ProCook Group PLC on Tuesday predicted annual profit to be ‘marginally’ ahead of market expectations, shaking off ‘subdued’ economic conditions.
ProCook shares rose 7.5% to 26.78 pence each in London on Tuesday morning.
The Gloucester-based kitchenware company reported revenue of £13.2 million for the fourth quarter for the year ended March 31, a rise of 4.8% on-year. It would mean full year revenue of £62.6 million, an increase of 0.4% from the previous year.
Like-for-like revenue increased by 1.5% in ProCook’s fourth quarter.
Total retail revenue grew by 8.9% on-year in the final quarter, though e-commerce revenue fell 1.8%. On a like-for-like basis, retail revenue rose 4.3% in the fourth-quarter, though e-commerce slipped 2.5%.
ProCook said its fourth-quarter sales were in line with board expectations. It also noted ‘strong margin and cost discipline’. It means it expects full-year underlying pretax profit to be between £500,000 and £1.0 million, which would top the current company-compiled consensus of £400,000. It would represent a swing from a £200,000 loss in financial 2023.
Chief Executive Officer Lee Tappenden said: ‘I am pleased with the growing momentum in our performance, which reflects the enhanced range, experience and value we are delivering to our customers.
‘Despite the market remaining subdued, we are gaining share giving us confidence that our proposition continues to resonate with consumers. We look forward to delivering further strategic progress as we continue to build an even stronger customer-focused business which will allow us to accelerate profitable growth as trading conditions improve.’
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