Marks Electrical lifts profit expectations and reveals new finance chief
Marks Electrical has increased its full year profit expectations as it announced the appointment of its new chief financial officer.
The retailer said it is expecting revenue for the year to 31 March 2027 to be broadly in line with market expectations.
Subscribe to TRBHowever, it also said that it had delivered stronger than expected profitability in the first six months of the period, which means it now expects full-year adjusted EBITDA to be ahead of market expectations, at no less than £3.75 million.
Marks Electrical attributed this to a focus on operational efficiencies and fixed cost optimisation, as well as product gross margin improvements.
Mark Smithson, Marks Electrical chief executive, said: “I am extremely pleased to be able to positively update the market on our performance and elevated profit expectations for FY27 ahead of our peak trading period, despite the significant cost inflationary headwinds that we continue to face, particularly within our fuel cost base.
“We continue to improve in all areas of the business that ultimately drive performance and I feel confident that with the people and resources we have put in place we are well placed to continue through our peak trading period.”
The retailer has also announced the appointment of Philip Luke De Villanueva as chief financial officer and a director of the company, with effect from 1 December. De Villanueva currently leads the finance function for Gamma Communications’ Enterprise Markets business unit and previously spent almost ten years with Balfour Beatty in a range of divisional and group finance roles.
It also confirmed that current chief financial officer Tom Pallatt will be stepping down from the Marks Electrical board today, and that Helen Flear, audit chair, will be overseeing the finance function until De Villanueva joins the board.
Smithson said: “We are also very pleased to welcome Philip to Marks Electrical. His listed-company finance experience, commercial focus and track record across financial planning, governance, transactions and finance transformation will be valuable as we continue to develop the business. I would also like to thank Tom for his contribution to Marks Electrical and wish him well for the future.”
