ProCook H1 FY26 results: revenue up 20.6% and EBITDA more than doubles
ProCook Group’s interim numbers for the 28 weeks to 12 October 2025 show real momentum. Revenue hit a record £34.1m, like-for-like (LFL) sales rose 8.1%, and gross margin improved by 130bps to 66.4%. EBITDA came in at £2.3m versus £1.0m underlying last year, while the operating loss narrowed to £1.5m.
Management says ProCook outperformed the wider UK kitchenware market by +16 percentage points in H1 and carried that acceleration into early peak trading. The company remains confident of delivering a strong full-year performance in line with market expectations.
Headline numbers investors should know
| Metric | H1 FY26 | H1 FY25 | YoY |
|---|---|---|---|
| Revenue | £34.1m | £28.3m | +20.6% |
| LFL revenue growth | +8.1% | +4.3% | +380bps |
| Gross profit | £22.7m | £18.4m | +22.8% |
| Gross margin | 66.4% | 65.1% | +130bps |
| EBITDA | £2.3m | £1.0m (underlying) | +129.2% |
| Operating loss | £(1.5)m | £(1.8)m underlying | +17.8% |
| Loss before tax | £(2.9)m | £(2.9)m underlying | Stable |
| Net debt | £4.1m | £4.2m | £0.1m lower |
| New customers acquired | 360,000 | 312,000 | +15.6% |
| Active customers (L12M) | 1.204m | 1.093m | +10.2% |
| 12-month repeat rate | 20.4% | 21.5% | -110bps |
LFL means sales growth from comparable stores and the direct website, excluding new openings and closures. EBITDA is operating profit before interest, tax, depreciation and amortisation. “bps” stands for basis points (100bps = 1%).
What’s behind the growth: more stores, stronger marketing, better pricing
ProCook opened six new stores in H1 and four more just ahead of Black Friday, taking the estate to 71 stores at the half-year and aiming for 100 over the medium term. The new format Birmingham Bullring site is designed to showcase ranges and drive conversion – the company reports higher retail conversion and average transaction values after rolling out new selling and service training.
Marketing has clearly stepped up. Social marketing attributed revenue grew over 150% year on year in H1, with a 38% reduction in paid media cost per acquisition. That discipline also shows up in margins: the 130bps gross margin improvement was driven by tighter promotions and pricing optimisation, plus sourcing cost gains and some FX tailwinds, partially offset by freight/logistics.
Product range work is landing. Small kitchen electricals grew by approximately 80% year on year and Amazon UK contributed additional growth as that channel relaunch annualised.
Channel performance: ecommerce shines, retail scales
Ecommerce revenue rose 18.4% with LFL +15.7%. Operating profit in the channel increased to £3.3m, a margin of 28.1% (18.8% last year), helped by better marketing efficiency and gross margin.
Retail revenue grew 21.8%, reflecting nine consecutive quarters of LFL growth (+3.6% in H1) and the contribution from new stores. Retail operating margin reduced to 6.7% (11.9% last year) due to a £0.6m dilution from immature new stores – management expects this to reverse as stores mature.
Early peak season: Black Friday momentum looks strong
The first eight weeks of H2 to 7 December 2025 – which capture Black Friday and early Christmas – show further acceleration:
| 8 weeks to 7 Dec 2025 | FY26 | FY25 | YoY |
|---|---|---|---|
| Total revenue | £18.8m | £14.7m | +28.4% |
| Ecommerce | £7.8m | £6.0m | +30.6% |
| Retail | £11.0m | £8.7m | +26.9% |
| LFL revenue | £15.8m | £13.3m | +18.2% |
This matters because H2 is the profit engine – seasonal weighting boosts operating leverage over fixed costs. Strong early trading is a good sign for full-year delivery.
Cash, balance sheet and liquidity
Net debt at the half-year was £4.1m, broadly flat year on year, after £2.3m of capital investment in new stores and higher inventory ahead of peak. Free cash flow was an outflow of £5.0m (H1 FY25: £3.4m outflow), entirely explained by heavier store investment.
Liquidity looks comfortable with £11.9m of cash and facilities available. ProCook has a committed £10m revolving credit facility to April 2027 with a £5m accordion option, plus an uncommitted £6m trade finance facility due to expire in February 2026 (expected to be renewed).
Finance costs rose to £0.8m and FX losses were £0.7m, which kept loss before tax flat year on year despite better trading. There is no interim dividend, as cash is being prioritised for growth investment.
Outlook and guidance
Management expects a strong full-year performance in line with market expectations – company-compiled consensus for FY26 is revenue of £79.5m and operating profit of £4.8m. The strategy remains to scale the store estate to 100 sites, reach £100m of revenue and a 10% operating margin in the medium term.
An interim results presentation is available on the company’s website at procookgroup.co.uk/investors. The next update is scheduled for 14 January 2026.
Josh’s take: why this RNS matters
Positives I like
- Top-line acceleration: revenue +20.6% and LFL +8.1% in H1, stepping up further into Black Friday (+28.4%).
- Margin discipline: 130bps gross margin improvement despite freight pressure, translating into EBITDA of £2.3m and a smaller operating loss.
- Customer engine revving: 360,000 new customers and 1.2m active customers give a larger base for repeat purchases.
- Balanced channel mix: ecommerce profitability improved sharply, while retail growth is underpinned by carefully selected new stores.
- Market share gains: +16 percentage points versus the broader kitchenware market – clear competitive traction.
What to watch
- H2 dependency: the year hinges on Christmas. Early trading is strong, but execution through December remains critical.
- Retail margin dilution: the 6.7% retail margin reflects immature stores; watch for a steady recovery as they ramp.
- Cash usage: free cash outflow of £5.0m and higher inventory are planned, but continued discipline is needed while scaling.
- FX and funding costs: £0.7m of FX losses and higher interest shaved off progress; hedging and working capital timing will matter.
- Repeat rate: the 12-month repeat rate slipped 110bps to 20.4% – worth monitoring alongside the enlarged customer base.
Bottom line
This is a solid mid-year checkpoint from ProCook. Sales momentum, margin control and a bigger customer pool all point in the right direction, and early peak numbers suggest that momentum is holding when it matters most. The business is still loss-making at the half-year and investing heavily, but leverage in H2 plus maturing stores should drive the full-year outcome.
If management delivers on Christmas and keeps a tight grip on costs, the pathway to the medium-term targets – 100 stores, £100m revenue and a 10% operating margin – looks increasingly credible.
