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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 3 April 2022 and the full year (unaudited).

We are pleased with our revenue growth of +29.5% over the full year which reflects a +77.5% two-year increase on FY20. We have attracted 723,000 new customers who have shopped with ProCook for the first time, and have successfully increased the rate of repeat purchase within 12 months from 18.6% to 25.5% year on year, reflecting the strength of our kitchenware offer and the quality of our customer base.

We have continued to grow our market share throughout the year, significantly outperforming the UK Kitchenware market.

We achieved revenue growth of +11.4% in the fourth quarter which, as expected, included a significant channel shift back to retail, as our stores were closed for the whole of Q4 last year due to Covid restrictions. On a two-year basis, our revenue growth in the quarter was +83.1%.

Our Ecommerce performance in the fourth quarter reflects particularly tough comparatives from last year, where online demand during the lockdown period was particularly strong, coupled with the impact of the strategic exit of the Amazon UK marketplace at the end of June 2021. On a two-year basis Ecommerce was up +70.4%, and +134.1% on a LFL basis (which excludes the impact of Amazon).

Full year gross margin was -140%bps lower than FY21, in line with our expectations, predominantly due to the impact of increased marine freight costs incurred in the year. Underlying product margins have remained strong.

We anticipate full year adjusted PBT will be broadly in line with market expectations.

Read the full report here.