ProCook Group (LSE:PROC), the direct-to-consumer kitchenware retailer, on Thursday said revenue rose 13.2% to £24.1m in the second quarter, the 16 weeks to 11 October, marking its twelfth straight quarter of growth.
Like-for-like revenue across the group increased 6.2% in the quarter, with ecommerce like-for-like up 17.9% on continued traffic growth, while retail like-for-like fell 0.7% after record summer heat hit footfall earlier in the period before trading strengthened through the second half of the quarter.
First-half revenue reached a record £39.7m, up 16.3% year-on-year and 8.3% on a like-for-like basis, with retail revenue growth driven by new store openings.
ProCook told investors it outperformed the UK kitchenware market by 14 percentage points in the quarter and by 20 percentage points across the first half, based on GfK data and its own estimates.
Net debt stood at £3.7m at the half-year, down from £4.1m a year earlier, after £2.2m of capital expenditure mostly on new stores and a seasonal stock-build ahead of Black Friday and Christmas; available liquidity in cash and facilities was £12.3m.
Gross profit margin and operating costs were in line with expectations for the first half, with profitability remaining weighted toward the second half as usual, since the first six months typically account for around 40% of full-year revenue.
The retail estate stood at 80 stores at the half-year after three new openings, two relocations, two refits and two closures, with 13 stores now in the group's new format; two further stores are legally committed to open early in the second half, with between two and four more expected to open before the financial year ends.
New customer acquisition rose 25% year-on-year in the first half and the 12-month active customer base grew 28%, with social marketing and content driving attributed revenue growth of 46% over the same period.
The group transitioned warehouse operations in Gloucester to DHL in late July and completed the first milestone of its ERP migration, with a move to Shopify+ now expected to launch after the peak trading period but before the end of the financial year.
"Whilst mindful of the unpredictable macro backdrop, we are well positioned for the important peak trading period, with inventory in place across compelling Black Friday and Christmas ranges," said chief executive Lee Tappenden, adding the group is "confident in delivering a strong full year performance, in line with market expectations."
ProCook expects to release its FY27 interim results on 9 December.