Marks Electrical hails “strong start” to new financial year
Online white goods retailer Marks Electrical has said it made a strong start to its financial year with first-half revenue growth of 24.8% to £53.9 million.
In the six-month period to 30 September, the retailer delivered particularly high growth in sales of televisions, washer-dryers and American fridge-freezers.
Mark Smithson, chief executive of Marks Electrical, said: “We’ve made a strong start to the year with the group’s sales up 24.8%, whilst also delivering multiple operational improvements to further enhance the customer experience.”
However, adjusted EBITDA fell to £2.3 million from £2.7 million in the prior year, which Marks attributed to inflationary pressures in distribution costs and its decision to introduce its own installation service.
Smithson added: “Our strategic decision to add in-house installation services to our offering has strengthened the group’s premium service proposition, alongside the creation of our own ME Academy training facility.
“These additions, whilst margin dilutive in the short term, will enable the group to deliver long-term value creation and position us as the UK’s leading premium electrical retailer.”
