ProCook Group PLC (LSE:PROC) said the squeeze on householding spending is hitting trading and now expects profits to fall next year as cutomers are 'tightening their belts.'
The UK cookware brand predicted adjusted pretax profit for fiscal 2023 will be between £4-6mln.
In April, the group which has yet to report this year's results, said analysts expected 2022 full year adjusted pretax of £10.0mln.
This is despite revenues being significantly higher than pre-Covid 2019.
In a trading update, ProCook said fiscal 2023 revenue will be be broadly in line with the £69.2mln flagged for this year.
"There are clear and numerous pressures on consumers at present which are impacting discretionary spend across retail as a whole and kitchenware is no exception," said Daniel O'Neill, chief executive.
"Whilst we are still seeing lots of new customers discovering the ProCook brand and buying our products, it is clear that many are tightening their belts."