ProCook Group PLC (LSE:PROC)’s shares tumbled 15.51% in early trades after the company posted a “cautious” outlook for fiscal 2024.
The London-listed kitchenware company said its board remains cautious about its outlook for fiscal 2024, citing persistent “challenging market conditions” and “current trading volatility and sales trends over recent weeks”.
In a trading update for the second quarter, the company said its like-for-like revenue had dipped 1.8% to £15 million, after taking a big knock to e-commerce sales, which have fallen by a fifth so far this year.
Year to date, like-for-like revenue for fiscal 2024 fell 4.4% year over year to £25.3 million, it said.
The company warned that customers are taking more time before committing to make purchases.
ProCook’s chief executive Lee Tappenden, who joined the company this month from Walmart, said: "Trading conditions remain challenging, and we continue to operate in an uncertain consumer and macroeconomic environment."
He added that the company is poised to capture growth opportunities when trading conditions improve.
"We are focussed on delivering even greater value for our customers throughout the important peak trading period and beyond," he said.
ProCook's share price fell to 18.12p per share by 08:30 on Friday after closing at about 21.79p yesterday.