Le point sur les échanges du quatrième trimestre
9 Avril 2024
Groupe ProCook plc
Le point sur les échanges du quatrième trimestre
Continued market share gains with trading momentum improving. FY24 PBT expected to be marginally ahead of market expectations.
ProCook Group plc ("ProCook" or "the Group"), the UK's leading direct-to-consumer specialist kitchenware brand, today reports on Q4 trading results for the 12 weeks ended 31 March 2024.
| Quarter Four | Année à ce jour | ||
£ m | FY24 | YoY1 | FY24 | YoY1 |
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Revenu | 13.2 | 4.8% | 62.6 | 0.4% |
Vidéo pour les commerces en ligne | 4.8 | (1.8%) | 22.7 | (11.5%) |
Au detail | 8.4 | 8.9% | 39.9 | 8.7% |
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| |||
LFL Revenue2 | 12.2 | 1.5% | 58.5 | (2.0%) |
Vidéo pour les commerces en ligne | 4.8 | (2.5%) | 22.7 | (8.7%) |
Au detail | 7.4 | 4.3% | 35.8 | 2.8% |
Mise à jour du trading
Total revenue of £13.2m in Q4, increased by +4.8% year on year outperforming the UK kitchenware market by approximately +2% points3. Total LFL revenue turned positive in the quarter, having increased by +1.5%, continuing the improving trend from previous quarters (Q1: -8.3%, Q2: -2.1%, Q3: -0.6%)4.
Ecommerce LFL revenue was -2.5% in Q4, improving from -5.1% last quarter as further customer experience improvements were delivered.
Retail revenue growth of +8.9% in Q4 benefited from continued momentum in LFL revenue growth (+4.3%), the opening of two new stores in the previous quarter and the upsize relocation of a third store during the fourth quarter, partly offset by the closure of three smaller garden centre stores and the Cookery School part way through the quarter.
Full year revenue of £62.6m increased by +0.4% YoY, or +1.6% excluding the Amazon EU channels which were exited last year.
At the end of the fourth quarter, the Group held a net debt position of £0.7m (FY23 Q4: £2.8m) with available liquidity of £15.3m.
Outlook
Sales performance during the fourth quarter has been in line with the Board's expectations and with strong margin and cost discipline, the Board expects full year Underlying PBT for FY24 to be between £0.5m to £1.0m, marginally ahead of market expectations5.
The Group has made good strategic progress during the year, including opening new stores, the launch in March of our new small kitchen electricals range, improvements in customer experience online and in store, and delivering even greater value for customers through meaningful price reductions across much of our range.
Whilst the macro environment remains difficult for consumers, we are confident that the work done to strengthen our business over the last two years will support a stronger performance in the new financial year and as conditions improve, enabling the Group to deliver profitable and sustainable growth for all stakeholders.
We remain confident that our specialist retail proposition, with a high-quality and carefully curated product range which is 100% direct-sourced and own-brand, paired with our excellent customer service both in store and online, stands us apart from our competitors.
Lee Tappenden, Chief Executive Officer, commented:
"I am pleased with the growing momentum in our performance which reflects the enhanced range, experience and value we are delivering to our customers.
« Même si le marché reste morose, nous gagnons des parts de marché, ce qui nous donne la certitude que notre proposition continue de trouver un écho auprès des consommateurs. Nous sommes impatients de réaliser de nouveaux progrès stratégiques alors que nous continuons à bâtir une activité encore plus forte, centrée sur le client, qui nous permettra d'accélérer notre rentabilité. croissance à mesure que les conditions commerciales s'améliorent.
Pour de plus amples informations s'il vous plaît contacter:
Groupe ProCook plc Lee Tappenden, président-directeur général Dan Walden, directeur financier |
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Groupe MHP (Conseiller en relations publiques financières) Katie Chasse Catherine Chapmann | Téléphone : +44 (0) 7711 191 518
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Next scheduled event:
ProCook expects to release its FY24 preliminary results on 26 June 2024.
Notes aux rédacteurs:
ProCook est la première marque britannique spécialisée dans les ustensiles de cuisine destinés directement aux consommateurs. ProCook propose une proposition directe au consommateur en concevant, développant et distribuant une gamme d'ustensiles de cuisine et d'ustensiles de table de haute qualité qui offre aux clients un rapport qualité-prix significatif.
La marque vend directement via son site internet, www.procook.co.uk, et à travers ses 57 magasins de vente au détail de marque propre, idéalement situés à travers le Royaume-Uni.
Fondée il y a plus de 25 ans en tant qu'entreprise familiale vendant des batteries de cuisine par publipostage au Royaume-Uni, ProCook est devenue une entreprise spécialisée multicanal leader sur le marché des ustensiles de cuisine, employant plus de 600 collègues et opérant depuis son centre d'assistance en magasin à Gloucester.
ProCook est cotée à la Bourse de Londres depuis novembre 2021 (PROC.L).
Quarterly revenue performance:
FY24 (52 weeks ending 31 March 2024) | |||||||
£ m | Q1 | Q2 | H1 | Q3 | Q4 | H2 | FY |
Revenu | 10.7 | 15.7 | 26.3 | 23.1 | 13.2 | 36.2 | 62.6 |
Hausse des revenus % | (6.7%) | (1.8%) | (3.8%) | 3.0% | 4.8% | 3.6% | 0.4% |
LFL revenue 2 & 4 | 10.1 | 14.8 | 24.9 | 21.4 | 12.2 | 33.6 | 58.5 |
LFL growth % | (8.3%) | (2.1%) | (4.7%) | (0.6%) | 1.5% | 0.2% | (2.0%) |
FY23 (52 weeks ending 2 April 2023) | |||||||
£ m | Q1 | Q2 | H1 | Q3 | Q4 | H2 | FY |
Revenu | 11.4 | 15.9 | 27.4 | 22.4 | 12.6 | 35.0 | 62.3 |
Hausse des revenus % | (22.6%) | (7.6%) | (14.5%) | (2.5%) | (9.7%) | (5.2%) | (9.9%) |
Yo3Y revenue growth % | 35.5% | 54.0% | 45.6% | 78.8% | 64.6% | 73.4% | 60.0% |
LFL revenue 6 | 10.0 | 13.6 | 23.6 | 19.7 | 10.8 | 30.5 | 54.1 |
LFL growth % | (17.1%) | (15.6%) | (16.2%) | (3.8%) | (9.4%) | (5.9%) | (10.7%) |
Yo3Y LFL growth % | 133.3% | 110.4% | 119.7% | 108.7% | 103.2% | 106.7% | 112.2% |
1 YoY reflects year on year performance between the relevant financial periods of FY24 (52 weeks ending 31 March 2024) and FY23 (52 weeks ended 2 April 2023).
2 LFL (Like For Like) revenue reflects:
- Ecommerce LFL - ProCook direct website channel only.
- Retail LFL - Continuing Retail stores which were trading for at least one full financial year prior to the 2 April 2023, inclusive of any stores which may have moved location or increased/ decreased footprint within a given retail centre.
3 UK Kitchenware market growth (excluding ProCook) calculated using weekly GfK data and management estimates
4 The LFL revenue growth % by quarter (also shown in the FY24 Quarterly revenue performance table above) for Q1, Q2 and Q3 has been adjusted to exclude the closures of 3 garden centre stores and the Cookery School which were closed during Q4 and were previously included within LFL revenue.
5 Company compiled current analyst consensus Underlying PBT of £0.4m for FY24
6 FY23 LFL (Like For Like) revenue reflects:
- Retail YoY - Continuing Retail stores which were trading for at least one full financial year prior to the 3 April 2022, inclusive of any stores which may have moved location or increased/ decreased footprint within a given retail centre
- Retail Yo3Y - Continuing Retail stores which were trading for at least one full financial year prior to the 29 March 2020, inclusive of any stores which may have moved location or increased/ decreased footprint within a given retail centre
- Ecommerce YoY and Yo3Y - ProCook direct website channel only
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