ProCook Group (PROC) H1 2025 earnings summary

Executive summary

• Achieved strong trading momentum in H1 FY25, with revenue up 7.5% year-over-year to £28.3m, record 1.1 million active customers (+11.7%), and continued market share gains, outperforming the UK kitchenware market by up to 6%.

• Growth was driven by volume, new store openings, and e-commerce gains, with five consecutive quarters of positive like-for-like retail growth.

• Strategic investments in new stores, product development (including electricals and coffee), and omnichannel service underpinned customer engagement and expansion.

• Enhanced customer service focus and digital marketing led to improved conversion and brand reach, including a 34% YoY increase and relaunch of Amazon UK channel.

• Confident in delivering full-year outlook, supported by H2 seasonality, new store benefits, and operational efficiencies.

Financial highlights

• FY25 H1 revenue reached £28.3m, up 7.5% year-over-year, with like-for-like revenue up 4.2%.

• Gross profit increased 5.1% to £18.4m, but gross margin declined by 160bps to 65.1% due to price investments and higher freight costs.

• Underlying operating loss widened to £1.8m (H1 FY24: £1.5m); OpEx as % of revenue reduced by 120bps.

• Underlying EBITDA flat at £1.2m; underlying loss before tax at £2.9m; reported loss before tax at £3.2m.

• Net debt at H1 end was £4.2m, with £11.8m–£12m in available liquidity.

Outlook and guidance

• Full-year FY25 outlook remains unchanged; H2 expected to deliver 60% of annual revenue and improved profitability.

• Anticipate improved gross margins in H2 from FX gains and price optimization, despite shipping cost pressures.

• Plan to open 12 new stores in FY25, net addition of 10 after closures; medium-term ambition: 100 UK stores, £100m sales revenue, and 10% operating profit margin.

• Continued focus on profitable growth, operational efficiency, and customer experience.