Kitchenware brand ProCook has reported revenue growth and market share gains despite “more challenging“ trading conditions.
In a Q4 trading update the Gloucestershire business saw revenue growth of 11.4% during the 12 weeks ended April 3, 2022 - up 83.1% on a two-year basis.
The family-run retailer, which completed a float on the London Stock Exchange last year, said it saw a significant channel shift back to its portfolio of more than 50 stores, which had been closed for the same period last year due to Covid restrictions.
The firm said its e-commerce performance reflected "tough comparatives" from last year, which saw strong demand during national lockdown coupled with the impact of its strategic exit of the Amazon UK marketplace at the end of June 2021.
ProCook also released a set of unaudited full-year results which showed revenue rose 29.5%, reflecting a 77.5% two-year increase on the financial year 2020.
The company said it had attracted 723,000 first-time customers while increasing the rate of repeat purchase within 12 months from 18.6% to 25.5% year on year.
The firm said “well-documented” pressures impacting consumer shopping habits and operational costs had impacted trading conditions.
Full year gross margin was 140% bps lower than in the financial year 2021, which ProCook said was in line with expectations and predominantly due to the impact of increased marine freight costs incurred in the year. It added that underlying product margins “remained strong”.
Bosses said despite the tougher economic conditions there was a "clear strategy for long term profitable growth", and they were confident they could build the brand.
ProCook employs around 200 people in Gloucestershire and has a total workforce of 700 employees. The company was recently named among the best workplaces in the UK for staff wellbeing by employment specialist Great Place To Work.
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