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Marks Electrical hails strong full year results

Marks Electrical delivered a strong performance in the year to 31 March as it maintained a focus on cost control. The online white goods retailer achieved… View Article

GENERAL MERCHANDISE NEWS

Marks Electrical hails strong full year results

Marks Electrical delivered a strong performance in the year to 31 March as it maintained a focus on cost control.

The online white goods retailer achieved an adjusted EBITDA of £7.5 million compared to £7.2 million in the prior year, with a margin of 7.7%.

Pre-tax profit came in at £6.4 million versus a previous £3.8 million while revenue surged by 21.5% to a record £97.8 million.

The company said its performance was strong across all categories, although the most successful included A-rated energy efficient washing machines and tumble dryers, and premium range cookers and small appliances, including air fryers and coffee machines.

Marks Electrical said it maintained a tight grip on costs in the year to mitigate the impact of external headwinds such as wage inflation, temporary national insurance and fuel and energy cost increases.

Mark Smithson, Marks Electrical chief executive, said: “More customers are discovering Marks Electrical and our focus on stocking the right products, at the right price, with the fastest and most convenient delivery and installation options sets us apart from the competition, enabling us to continue to grow, attract talent, strengthen our operational capacity and further develop our service offerings.”

Giving an update on more current trading, the company said revenue growth exceeded 30% in the first two months of the new financial year.

Smithson added: “We have been pleased to see continued growth of over 30% in April and May and a very strong start to June. We are focused on maintaining our performance management discipline on revenue, profit and cash in order continue to demonstrate our superior proposition and become the UK’s leading premium electrical retailer.”

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