales were in line with board expectations. It also noted "strong margin and cost discipline". It means it expects full-year underlying pretax profit to be between GBP500,000 and GBP1.0 million, which would top the current company-compiled consensus of GBP400,000. It would represent a swing from a GBP200,000 loss in financial 2023.

Chief Executive Officer 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."

By Emily Parsons, Alliance News reporter

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