Marks Electrical posts record full year revenue
Marks Electrical has posted record full year revenue with growth of 44% to £80.5 million.
In the year to 31 March, the online retailer achieved an adjusted EBITDA of £7.2 million at 9% margin.
Meanwhile, adjusted profit after tax was flat at £5.25 million.
Marks said a strong sales performance was seen across all categories, but specifically in televisions, cooking appliances and tumble dryers.
During the period, Marks expanded its range of products and introduced new credit solutions and interest free options with finance partners.
Mark Smithson, chief executive of Marks Electrical. said: “We achieved record revenue in FY22, with growth of 44% against a strong comparative of 78% in the prior year. This is testament to the hard work and commitment of the entire team. I’m particularly proud to have achieved this while maintaining our disciplined focus on margin, capital allocation and cash generation.
“While we are conscious of the challenges raised by the cost of living crisis in the UK and its impact on consumer confidence, our low-cost and execution-focused model leaves us well positioned to manage operationally, and with still only 1.6% market share of the £5.4 billion UK MDA market, we see significant scope and opportunity for growth.”
Regarding more current trading, Marks said it had experienced positive trading momentum in the first months of the new financial year with revenue growth exceeding 20%.
Smithson added: “We remain well positioned moving forward to execute on our clear strategy of growing brand awareness, delivering exceptional customer service, and expanding our offering to new customers across the UK.”