ProCook warns of rapid consumer confidence crash due to cost of living crisis

ProCook, the kitchenware brand, has warned of a multi-year low for consumer confidence as rising inflation and the cost of living squeeze means its core market is shrinking.

It estimated that the kitchenware market contracted by around 12% in the the first quarter of its current financial year, during which its UK revenues fell 9% year-on-year against “tough” comparative figures.

The Gloucester-based company, which has London shops in White City’s Westfield centre and the 02 in Greenwich said: “Uncertainty remains around how prolonged this difficult trading environment may be,” but that it had acted quickly to adjust.”

It added it was “well placed” to manage the challenges it faced and would focus on its core business in the short term.

Alongside its British outlets, the company’s products are available in Germany and France and it also delivers to Belgium, Austria, Luxembourg, the Netherlands, and Poland.

“Current market conditions have changed rapidly with consumer confidence deteriorating to lows not seen for many years.

“We are confident that our proposition will continue to attract new customers to ProCook and that we can cater for all budgets and tastes,” said Daniel O’Neil, ProCook’s founder and chief executive.

Underlying profit before tax for the year to April 3 rose 14.5% to £9.5 million, from revenue of £69.2 million, up almost 30%.

The company floated on the London Stock Exchange in November 2021 and was founded over 25 years ago as a family business selling via mail order.

ProCook’s current market capitalisation is around £45 million. Its stock slipped 0.3% in afternoon trade in London to 40.5p.