Kitchenware retailer ProCook Group (LON: PROC) is still having a tough time. The share price slumped 15% to 18.225p because of caution about current trading.
Revenues fell 4% to £26.3m in the first half. The second quarter decline slowed to 2%. This was helped by a good summer sale performance in July and August. However, trading has been poorer in September and October and customers are seeking promotional offers.
The ecommerce revenues slumped by one-fifth to £9.1m in the first half and this was partly offset by increased high street sales. Net debt was £3.2m, while there are available facilities of £12.8m.
A new electricals range has been launched. Normally, three-fifths of revenues are generated in the second half. Lee Tappenden has been chief executive of ProCook for a few weeks, so he has not had much time to adapt strategy.
Main Market listed ProCook sells kitchenware, including cookware, tableware and cutlery online and through 58 retail sites. There is a flagship store in Tottenham Court Road. The November 2021 placing price was 145p.