Marks Electrical hails strong full year revenue growth
Marks Electrical has posted record trading in the year to 31 March with revenue growth of 44% to £80.5 million.
The retailer said trading was particularly strong in its fourth quarter when sales climbed by 19% to £20.7 million.
Mark Smithson, chief executive at Marks Electrical, said: “The fourth quarter was another excellent trading period for us, with 19% revenue growth vs. a particularly strong comparative of 127% in the prior year. Our disciplined focus on margin management, capital allocation and cash generation has also led to a strong returns profile from our asset light operating model.
“During the period we have continued to enhance our operational capacity and have added additional resources in our customer services and driver-installation teams, helping us to maintain our market-leading customer service score of 4.8 on Trustpilot. Our USP of free next day delivery with our own fleet of vehicles, combined with our capacity unconstrained single site location, is helping us deliver operational excellence and gain market share in a highly competitive market.”
The retailer said it focused on raising brand awareness in the year through offline marketing campaigns and search engine optimisation improvements, which drove higher levels of organic and direct traffic to its website.
It also met with multiple suppliers to discuss how they could support its expansion plans, and added more delivery vehicles to increase its owned fleet capacity and strengthen its free next day delivery capability across the UK
Looking ahead, Smithson added: “We are well placed to seize the opportunities ahead thanks to our compelling customer proposition, low-cost operating model and continued focus on profitable market share growth, with more and more people from across the UK coming into contact with the Marks brand for the first time. As we look forward to FY23, our trading momentum has continued during the start of April, setting us up well for our FY23 financial targets.”
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