Slide 1: FY22 Results
1 ProCook | FY22 Preliminary Results presentation FY22 Results 6 July 2022
Slide 2: Introduction
Daniel O’Neill – Founder & CEO 2 ProCook | FY22 Preliminary Results presentation Introduction
Slide 3: FY22 Performance highlights
FY22 review Strategy update Appendices Introduction FY22 Performance highlights Continued growth and market share gains 3 £69.2m ProCook | FY22 Preliminary Results presentation Revenue Underlying PBT £9.5m Total YoY sales growth +30% Total Yo2Y LFL growth +123% New customers acquired 723k Active cus
Slide 4: Outperforming the market
FY22 review Strategy update Appendices Introduction Outperforming the market Track record of consistently growing our market share 4 UK kitchenware market size £m and ProCook market share % ProCook | FY22 Preliminary Results presentation 4,000 2.5% 2.0% 3,500 3,395 3,368 3,313 3,226 3,159 3,173 3,15
Slide 5: Exceptional performance last year in Q1
FY22 review Strategy update Appendices Introduction Exceptional performance last year in Q1 Trading comparatives are particularly strong in Q1 with +143% growth last year, softening later in the year 5 Revenue growth % and market growth % by quarter ProCook | FY22 Preliminary Results presentation 16
Slide 6: Holding onto the market share gains made in FY22
FY22 review Strategy update Appendices Introduction Holding onto the market share gains made in FY22 Market down -11.7% compared to ProCook UK (ex. Amazon) -9.0% FY23 YTD Sales FY23 Q1 YoY% UK Kitchenware market (11.7%) 6 ProCook UK (ex. Amazon) (9.0%) ProCook | FY22 Preliminary Results presentation
Slide 7: Trends we are experiencing in Q1
FY22 review Strategy update Appendices Introduction Trends we are experiencing in Q1 Consumer confidence and squeeze on discretionary spend impacting customer’s shopping behaviour 7 — Consumer confidence: ProCook | FY22 Preliminary Results presentation — Footfall & website traffic vs LY’s tough comp
Slide 8: Business model creating even better customer value
FY22 review Strategy update Appendices Introduction Business model creating even better customer value We have begun selected price rises to combat inflationary cost pressures, with value gain growing against comparable products 8 Cookware, Baking & Knives & Tableware ProCook | FY22 Preliminary Resu
Slide 9: Short term trading initiatives
FY22 review Strategy update Appendices Introduction Short term trading initiatives Focused on growing our core UK market 9 1. Refocusing on the UK 2. Marketing ProCook | FY22 Preliminary Results presentation — Paused launch of EU website — Testing recruitment offer — Withdrawing from Amazon in EU —
Slide 10: FY22 review
10 ProCook | FY22 Preliminary Results presentation FY22 review Dan Walden – CFO
Slide 11: Summary financials
Introduction Strategy update Appendices FY22 review Summary financials Strong revenue growth +29.5% YoY. PBT increased to £9.5m (13.7% of sales) 11 £m FY221 FY21 YoY % ProCook | FY22 Preliminary Results presentation Revenue 69.2 53.4 +29.5% LFL % 32.1% Gross profit 45.0 35.9 +25.5% GM% 65.1% 67.2% -
Slide 12: Revenue growth
Introduction Strategy update Appendices FY22 review Revenue growth Revenue of £69.2m was +29.5% YoY and +78.0% vs pre-pandemic 12 £m FY22 FY21 YoY% FY20 Yo2Y % ProCook | FY22 Preliminary Results presentation Revenue 69.2 53.4 +29.5% 38.8 +78.0% Ecommerce 32.3 39.9 (18.9%) 14.3 +124.9% Retail 36.8 13
Slide 13: Strong gross profit margins
Introduction Strategy update Appendices FY22 review Strong gross profit margins Gross margins of 65.1% reflect constant pricing, and -200bps impact of supply chain disruption costs 13 ProCook | FY22 Preliminary Results presentation £m FY22 FY21 YoY % Gross profit 45.0 35.9 +25.5% Gross margin % 65.1
Slide 14: Underlying operating profit
Introduction Strategy update Appendices FY22 review Underlying operating profit Underlying operating profit of £9.2m reflects margin impact, channel switch and investment in central cost base 14 Underlying operating profit £m £m FY22 FY21 YoY % ProCook | FY22 Preliminary Results presentation Ecommer
Slide 15: Profit before tax reconciliation
Introduction Strategy update Appendices FY22 review Profit before tax reconciliation Underlying PBT increased to £9.5m (13.7% of revenue), after exceptional costs reported PBT was £0.1m 15 FY22 FY22 FY22 FY21 ProCook | FY22 Preliminary Results presentation Non-underlying £m Underlying Reported Repor
Slide 16: Free cash flow
Introduction Strategy update Appendices FY22 review Free cash flow Free cash outflow in FY22 reflects IPO exceptional costs, increased capital investment and investment in stock levels to ensure strong availability for our customers 16 ProCook | FY22 Preliminary Results presentation 8 new stores ope
Slide 17: Net debt and finance facilities
Introduction Strategy update Appendices FY22 review Net debt and finance facilities New RCF in April 2022 – providing additional headroom and flexibility for growth 17 £m FY22 FY21 Revolving credit facility ProCook | FY22 Preliminary Results presentation Free Cash Flow (3.0) 8.2 Facility £10.0m Divi
Slide 18: FY23 Q1 trading results
Introduction Strategy update Appendices FY22 review FY23 Q1 trading results Holding share in a challenging market, against exceptionally strong last year performance 18 ProCook | FY22 Preliminary Results presentation Q1 FY22 Revenue — UK Kitchenware market -11.7%. — ProCook UK excl. Amazon, -9.0% (+
Slide 19: Outlook and guidance
Introduction Strategy update Appendices FY22 review Outlook and guidance We expect revenue for FY23 to be broadly in line with last year and underlying profit before tax to be between £4-6m 19 ProCook | FY22 Preliminary Results presentation — Sales broadly flat year on year — Core UK growth of 5-10%
Slide 20: Strategy update
Strategy update Daniel O’Neill – Founder & CEO20 ProCook | FY22 Preliminary Results presentation
Slide 21: Strategic plan
Introduction FY22 review Appendices Strategy update Strategic plan Medium to long term strategy remains unchanged, sharpened focus on organic growth in the UK for now 21 Sharing our passion for cooking ProCook | FY22 Preliminary Results presentation Our purpose and ingredients for success We design
Slide 22: Attracting, engaging and retaining more customers
Introduction FY22 review Appendices Strategy update Attracting, engaging and retaining more customers Significant opportunity to grow our market share from current 2.2% in the UK. Focusing on new acquisition and increasing repeat rates 22 ProCook | FY22 Preliminary Results presentation Marketing — N
Slide 23: Developing our customer offer
Introduction FY22 review Appendices Strategy update Developing our customer offer Focusing on service and product proposition 23 Ecommerce ProCook | FY22 Preliminary Results presentation — Continue focus on conversion rate optimisation and UX — Re-platform UK website to new technology stack — Redesi
Slide 24: Building on our foundations
Introduction FY22 review Appendices Strategy update Building on our foundations Developing an agile and scalable platform for future growth 24 ProCook | FY22 Preliminary Results presentation Logistics and HQ — Investment in new BREEAM-certified DC & HQ — Efficiencies from single stock holding — Capa
Slide 25: People and ESG
Introduction FY22 review Appendices Strategy update People and ESG Doing the right thing for our people and the environment 25 ProCook | FY22 Preliminary Results presentation People — Build on Great Place To Work success — Launching colleague advisory panel — Enhance our training and development pro
Slide 26: Summary
Introduction FY22 review Appendices Strategy update Summary A strong FY22 performance. Focused on the core UK opportunity in this challenging market to emerge a stronger business for future growth 26 ‒ Pleased with FY22 achievements in pursuit of our mission to become ProCook | FY22 Preliminary Resu
Slide 27: Appendices
27 ProCook | FY22 Preliminary Results presentation Appendices
Slide 28: Investment Case
Introduction Financial review Strategy update Appendices Investment Case 28 ProCook | FY22 Preliminary Results presentation Market D2C Brand Infrastructure 1 Highly attractive market 2 D2C business model 3 Well invested infrastructure dynamics with a fragmented transcends all aspects of the provides
Slide 29: Income Statement
Introduction Financial review Strategy update Appendices Income Statement FY22 FY22 FY22 FY21 YoY% (FY22 29 Non- Underlying) £m Underlying Reported Reported underlying ProCook | FY22 Preliminary Results presentation Revenue 69.2 - 69.2 53.4 29.5% Gross profit 45.0 - 45.0 35.9 25.5% GP% 65.1% 65.1% 6
Slide 30: Financial position
Introduction Financial review Strategy update Appendices Financial position Well positioned with a strong inventory position protecting availability for customers during supply chain disruption 30 £m 3 April 2022 4 April 2021 ProCook | FY22 Preliminary Results presentation Non current assets 7.3 3.7
Slide 31: Cash flow
Introduction Financial review Strategy update Appendices Cash flow Continuing to invest in future growth opportunity, well positioned with ample facility headroom £m FY22 FY21 31 Revolving credit facility Reported profit before tax 0.1 8.3 ProCook | FY22 Preliminary Results presentation Facility £10
Slide 32: Glossary of terms
Introduction Financial review Strategy update Appendices Glossary of terms 12m 12 month full financial year period FY Financial Year 32 %pts Percentage points GP Gross profit ProCook | FY22 Preliminary Results presentation AOV Average Order Value (ex-VAT) H1 First half of the financial year (28 week