ProCook Reports Record Annual Revenue and Strong Q4 Growth, Outperforming Market Expectations

ProCook’s Q4 sizzles: record revenue, market share gains, and cash to keep rolling

ProCook has served up a strong finish to FY26. Fourth quarter revenue rose 19.2% to £18.5 million, taking full year sales to a record £85.5 million, up 23.0% year on year and ahead of market expectations. Like-for-like (LFL) sales – stores and the core website that were open for at least a year – climbed 9.9% in Q4 and 11.8% for the year.

Crucially, the company says it outperformed the wider UK kitchenware market by 13 percentage points in Q4 and by 20 points across the year. That is a sizeable share grab in a competitive category.

Quick read: the numbers that matter

Metric	Q4 FY26	FY26
Total revenue	£18.5m (+19.2%)	£85.5m (+23.0%)
LFL revenue	£15.0m (+9.9%)	£71.1m (+11.8%)
Retail revenue	£11.5m (+19.4%)	£54.2m (+23.1%)
Retail LFL growth	+3.9%	+5.7%
New stores’ contribution to Q4 retail growth	+15.5 percentage points	not disclosed
Ecommerce revenue	£7.0m (+18.9%)	£31.3m (+22.9%)
Ecommerce LFL growth	+18.2%	+21.2%
Marketplace contribution to Q4 growth	+0.7 percentage points	not disclosed
Year-end net cash	£4.4m (FY25: £1.0m)
Available liquidity	£20.4m
Stores	78 stores after 13 openings in FY26 (net 12)

What drove the beat vs expectations?

Retail: eleventh straight quarter of LFL growth

Retail sales jumped 19.4% in Q4, with LFL up 3.9%. The big swing factor was footprint expansion – new stores added 15.5 percentage points to retail revenue growth. Management credits a focus on service and a new store format, now rolled out to eight locations.

Footfall is translating. ProCook opened three more sites in the quarter and 13 across the year, taking the estate to 78 stores. New locations included high-profile centres such as Birmingham Bullring, Manchester Arndale, Meadowhall, Braehead and more.

Ecommerce: traffic up, social firing

Online revenue rose 18.9% in Q4, with LFL up 18.2% largely on higher traffic. Paid social revenue grew by over 67% year on year in Q4, helped by a newly acquired digital content library from the UK operators of Delicious magazine – more than 9,000 recipes and images. Marketplace channels added a modest 0.7 percentage points to Q4 growth.

Customer metrics were strong: new customer acquisition increased 25% year on year and the last-12-months active customer base rose 24%. Those are healthy inputs for future repeat sales.

Profitability and cash: solid foundations with a couple of caveats

Management expects EBITDA for FY26 to be slightly ahead of market expectations, which were £11.7 million according to company-compiled consensus. EBITDA is a measure of profit before interest, tax, depreciation and amortisation, often used as a proxy for operating cash generation.

Operating profit is anticipated to be in line with expectations (consensus £4.8 million). That reflects the dilutive impact of new stores before they mature and pre-opening costs – normal growing pains when you are rolling out quickly. Profit before tax (PBT, consensus £2.3 million) is also expected to be in line after “significant FX volatility”, which has clearly been a headwind.

On the balance sheet, ProCook ended the year with £4.4 million of net cash, up from £1.0 million last year and ahead of expectations, despite £5.3 million of investment capex into new stores. Total available liquidity stands at £20.4 million, and the revolving credit facility has been increased to £15 million and extended to April 2029. That is ample firepower to fund the rollout and technology programme without over-stretching.

Strategy in action: stores, brand and tech

• Store rollout – 13 openings in FY26 (net 12 after one planned closure) across the UK, taking the estate to 78. Eight are now in the new format.
• Brand and acquisition – sustained investment in paid media is growing awareness and adding customers at pace.
• Content engine – the Delicious magazine content library gives ProCook a deep well of recipes and imagery to fuel engagement and search visibility.
• Technology uplift – a two-year programme launched in February to support growth, increase agility and capture AI benefits. Specific costs and milestones are not disclosed.

All of this lines up with the medium-term ambition set out by the CEO: 100 stores, £100 million revenue and a 10% operating margin. Today’s numbers suggest that path is credible if the company maintains execution quality and the consumer backdrop holds steady.

Why this update matters for investors

The positives I see

• Market share gains – outperforming the UK kitchenware market by 13 points in Q4 and 20 points for the year is the stand-out datapoint. It implies the proposition and pricing are resonating.
• Balanced growth engines – double-digit growth in both retail and ecommerce, with strong customer acquisition, reduces reliance on any single channel.
• Cash discipline – higher net cash after a year of heavy store investment shows good working capital control.
• Clear runway – liquidity of £20.4 million and a larger, longer RCF underpin the store pipeline and tech upgrades.

The watch-outs

• Rollout dilution – management flags that new stores are dilutive before maturity. If the cadence stays high, margin expansion could be slower than headline sales growth.
• FX sensitivity – “significant FX volatility” dented PBT. With direct sourcing and global supply chains, currency management remains an execution risk.
• Macro backdrop – the company is “mindful” of geopolitical and economic uncertainty. Should demand soften, LFL momentum could cool.

Quarter-by-quarter context

The trading step-up has been consistent. FY26 quarterly revenue progressed from £12.8 million in Q1 to £21.3 million in Q2, £32.8 million in Q3 and £18.5 million in Q4. Growth rates were 13.7%, 25.1%, 28.0% and 19.2% respectively. LFL growth followed suit, moving from 2.0% in Q1 to 12.2% in Q2, 17.2% in Q3 and 9.9% in Q4. That is a healthier trajectory than FY25, where full-year revenue growth was 11.0% and LFL was 4.9%.

Outlook and next milestone

Management sounds confident about continuing to win share, while staying realistic about macro risks. The next scheduled event is the FY26 annual results on 24 June 2026, when we should get the audited numbers and more detail on margins, the technology programme and the FY27 store plan.

Key definitions

• Like-for-like (LFL) revenue – compares sales from stores and the core website that were trading for at least one full financial year, excluding openings and closures.
• EBITDA – earnings before interest, tax, depreciation and amortisation.
• PBT – profit before tax.

Josh’s take

This is a strong update. ProCook is growing faster than the market online and in-store, while keeping cash healthy and investing for the next leg. The only dampeners are rollout dilution and FX noise, both manageable if execution stays tight. If the company keeps converting customer acquisition into repeat purchases, those medium-term targets of 100 stores, £100 million revenue and a 10% operating margin look very achievable.