ProCook Group (PROC) H1 2026 earnings summary

Executive summary

• Achieved record H1 revenue of £34.1m, up 20.6% year-over-year, with like-for-like growth of 8.1%.

• Outperformed the UK kitchenware market by 16 percentage points, gaining significant market share.

• Opened six new stores in H1, including a new format in Birmingham, and four more at the start of H2, reaching 71 stores.

• Strategic focus on expanding store estate, improving customer service, and investing in paid media and operational efficiency.

• Continued progress toward medium-term goals: 100 UK stores, £100m revenue, and 10% operating profit margin.

Financial highlights

• Gross profit increased 22.8% to £22.7m, with gross margin up 130bps to 66.4% due to pricing and cost discipline.

• EBITDA more than doubled to £2.3m, up 129.2% year-over-year, with margin improvement.

• Operating loss reduced to £1.5m, improving by £0.3m underlying and £0.6m reported year-on-year.

• Net debt stable at £4.1m; available liquidity of £11.9m.

• Free cash outflow increased by £1.6m–£5.0m, mainly due to new store investment.

Outlook and guidance

• Strong trading in the first eight weeks of H2, with total revenue up 28.4% and like-for-like up 18.2%.

• Confident in delivering full-year performance in line with market expectations (FY26 revenue consensus: £79.5m, operating profit: £4.8m).

• H2 remains critical due to seasonal weighting; strong inventory and trading plan in place for Black Friday and Christmas.

• No interim dividend recommended to prioritize self-funded growth investments.

• Medium-term ambition remains: 100 UK stores, £100m revenue, and 10% operating profit margin.