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Marks Electrical posts strong half year results

Marks Electrical has posted strong first half  growth with revenue up 78% to £37.5 million compared to the same period last year. On a two year… View Article

RETAIL TECHNOLOGY NEWS

Marks Electrical posts strong half year results

Marks Electrical has posted strong first half  growth with revenue up 78% to £37.5 million compared to the same period last year.

On a two year basis, revenue was up 162% in the six months to 30 September.  

The company said the uplift was mainly driven by an increased focus on both online and offline marketing, which included more paid media activity, an improved approach to SEO and successful first TV campaign.

Meanwhile, EBITDA grew to £3.03 million from £2.95 million in the prior year.

Mark Smithson, Marks Electrical chief executive, said: “I would like to extend a heartfelt thank you to all my colleagues who have delivered a strong start first half performance in FY22.

“We achieved a record revenue of £37.5 million, up 78% from the prior half year. In addition, we also successfully completed our IPO and were admitted to trading on AIM on 5 November 2021, representing a major milestone in our company history.”

During the period, the company expanded its warehouse facility by 29,000 square feet and also invested in modernising and growing its vehicle fleet and driver base.

Smithson said the first half momentum has continued into the second with a record month in October.

He added:  “This performance demonstrates our high margin and strongly cash generative earnings model, that is both flexible and scalable during what has been, for many online retailers, a very challenging period – this demonstrates the agility of our colleagues and business model to adapt quickly in changing market conditions.”

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