Highlights

  • Canaccord Genuity has reiterated its confidence in ProCook with a buy rating and a target price of GBP 54.
  • The rating comes as ProCook posts record first-half revenue growth and sustained operational momentum.

ProCook Group plc (LSE:PROC) has received a renewed vote of confidence from Canaccord Genuity, which has assigned a buy rating along with a target price of GBP 54. The brokerage’s valuation highlights the market’s strengthened perception of ProCook’s trajectory, supported by the company’s ongoing operational advancements and consistent revenue performance.

The endorsement comes at a crucial time for the UK’s leading direct-to-consumer kitchenware brand, which continues to exhibit resilience and strategic clarity as it expands both its physical retail estate and digital footprint.

Record First Half Performance Driven by Sustained Growth

ProCook reported its second-quarter results for the 16 weeks ending 12 October 2025, confirming its eighth consecutive quarter of growth and its strongest first-half trading performance to date. Total revenue for Q2 rose to £21.3 million, marking a year-on-year increase of 25.1%. Like-for-like revenue also advanced by 12.2%, underscoring continued consumer engagement across channels.

For the first half of FY26, revenue reached £34.1 million, an increase of 20.6% compared with the prior year. Ecommerce grew by 18.4% during the same period, while retail delivered a 21.8% increase. The company noted that the Amazon UK marketplace, relaunched in early Q2 of FY25, contributed additional incremental growth.

Operationally, both gross profit margin and operating costs aligned with internal expectations. ProCook also reported net debt of £4.1 million, consistent with the previous year despite a rise in capital investment to support store expansion. Liquidity remained healthy, with £11.9 million available through cash and facilities.

Strategic Expansion Supports Long-Term Growth Plans

ProCook continued to deliver on its medium-term ambitions, which include an estate of 100 UK retail stores, £100 million in revenue, and a 10% operating profit margin. During the first half, the company opened six new stores, bringing its total to 71 following one closure. A new store format was also launched at Birmingham Bullring, enhancing customer experience and brand visibility.

Four additional stores have been committed for the second half, strategically scheduled ahead of the peak trading period. The company’s expanded product range, particularly its small kitchen electricals collection, recorded an 80% year-on-year increase in first-half sales, reflecting growing customer adoption.

ProCook also highlighted meaningful gains in social marketing and content-led strategies, which drove significant increases in traffic and attributed revenue. With improved Black Friday and Christmas campaigns already planned, the brand enters Q3 poised for strong seasonal performance.