ProCook Reports Strong Q2 Growth with Eighth Consecutive Quarter of Increase

ProCook delivers 25.1% Q2 growth and a record first half

ProCook has posted a very punchy second quarter. Revenue for the 16 weeks to 12 October 2025 rose 25.1% year on year to £21.3m, marking an eighth consecutive quarter of growth. That momentum delivered a record first half with revenue up 20.6% to £34.1m.

Importantly, like-for-like (LFL) sales – a measure that strips out new store openings and closures to show underlying trading – accelerated. Q2 LFL rose 12.2%, with ecommerce the standout.

What powered the quarter: retail rollout and ecommerce acceleration

Both channels fired in Q2. Retail revenue grew 25.0% to £13.9m. Within that, retail LFL rose 5.9%, marking the ninth straight quarter of LFL improvement, while new store openings added a further 19.1 percentage points to retail growth.

Ecommerce revenue grew 25.5% to £7.4m, driven by 23.2% LFL growth on the direct website. Revenue via Amazon UK – relaunched in early Q2 FY25 – contributed an additional 2.3 percentage points to growth. That suggests the digital marketing and marketplace strategy is working.

Underlying demand looks healthier: LFL trends

For the half, LFL revenue rose 8.1% to £29.1m. Ecommerce LFL grew 15.7%, while retail LFL rose 3.6%. The split tells a clear story: the website is regaining traction, and stores are steadily improving while the rollout does the heavy lifting on total growth.

Why it matters: sustained LFL gains are a cleaner read on demand, and Q2’s double-digit LFL performance is a material step-up versus Q1 (+2.0%).

Profitability and cash: in line, with investment continuing

Gross profit margin and operating costs were “in line with expectations” in H1. There are no detailed margin numbers in this update, so we will need to wait for the interim results on 10 December 2025 for the full picture.

Net debt at the half was £4.1m (H1 FY25: £4.2m) after £2.2m of capital investment in new stores (H1 FY25: £1.3m). Available liquidity – cash and facilities – stood at £11.9m. In short, the balance sheet looks stable despite higher capex for the store programme.

Outlook: on track to meet FY26 expectations

The company says it is on track and confident of delivering a strong full-year performance, in line with market expectations. ProCook’s compiled consensus for FY26 is £78.0m revenue and £4.8m operating profit.

With £34.1m booked in H1, that implies H2 needs around £43.9m, modestly ahead of last year’s H2. Given the momentum and the peak trading set-up, that looks achievable if execution holds.

Strategy check: 100 stores, £100m revenue, 10% operating margin

Execution against the retail rollout is clear. Six new stores opened in H1, taking the estate to 71 after one closure (H1 FY25: 64). A new store format launched at Birmingham Bullring. Four more stores are committed to open in H2, well timed for Black Friday and Christmas.

The range expansion is also landing. Small kitchen electricals delivered approximately +80% year-on-year sales growth in H1. Meanwhile, the team cites improved seasonal relevance, tighter promotional discipline, and a step-up in social marketing and content, which drove “significant traffic growth” and over +150% attributed revenue growth year on year in H1.

The medium-term ambition remains 100 UK retail stores, £100m revenue and a 10% operating profit margin. Today’s numbers suggest progress, but the gap to the margin target will be one to watch at the interims.

Peak trading readiness: a well-stocked, disciplined plan

ProCook says it is well prepared for Q3 peak, with improved Black Friday and Christmas campaigns planned and inventory secured. After two years of variable retail conditions, having stock in place and a disciplined promotional plan could be a competitive advantage – execution will be key.

Key numbers at a glance

Metric	Q2 FY26	YoY	H1 FY26	YoY
Total revenue	£21.3m	+25.1%	£34.1m	+20.6%
Ecommerce revenue	£7.4m	+25.5%	£11.8m	+18.4%
Retail revenue	£13.9m	+25.0%	£22.3m	+21.8%
LFL revenue	£17.9m	+12.2%	£29.1m	+8.1%
Ecommerce LFL	£7.2m	+23.2%	£11.5m	+15.7%
Retail LFL	£10.7m	+5.9%	£17.6m	+3.6%
Net debt (end H1)	£4.1m (H1 FY25: £4.2m)	Liquidity £11.9m
Store estate	71 stores at H1 (6 openings, 1 closure); 4 further openings committed in H2

Store rollout: locations and timing

Opened in H1 FY26: Southampton (Westquay), Hereford (Old Market), Reading (Oracle), Cotswolds Designer Outlet, Chichester (North St), and Birmingham Bullring (new format). Committed for H2: Canterbury (Whitefriars), Plymouth (Drakes Circus) in October; Manchester Arndale and Eastbourne (Beacon) in November.

Market share gains and context

Management says the Group outperformed the market (based on GfK Kitchenware data and internal estimates), which aligns with the step-up in both total and LFL growth. The combination of store expansion, stronger digital execution and category broadening appears to be taking share.

What I like, what I’m watching

Positives

• Eighth consecutive quarter of growth and record H1 – momentum is real.
• Double-digit LFL in Q2, with ecommerce LFL +23.2% – evidence of healthier underlying demand.
• Retail LFL up again for the ninth quarter – operational consistency in stores.
• Small electricals up approximately +80% YoY – diversification beyond core cookware is gaining traction.
• Marketing execution improving – social-driven traffic and attributed revenue up over +150% YoY.
• Balance sheet steady despite increased capex, with £11.9m liquidity.

Watch-outs

• Retail growth still heavily supported by new stores – LFL retail +5.9% versus total retail +25.0%. Store rollouts carry execution and lease commitment risk.
• Margins are “in line” but undisclosed – we need the interims to assess gross margin sustainability and promotional intensity into peak.
• Inventory is secured for peak – good for availability, but it can absorb working capital if demand softens.
• Marketplace mix (Amazon contributed +2.3 percentage points to ecommerce growth) can be margin dilutive in some models – something to check at the interims.

Key dates and next steps

ProCook plans to release FY26 interim results on 10 December 2025. That will be the moment to scrutinise gross margin, operating cost leverage, and conversion of strong H1 sales into profit.

Bottom line: this is a strong trading update. The growth engine looks tuned, execution is disciplined, and the outlook is confident but grounded in numbers. If the team delivers a clean peak and confirms margins holding up, the medium-term targets of 100 stores, £100m revenue and a 10% operating profit margin will look increasingly within reach.