Marks Electrical posts double digit revenue growth
Online appliance retailer Marks Electrical has seen its revenue grow by 13.7% to £27.7 million in the first four months of its financial year despite a “challenging” market backdrop.
In an AGM trading update, the retailer said it had put in a good performance across all categories, although sales of televisions, vacuum cleaners, washers and dryers, and air conditioning items were particularly buoyant.
Despite facing strong competitive activity both in pricing and marketing, Marks Electrical said it had maintained tight control of inventory and cost management in the period.
Mark Smithson, chief executive of Marks Electrical, said: “We’ve started the year well despite a very tough market backdrop with the group’s sales for the first four months up 13.7% compared with the online MDA and CE markets being down over 20% in the first months of our FY23.
“Whilst the remainder of the year is difficult to predict, our focus on maintaining a market leading customer proposition and healthy cash flow provides us with the best platform to generate continued profitable market share growth.”