16th Oct 2024 10:35
(Alliance News) - ProCook Group PLC on Wednesday said growth picked up in its second-quarter, and the pots and pans seller believes it is "well positioned" for the key Black Friday and Christmas trading periods.
Shares in the company traded 6.3% higher at 27.64 pence each in London on Wednesday morning.
The Gloucester-based kitchenware maker said revenue in the second-quarter ended October 13 rose 8.8% on-year. On a like-for-like basis, it climbed 4.7%, picking up speed from a 3.5% rise in the first-quarter.
ProCook reported "continued trading momentum and market outperformance".
"Retail revenue increased by 7.1% benefitting from the fifth consecutive quarter of positive like for like growth (1.6%) and the impact of new store openings," ProCook said.
E-commerce revenue, meanwhile, shot up 12% on-year in the second-quarter, or 11% like-for-like.
For the whole of the first-half, revenue was 7.5% higher year-on-year at GBP28.3 million. Gross profit and operating costs were in line with expectations, ProCook said, adding that it expects a second-half weighting to annual profitability.
The firm added: "Strong progress against the group's strategic priorities has been made in the first half of the year as we accelerate profitable growth to deliver our medium term objectives of 100 retail stores, GBP100 million revenue and 10% operating margin.
"In line with our plan to open ten new stores in FY25, we have opened four new stores in the first half of the year, and we are legally committed to open a further six in the second half, with the majority anticipated to be open in time for the peak trading season. These new stores are in popular regional retail destination centres which benefit from strong visitor numbers that will support increased awareness of our brand. Performance of the four new stores since opening is encouraging."
It added: "We are well positioned for peak with enhanced Black Friday and Christmas campaigns planned, and strong inventory levels which we have prudently secured in advance given the significant disruption to the global freight markets."
ProCook will release its full first-half results in mid-December.
By Eric Cunha, Alliance News news editor
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